Citibank Personal Loan Eligibility
Age of the Applicant 18 to 70 years
Eligible Salary 25,000 per month and above
Work Experience for Salaried 3 years and above
Business Stability for Self Employed 5 years and above
Minimum CIBIL Score 650
Maximum Loan on Property Value Up to 90%
Maximum EMI as percent of income 65%
Eligibility with Co-applicant Up to 3 earning family members may be added to get higher loan eligibility

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Citibank Personal Loan Eligibility

The Personal Loan is provided by most of the banks and non-banking financial companies (NBFCs). Personal Loan is an unsecured loan hence, it does not require any collateral or security from the applicant. Several banks like Citibank provide Personal Loan. The rate of interest on the Personal Loan is usually high as the Personal Loan is the high-risk loan. It is a multipurpose loan and can be used to meet any urgent requirement of finance for emergencies such as medical expenses, travel, education, wedding, or any other important personal expense. Therefore, it is very lucrative to be eligible for a Personal Loan to meet the urgent need of finance.

An applicant should know all the eligibility criteria for the Personal Loan before applying for it to make sure the loan application is not rejected. Loan rejection has a negative impact on the credit score of an individual. If the credit score of an applicant is too low, the chances of their loan application getting approved from the bank are very less. Also, the bank may offer a higher interest rate to such applicants.

The eligibility criteria of most of the banks are almost the same and depend upon various factors such as salary, age, marital status, credit score, existing obligations, and so on. The ideal credit score required to be eligible for the Personal Loan at Citibank is 700 and the individuals with this score are considered "bankable" by the bank and are given preference for the loan along with good interest rates.

The lenders decide the maximum and minimum loan amount an applicant is eligible for based on the applicant's current income and credit history. It is very beneficial to know all the factors responsible for getting your loan approved before applying to reduce the chances of rejection of your application and get the best loan offers.

Citibank Personal Loan Eligibility Criteria

Eligibility Salaried Individuals Self-employed Individuals

Age

Minimum 23 years to Maximum 60 years

Minimum 25 years to Maximum 65 years

Loan Amount

Maximum 30 Lakhs

Maximum 30 Lakhs

Income

Minimum 25,000 per month

Minimum 5 Lakhs gross annual

CIBIL Score

700 or above

700 or above

Work experience

Minimum 36 months

Minimum 36 months

Factors Affecting Citibank Personal Loan Eligibility

  • Age:Age is one of the most important criteria for Personal Loan eligibility. The minimum age requirement at Citibank for the Personal Loan is 23 years and maximum age limit is 60 years. The Personal Loan at Citibank is offered for the tenure of 5 years (60 months).

  • Net Income: The net income of an applicant is one of the most crucial and important factors to be eligible for the Personal Loan. The eligibility of an individual is determined based on their net take home salary. The minimum net income required to be eligible for the Personal Loan is 25,000 per month. The capacity of paying the EMIs on the Personal Loan is assumed with the net income. An individual should be able to pay loan EMIs without affecting their current standard of living.

  • FOIR: To find out the loan eligibility of an applicant Citibank uses FOIR (Fixed Obligation to Income Ratio). It is one of the most important loan eligibility factors. All the fixed obligations of an applicant are considered such as rent, current EMI, Credit Card bills, and so on while estimating their loan eligibility. The minimum FOIR of 0.45 is required to be eligible for the Personal Loan at Citibank. An applicant can also use Citibank Loan Eligibility Calculator to know the loan eligibility instantly with convenience.

Example: Mr. A, who is 25 years old has a net income of 25,000 and wishes to take a Personal Loan of 1 Lakh for 60 months. Based on the information given by the applicant, the bank will calculate his loan eligibility using the Personal Loan eligibility calculator. The maximum amount for which he is eligible is 5.18 Lakhs with a salary of 25,000. The interest rate that will be levied on this Personal Loan amount for the tenure of 60 months is 10.99%. Citibank allows a maximum FOIR of 0.45.

  • Co-applicant: In order to increase the repayment capacity the applicant can also add a co-applicant to apply for the Personal Loan. The applicant should make sure the co-borrower has a good credit score, limited fixed obligations, and regular source income.

