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Citibank Personal Loan Interest Rates

Citibank Personal Loan Interest Rates vary from 9.99% to 16% p.a., depending on the net take home income of the applicant, loan amount, tenure of repayment, and type of loan.

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Citibank Personal Loan Rate of Interest

Below are the details rates of interest for various personal loan schemes offered by the Citibank:

Salaried Applicants

Net Take Home IncomeROI/ TenureProcessing Fee
Loan Amount (for Salaried)Up to 4 YearsAbove 4 Years
Below Rs. 60,000Below Rs. 5 Lakhs12.99% - 13.99%13.24% - 14.24%0.99% - 2%
Equal to & above Rs. 5 Lakhs to Rs. 10 Lakhs11.99% - 12.99%12.24% - 13.24%0.99% - 2%
Equal to & above Rs. 10 Lakhs10.99% - 11.99%11.24% - 12.24%0.50% - 0.99%
Equal to & above Rs. 60,000 to Rs. 1 LakhBelow Rs. 5 Lakhs12.25% - 13.25%12.50% - 13.50%0.99% - 2%
Equal to & above Rs. 5 Lakhs to Rs. 10 Lakhs11.50% - 12.50%11.75% - 12.75%0.99% - 2%
Equal to & above Rs. 10 Lakhs10.50% - 11.50%10.75% - 11.75%0.50% - 0.99%
Equal to & above Rs. 1 LakhBelow Rs. 10 Lakhs10.50% - 11.50%10.75% - 11.75%0.99% - 2%
Equal to & above Rs. 10 Lakhs10.50% - 11.50%10.75% - 11.75%0.50% - 0.99%

Other Personal Loans

Loan TypeROIProcessing Fee
Instant Personal Loan9.99% - 12.99%Up to 2%
Buy Now Pay Later16%Nil

Citibank Personal Loan Charges

Citibank Personal Loan has many other charges apart from the interest rate, such as:

  • Processing fee: Up to 2% of the loan amount sanctioned. This fee will be deducted from your loan amount during disbursal.
  • Prepayment charges: Up to 4% of principal outstanding + interest for the ongoing month. Loans that are booked on or after 01.10.2015 can be closed in full after the first 12 months and loans booked before that can be closed in full after the first 6 months. Partial prepayment can be made after the first 12 months and the prepayment amount should be equal to minimum 2 EMIs and maximum 5 EMIs. 
  • Stamp duty: As per the Loan Agreement and the prevalent State Laws

Citibank Personal Loan Details

Interest Rate9.99% to 16% p.a.
Processing FeeUp to 2% + GST
Loan Tenure12 to 60 months
Lowest EMI Per LakhRs. 2,124 Per Lakh
Prepayment ChargesUp to 4% of outstanding principal + GST
Loan amountRs. 10,000 to Rs. 30 Lakhs
Turnaround Time for Disbursal48 hours

Key Aspects of Citibank Personal Loan Interest Rates

  • Citibank Personal Loan rate of interest depends on the repo rate and the reverse repo rate fixed by the Reserve Bank of India during its monetary policy sessions. However, the decision to pass on the interest rate hike or fall to Personal Loan borrowers entirely rests with the banks. The banks may not immediately hike interest rates for Personal Loans as soon as the RBI increases the policy rates. This is because banks also analyse their liquidity, cost of funds, competition, and its growth rate to determine the interest rates.
  • Since the Personal Loan is an unsecured loan, banks do not demand any personal guarantor or any collateral against such loans.
  • Citibank prefers borrowers who have a high credit score and good credit history. The bank thoroughly evaluates the repayment capacity, the credit history, and credit behaviour of an individual before sanctioning any loan.

Factors Affecting Your Citibank Personal Loan Interest Rates

Interest rates on any Personal Loan depend on parameters like loan amount, tenure and on the repayment capacity of the borrower and their relationship with the lender. Interest rate offered by Citibank depends on factors as listed below:

  • Loan tenure: Citibank offers flexible loan tenures depending on the requirement of the borrower. For short loan tenures, the bank charges a lower interest rate as compared to loans offered on longer tenures.
  • Loan amount: Rate of interest on personal loans also depend on the quantum of loan to be availed. Citibank offers lower interest rates for higher loan amounts.
  • Relationship with Citibank: Existing relationship with Citibank plays an important role in deciding the interest rates. If a customer has a good rapport with Citibank, it means that there is trust between the bank and the borrower. As a result, the bank could be in a position to reduce their interest rates offered to such known customers.
  • Repayment capacity: Citibank thoroughly analyses the previous credit history of a borrower based on the CIBIL score. Citibank considers the repayment capacity of the borrower as a very important parameter in deciding loan approval and interest rate. Citibank usually provides Personal Loans up to 10 times the monthly salary of a customer. Bank offers a lower interest rate for applicants working in a stable job for over a year.
  • Employment details: Citibank checks the employment history of loan applicants before deciding interest rates. Working for large and reputed companies is likely to help you get lower interest rates. Self-employed professionals generally attract higher interest rates since they do not have a steady monthly income.
  • Credit score: A person who has a good credit history is one who has repaid all previous loans on time and in full and has an excellent track record of repayments. Citibank goes through the entire CIBIL report before sanctioning any loan. If loan applicants have a low CIBIL score, they are unlikely to get their loan approved. Applicants with a higher CIBIL score can get lower interest rates compared to applicants with a lower CIBIL score.

