Privileges I will enjoy with Citibank Personal Loan

Updated on: 19 Jan 2024 // 4 min read // Personal Loans
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Citibank is one of the leading financial institutions in India. Although Citi is an American financial conglomerate, the bank has established a substantial presence in India with its unique and innovative offerings. One of the most popular financial products offered by Citibank is its Personal Loan.

While Personal Loans have become extremely popular and are being offered by various financial institutions, the exciting privileges on offer with Citibank Personal Loans set them apart. If you are contemplating applying for a personal loan with Citibank, here is the list of 11 exciting benefits you stand to avail along-

1. High-value loan to meet almost all of your needs:

Citibank Personal Loans are ideal for financial emergencies that your savings can not meet. Starting from as low as Rs. 50,000, the maximum available amount can go up to Rs. 30 Lakhs depending on your eligibility. You can use the amount for wedding-related expenses, medical treatment, home renovation, or any other financial expense. However, there are restrictions on using the amount for anti-social, illegal, or speculative activities. Other than that, there are no restrictions on using the Citibank Personal Loan amount.

2. Quick approvals and disbursals:

Citibank supports both online applications as well as offline applications. You can indeed expect swift in-principal approval within 4 hours after the bank determines your eligibility. Once you have submitted the completed application form along with the documents, it only takes 48 hours to process the application and disburse the amount to your bank account. This quick processing and disbursal process makes Citibank Personal Loans a dependable ally in your financial emergency.

3. Attractive interest rates:

Citibank personal loan interest rates start from as low as 10.50% per annum, which is much competitive in the market. Depending on your profile, the interest rates on offer might vary between 10.5% to 18.99% per annum. The availability of high-value amounts at such attractive interest rates ensures affordable EMIs and lower interest costs, making the Personal Loan a good option.

4. Fixed interest rate options:

A Citibank Personal Loan offer comes with an option to choose a fixed interest rate. This feature ensures that the interest component and the principal component of the EMI remains the same for the entire repayment tenor. Your EMI will remain the same throughout the tenor, and there is no uncertainty whatsoever.

5. Balance consolidation:

Citibank Personal Loans help to reduce your financial liabilities during times of crisis with the unique balance consolidation feature. You can consolidate your Credit Card outstanding and Personal Loan into a single loan with Citibank. Currently, Citibank personal loan interest ates are very competitive that help you save more on your interest cost. This feature helps to reduce your monthly outflows and manage your finances like a pro.

6. Foreclosure and Part pre-payment facility:

Citibank offers you the option of opting for a foreclosure of the Personal Loan Account, along with flexibility for a part pre-payment towards the loan account. The foreclosure option is available only after completion of 12 months of the disbursal of the loan amount. For making the pre-payment or foreclosure, charges applicable can go up to 4% of the principal outstanding plus the interest for the ongoing month.

7. Flexible repayment tenor:

Citibank Personal Loans come with a flexible repayment tenor option wherein you can opt between a period ranging from 12 months to 60 months. This allows you to opt for a repayment tenor that gives you an EMI amount that you can easily afford. You can choose the repayment period as per your present financials and then exercise the pre-payment option to repay the loan when your financial position allows.

8. Personal loan top-up:

Another excellent feature of Citibank Personal Loans is the Top-Up facility. If the loan amount that you have availed has exhausted, but you still require more money, then you can apply for a Personal Loan top-up with Citibank. Just submit a request with the customer care team, and the concerned person will get back to you with the best offer. As you already have a Personal Loan account with the bank, your application will be processed in a quick time.

9. Affordable charges:

Charges levied against Citibank Personal Loans are mentioned in the loan agreement. There are no hidden expenses. The processing charges applicable are 3% of the loan amount plus GST. Moreover, you only need to pay these charges at the time of disbursal of the loan, i.e., it is deducted from the loan amount itself. This reduces the stress of paying processing fees from your pocket initially. The foreclosure charges can go up to 4% of the principal outstanding plus GST. Moreover, if you have a good credit score and an existing relationship with the bank, you can negotiate for a better deal over these charges, as well.

10. Available for all types of customers:

Unlike other financial institutions that offer Personal Loans only to salaried applicants, Citibank Personal Loans are readily available for all types of customers. Whether you are salaried, or a self-employed professional, or a businessman, you are eligible for the loan. Citibank personal loan eligibility is quite simple. Though, interest rates and the processing charges might vary according to your profile.

11. Exciting offers for existing customers:

If you are already an existing customer of Citibank,e., a Citibank Suvidha Customer, then the application process is extremely simple and is only a matter of a few minutes. Moreover, you will enjoy quick processing and disbursals as well. You can submit your application online or through telephone banking at your convenience.

With such interesting privileges on offer, Citibank Personal Loans indeed offer you the much needed financial flexibility during the times of requirement. Though, do remember that it is still a form of borrowing that carries interest cost, so assess your requirement carefully before applying for a Personal Loan.