  • CIBIL Score:CIBIL score captures the credit behaviour and the payment track record of the applicant from the Credit Card providers and past/existing lenders. The CIBIL is a very important factor in determining the loan eligibility of an applicant. A complete comprehensive look at the CIBIL report is done to check the Personal Loan eligibility. The report includes all the previous loans taken, current loans, Credit Card bill payment, and so on. The higher the credit score, the more are the chances of getting your loan approved with good interest rates. The low credit score will decrease the eligibility of an applicant to get the Personal Loan. The minimum credit score of 700 is essential to be eligible for the Personal Loan from Citibank. Following are the factors that affect your credit score:

    • Late payments on past loans: The delay in payment of EMIs of the past loans or the current loan will have a negative impact on the credit score. This may lessen the chances of your loan application getting approved from the bank.

    • Having a high number of unsecured loans: It is essential to maintain the balance between secure and unsecured loans. The greater proportion of unsecured loans in the total borrowing of an individual has a bad effect on the credit score.

    • Usage of credit limit: The Credit Card usage and bill payment also impact the credit score. The frequent withdrawals and exceeding the limit of Credit Card show financial burden and credit indiscipline of the applicant and also decrease their overall credit score.

    • Applying for the loan with multiple lenders:An applicant should not apply for the Personal Loan at multiple banks as it can negatively affect their CIBIL score. If your Personal Loan application is rejected once from the Citibank it is recommended to improve your creditworthiness and credit score and then apply for the Personal Loan again.

Other Factors Affecting Citibank Personal Loan Eligibility

Following are the factors that impact an applicant's eligibility for a Personal Loan from Citibank:

  • Job stability and profession: An applicant with good job stability is always given greater preference. Therefore, one should maintain job stability at least for a year in the current job before applying for a Personal Loan at Citibank. The total work experience and current job status are also evaluated while considering the loan application. An individual should have a minimum total experience of 36 months and should be employed at the current job for minimum of 12 months to get preference for the Personal Loan at Citibank.

  • Residence stability and location: There are some areas which are not preferred by the bank for the Personal Loan due to the bank's previous experience with the borrowers from such locality. The banks are very particular about the residence of the borrowers. There is a pre-decided list of areas that are considered as negative by the Citibank to lend a Personal Loan. The residential stability of the borrower is also taken into account while considering a loan application. If an applicant is staying at their own residence, then the chances of getting the loan approved are higher. The minimum residence stability of 12 months is necessary for the bank to approve the Personal Loan.

  • Industry type: Citibank has made a negative list of profession, industry, and segments. The individuals working in the profession, industry or the segments mentioned in the list are not considered for the Personal Loan. Therefore, the approval for your Personal Loan depends upon the profession and industry you belong too.

  • Salary mode: The banks prefer individuals with salary transfer directly in the account. It shows income flow stability and authenticity. If an applicant is earning good but through cheque or cash, the evidence of the concrete income are absent in this case and the chances of their application getting approved are less. Concrete income proofs are required by the bank to sanction the Personal Loan.

How to Increase Citibank Personal Loan Eligibility?

There are many ways through which an individual can increase Personal Loan eligibility. Below listed are some of the steps that one can follow:

  • Don't overdo it: Do not apply for the Personal Loan at multiple banks. As each time you apply, it will reflect in your credit score and will considerably decrease the chances of getting your loan approved. The bank may not consider your loan application if they notice that you have applied for the loan multiple times.

  • Make timely payments: It is very necessary to do all your Credit Cards and existing loans payments timely and not default on a single one. This will create a good impression and shows your credit discipline.

  • Longer tenure:The longer the loan tenure, the lower your EMIs will be. The loan eligibility can be increased by increasing the loan tenure as the lower EMIs suggest that an individual has a capacity to repay the loan without too many expenses each month.

  • Secured loans: The better rates of interest are offered on secured loans and hence, increase the loan eligibility due to the involvement of collateral.

  • Repay outstanding loans: It is highly recommended to pay all the outstanding loans before applying for the fresh Personal Loan. This will increase your overall eligibility for the Personal Loan at Citibank.

  • Turn to your neighbourhood bank: The chances of getting your loan application approved with your existing bank is more as you already have a cordial relation with them. The banks also prefer giving loan and good interest rates and offers to the existing customers.

How Can I Get Citibank Personal Loan?

