Understanding the Citibank Personal Loan

Understanding the Citibank Personal Loan

For most of us who are salaried individuals, loans can be a blessing in disguise. Whether it is a Car Loan, a House Loan or even a Personal Loan, we can use the amount to fulfil our requirements. In this article, we will give you all the information you need for a Personal Loan. Though there are many banks that sanction Personal Loans, here we will focus on Citibank Personal Loan. We will give you the various benefits and why it makes sense to get a loan from Citibank, so, read on to know more:

 

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Why do you need a Personal Loan?

Unlike the other loans, a Personal Loan is not for a specific use. You may use it to go for a dream vacation, or do an extensive renovation of your home or even buy that gadget you had an eye on – Personal Loans give you the freedom to use the money as you desire.

What is the advantage of a Personal Loan?

Personal Loans have certain benefits that make it a favourite with many people:

  • No collaterals are involved: This is an unsecured loan, which means that you will not have to submit any item or mortgage your property to get the loan.

  • Personal Loans are cheaper than Credit Cards in the long run and are also much cheaper than cash advance loans.

  • Personal Loans are not specific – So you could use the loan money for whatever is your immediate requirement.

What is your eligibility for a Personal Loan?

For most people, the eligibility to get a good Personal Loan at an attractive interest rate is to have a good credit score (700 or above) and a good income. Both will ensure that you get your loan at a price that will actually make more sense for you.

What makes a Citibank Personal Loan beneficial?

As we mentioned before, a Personal Loan from Citibank is a much better option for many people because it has various benefits associated with it:

  • Depending on your income and credit score, you can get a loan of up to Rs. 30 Lakhs.
  • Affordable interest rates – 10.99% to 20%.
  • The documentation and processing are very simple and straightforward, as such your loan amount can be credited to your account in less than 48 hours.

  • You have the freedom to choose how you pay back the bank – the tenure can be beginning from 12 months to 59 months.

  • You have a choice to repay the loan monthly in the form of equated monthly instalments (EMIs) and also have greater control in the interest rate.

  • You have the option and freedom to get the additional amount in a short period of time.
  • If you are a Citibank customer, your loan is processed even faster and they do not even ask more many documents.

Features of Citibank Personal Loan:

Here are the features of the Personal Loan and here is how you can make the most out of them:

1. Loan Amount:

You can take a minimum of Rs. 25,000 and a maximum of Rs. 30 Lakhs.

2. Loan Duration:

Your loan can be repaid in 12 months or as long as 59 months, depending on how much time you require.

3. Interest Rate:

The lowest interest rate provided by Citibank is 10.99%, but it may vary based on some factors like your salary, age, CIBIL score, and so on.

4. Repayment:

Citibank gives you the freedom to repay your loan according to your convenience. You could take either 12 months or 59 months. However, you have to keep in mind that the time you take to repay the loan will be proportional to the size of your repayment. Therefore, the longer you take to repay the loan, the more will be the interest.

5. Eligibility:

Citibank offers the Personal Loan to salaried individuals, self-employed people and even businesspersons.

We hope that this article gives you all the information you need about the Citibank Personal Loan. The different sections will give you information on the features and benefits of taking a Citibank Personal Loan. Remember, taking a Personal Loan is not at all difficult and thanks to the experience of Citibank officials, you will be able to get your loan quickly and without much hassles. All you need to do is visit their online portal and get started and with proper documentation, the loan will be sanctioned to you in just 48 hours!

 

Also Read: Why is an Online Personal Loan the Best Way to Get Fast Cash

 

To apply online for Credit Cards, Secured Loans and Unsecured Loans, visit www.mymoneymantra.com, the leading online lending marketplace that offers financial products from 70+ Banks and NBFCs. We have served 2 million+ happy customers since 1989.

Talk to our Loan Specialists toll-free at 18001034004 to know more about our products and offers.

 

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