Citibank Personal Loan Interest Rate Comparison with Other Lenders

LenderInterest Rate
Citibank Personal Loan9.99% - 16%
Axis Bank Personal Loan12% - 24%
SBI Personal Loan

9.60% - 15.65%

 

HDFC Bank Personal Loan10.75% - 21.30%
IDFC First Bank Personal Loan9.20% - 38%

Citibank Personal Loan Top Up

You can approach Citibank for an additional loan as a top-up to your existing loan. Citibank offers top-up loans at interest rates that are similar to that of the existing loan. Citibank, however, evaluates your repayment behaviour and track record on the existing loan before approving the top-up loan. If you have a good repayment track record, Citibank provides you such top-up loans. Currently, the interest rates on top-up loans at Citibank start from 9.99%.

How to Apply for Citibank Personal Loan

MyMoneyMantra is a sales and distribution partner for Citibank in offering Personal Loans to individuals, MyMoneyMantra is a user-friendly online lending marketplace that explains the loan application process and allows you to apply for a Personal Loan online. Once you apply for a Citibank Personal Loan online after filling your relevant details, Citibank's representatives will get in touch with you instantly to further process the loan and take things forward.

MyMoneyMantra offers free advisory service that assigns you a Personal Loan advisor who makes sure that your application at Citibank is processed quickly and you get Personal Loans at the best interest rates.

MyMoneyMantra allows you to compare the interest rates and the terms and conditions of all banks and NBFCs on its website before you choose any one option. Applying for Citibank Personal Loans With The Lowest Interest Rates is easy and instant with MyMoneyMantra.

Navi Personal Loan @9.9% p.a

Now get Navi personal loan of Rs. 10,000 to Rs. 20 Lakhs at lowest interest rate starting from just 9.9% per annum. Repay in easy instalments of 3 to 72 months. The processing fee ranges from 2.5% to 6% of the sanctioned limit + GST.

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Citibank Personal Loan Interest Rates FAQs

What is the time taken by Citibank to disburse my personal loan application?

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Citibank takes 48 hours in disbursing the loan amount into your account after approval.

Why should I take a personal loan from Citibank?

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Attractive interest rates, online process, customer service support, EMI starting at Rs. 2,174 per Lakh, top-up facility, and balance transfer are some factors that make Citibank Personal Loan attractive.

What is the interest rate charged by Citibank on a personal loan?

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Citibank personal loans rates range between 9.99% and 16% on Personal Loans. However, from time to time there are some special offers for salary account holders of Citibank who get interest rates that are comparatively lower than that for other customers.

What is the lowest EMI per Lakh on the personal loan from Citibank?

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Citibank loan EMIs begin from as low as Rs. 2,124 per Lakh

What is the tenure of the Personal Loan at Citibank?

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Citibank offers flexible tenures for Personal Loans ranging between 6 months to 60 months.

What is the personal loan amount that I can borrow from Citibank?

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Citibank Personal Loan amounts begin at a minimum amount of Rs. 1 Lakh to a maximum amount of Rs. 30 Lakhs.

What are the processing fees on Personal Loans by Citibank?

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Citibank charges a non-refundable processing fee of up to 2% of the loan amount plus applicable GST.

Is age an eligibility factor to get a Personal Loan from Citibank?

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Yes, age is an important factor to get a Personal Loan from Citibank. You should be at least 23 years old at the time of loan application and a maximum of 60 years old at loan maturity time.

I want to get a Citibank Personal Loan. How do I apply for it?

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Existing Citibank customers can visit the Citibank website, log in with user ID and password and then place a Personal Loan request directly online. Existing customers can also send an SMS to Citibank so that an executive can contact them.

A non-Citibank Personal Loan applicant can visit Citibank website and click "Click 4 Call" button, submit your contact details. You will receive a call back from a Citibank executive instantly.

You can also visit MyMoneyMantra for applying for a Citibank Personal Loan online. The website is very intuitive and easy to use that helps you apply for a personal quickly with minimal documentation.

How can I check my loan's outstanding balance?

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Every month during the tenure of the loan, Citibank sends out a statement to the customer's registered address stating the EMIs paid and the outstanding balance. You can also check outstanding loan balance and other details by logging in to the Citibank website using your net banking user id and IPIN provided during the time of loan disbursement.

My financial needs have changed. Can I increase my loan amount?

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If your financial needs have changed and you need a higher loan amount, you can apply for a top-up on the existing Personal Loan. This option can help you meet your changing financial needs with ease. However, you cannot make any changes to the existing Citibank Personal Loan.

Can I pay off my entire loan earlier than the loan tenure I signed up for?

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Yes, Citibank offers a loan foreclosure option after payment of at least 12 EMIs.

What happens if I fail to pay my EMI on time?

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EMIs are deducted from your bank account every month on a specified date. In case of delayed payments, Citibank charges a penalty on the overdue amount. You may also incur bank charges for ECS failure. It is advisable that you do not fail to pay EMIs on time. It can negatively affect your CIBIL score and can reduce the chances of getting a loan in the future.