  • Personal Loan Application Process for Existing Customers

The existing customers of the Citibank can apply for the Personal Loan online or at the Citibank branch. You can log in to the official website of the Citibank download the loan application form and submit the same to the bank representative. The Personal Loan approval chances are high in the current scenario and even the loan amount is disbursed faster.

  • Personal Loan Application Process for New Customers

The non-existing customers can apply for the Personal Loan the same way as the existing customers. However, it may take some extra time to get your loan application process to begin as the verification process will take place for the new customers.

Alternatively you can simply apply through or contact us at MyMoneyMantra and we will take it forward for you in a seamless, fast, and efficient manner.

Documents Required for the Personal Loan Application

The following documents need to be submitted for availing a Citibank Personal Loan:

Document Category Salaried Self-employed Expat

Identity Proof

  • Photograph
  • PAN
  • Aadhaar Card
  • Driver's License
  • Passport
  • Voter's ID card
  • Overseas Citizen of India Card
  • Person of Indian Origin Card
  • Job Card issued by NREGA
  • Letters issued by the Unique Identification Authority of India
  • Photograph
  • PAN
  • Driver's License
  • Passport 
  • Voter's ID card
  • Overseas Citizen of India Card
  • Person of Indian Origin Card
  • Professional License with Photograph
  • Trade License with Photograph
  • Aadhaar Card
  • Photograph PAN
  • Valid VISA Aadhaar Card

Residence Proof

  • Driving License
  • Passport
  • Voter's ID Card 
  • Utility Bill not older than 3 months with name and address
  • Ration Card
  • Letter from employer
  • Copy of Lease Deed/ Rent Agreement/ Property Registration Document in the customer's name
  • Bank account statement (not older than 3 months) printed on bank's letterhead, signed & stamped by existing banker
  • Mutual Fund statements
  • Overseas Citizen of India Card
  • Person of Indian Origin Card
  • Latest IT Return
  • Original Letter from Company
  • Aadhaar Card
  • Driving License
  • Passport
  • Voter's ID Card 
  • Utility Bill not older than 3 months with name and address
  • Ration Card
  • Letter from employer
  • Copy of Lease Deed/ Rent Agreement/ Property Registration Document in the customer's name
  • Bank account statement (not older than 3 months) printed on bank's letterhead, signed & stamped by existing banker
  • Mutual Fund statements
  • Overseas Citizen of India Card
  • Person of Indian Origin Card
  • Latest IT Return
  • Aadhaar Card
  • A letter from employer or Certificate from Embassy of the Country of Origin/ any appropriate legal authority certifying that the local address of the applicant is in India

  • Bank account statement (not older than 3 months) printed on bank's letterhead/ passbook signed & stamped by existing banker

  • Rent agreement
  • Registration Certificate issued by the FRRO
  • Aadhaar Card

Age Proof

  • Birth Certificate
  • Certificate for Leaving School
  • Passport
  • Voter's ID Card with DOB
  • College Certificate
  • DOB on tax return
  • PAN
  • Company ID or HR Confirmation
  • Birth Certificate
  • Certificate for Leaving School
  • Passport
  • Voter's ID Card with DOB
  • College Certificate
  • DOB on tax return
  • PAN

 

  • 1 Birth Certificate
  • Certificate for Leaving School
  • Passport
  • Voter's ID Card with DOB
  • College Certificate
  • DOB on tax return

 

Proof of Employment Stability/ Business Continuity

  • Letter from employer
  • Old salary slip or Form 16
  • HR check by designated CPA resource
  • Rent Receipts/ Lease Deed
  • Ownership Document
  • Utility Bills
  • Tax Returns from the same city
  • Bank statement of 3 year old
  • Letter from employer
  • Old salary slip or Form 16
  • HR check by designated CPA resource

Proof of Income & Occupation

  • Latest 1 or 2 salary slip (not older than 3 months)
  • Latest Form 16
  • Bank statement of last 3 months
  • Last 2 years IT returns and supplementary documents
  • Computation of Income Schedule
  • P&L Account
  • Balance Sheet
  • Audit Report
  • Above accounts to be certified by CA
  • Bank statement of last 6 months
  • Latest 1 or 2 salary slip (not older than 3 months)
  • Latest Form 16
  • Bank statement of last 3 months

Why Apply for a Personal Loan through MyMoneyMantra?

The pre-screening of the loan application is done at MyMoneyMantra from various lenders and then the suitable lender is suggested to you based on your eligibility. This increases the chances of getting your loan application approved. MyMoneyMantra helps you to get the desired Personal Loan amount at the lowest rate of interest and longest duration easily.

Why Use MyMoneyMantra Personal Loan Eligibility Calculator?

MyMoneyMantra aims at simplifying the entire process of loan eligibility with its loan eligibility calculator. It is very simple and easy to use. An applicant can find out exact EMI amount in a jiffy with the Personal Loan eligibility calculator at MyMoneyMantra.

It is very beneficial to know the exact amount an individual will have to pay each month to the bank in order to repay the Personal Loan amount. This helps one to plan the monthly expenses accordingly. The EMI calculator also helps one to compare the EMIs offered by various banks and arrive at an informed well though decision before applying for the loan. The Personal Loan calculator gives you a quick and accurate comparison of EMIs from various lenders.

Paying Your Citibank Personal Loan

You can repay the Citibank Personal Loan in the following three ways:

  • Standing Instruction (SI): For the existing Citibank customers, Standing Instruction is the ideal mode of payment for the Personal Loan repayment. The EMI amount gets directly deducted for the specified Citibank account every month on a fixed date.

  • Post-Dated Cheques (PDC): Please note that Post Dated Cheques will be collected from non-ECS locations only. You can also give some post-dated cheques from a non-Citibank account for the payment of the EMI at the nearest Citibank Loan center.

  • Electronic Clearing Service (ECS): If you are a non-Citibank account holder you can directly get your EMIs debited automatically at the end of the monthly cycle from the specified non-Citibank account.

It is recommended to either opt for the SI or ECS payment mode for faster and less prone to error than the use of PDCs.

FAQs on Citibank Personal Loan

Question - How can I increase my Personal Loan amount at Citibank after taking the loan?

Answer - You can increase the Personal Loan amount with the help of top up on the Personal Loan. The top-up loan is allowed if the applicant is eligible for the new loan amount and has a good repayment history.

Question - Is there any processing fee levied by Citibank on the Personal Loan?

Answer - Yes, the processing fee levied by Citibank on the Personal Loan is up to 3% of the loan amount sanctioned and is deductible from the loan amount at the time of disbursal.

Question - What is the age criterion to avail the Personal Loan from Citibank?

Answer - The minimum age required to get a Personal Loan from Citibank is 23 years and the maximum age for salaried employees is up to 60 years.

Question - What should be the minimum net monthly income of the applicant to get a Citibank Personal Loan?

Answer - The minimum income for the salaried employee should be 25,000 per month.

Question - How much work experience is required to get the Personal Loan from Citibank?

Answer - The applicant must have at least work experience of 12 months (in the current organisation) in order to get a Personal Loan application approved from Citibank.

Question - How to get Citibank Personal Loan quickly without much hassle?

Answer - It is recommended to look into Citibank Personal Loan eligibility before applying for the Personal Loan. All the information is there on the Citibank website and MyMoneyMantra website. For quick application and decision, apply online through MyMoneyMantra.

Question - What is the maximum loan amount an applicant can avail at Citibank?

Answer - The maximum loan amount an applicant can avail on the Personal Loan from Citibank is up to 30 Lakhs.

Question - Does CIBIL score have an effect on my Personal Loan from Citibank?

Answer - Yes, CIBIL score does have an impact on your Citibank Personal Loan eligibility. A good score means good repayment record and credit discipline. The minimum CIBIL score for this loan is 700. Most of the banks avoid giving loans if you have a low credit score.

Citibank Personal Loan News

2018-07-05:Personal Loan and Credit Cards spending up by four times in FY 13-18

In the past three years, unsecured loan (Personal Loan) book has been increased by four times. The bank charges a higher rate of interest on the Personal Loan as the Personal Loan is given without any collateral and is an unsecured loan. It stood at around 5 trillion, which is 26% of retail lending.

CitiBank increases its Base Rate

The base rate of Citibank has been raised by 15 basis points. The new base rate stands at 9.10%, which was 8.95% earlier. The revised base rate is effective from October 7, 2018.

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