Citibank Personal Loan Interest Rates
Interest Rate

Starting @ 10.99%

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Processing Fee

Upto 2999

Loan Tenure

1-5 years

Lowest EMI Per Lakh

₹ 2,174 for 5 years

Prepayment Charges

Nil charges for floating rates loans

check your eligibility

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Citibank Personal Loan Interest Rates

Citibank is one of the largest global banks operating in India for over a century. It has brought several products from its global portfolio, customised them according to the Indian scenario, and introduced revolutionary products in India. One such product that has gained trust amongst Indian customers is the Citibank Personal Loan.

A Personal Loan helps you get lump sum cash for needs like home renovation, medical emergencies, child's education, wedding or other personal needs. Citibank helps you fulfill these needs through their Personal Loans. Citibank uses modern technology and data analytics so that you can get loans within 48 hours provided you submit all the necessary documents. The entire process for a Personal Loan is online and requires minimal paperwork so as to make the operation hassle-free. Citibank offers Personal Loans from a minimum tenure of 6 months to a maximum tenure of 60 months.

As a Personal Loan is an unsecured loan, the risk associated with such a loan is high and as a result, the interest rate for a Personal Loan is higher than that for secured loans. Citibank offers Personal Loan at an interest rate of 10.99% to 18.99% per annum.

For customers who already have a salary account with Citibank, the decision for loans is quick and approval can be obtained in just four hours post receipt of an application for a loan.

Citibank Personal Loan Highlights

Various features and benefits offered by a Citibank Personal Loan are as below:

Interest Rate

10.99% - 18.99%

Loan Amount

1 Lakh - 30 Lakhs

Loan Tenure

6 to 60 months

Processing Fee

Up to 3%

Pre-closure Charges

Allowed after 12 months at 5% of principal outstanding

Key Aspects of Citibank Personal Loan Interest Rates

  • The Personal Loan interest rate at Citibank 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.

Citibank Personal Loan Interest Rate and Other Details

Citibank gives Personal Loan with attractive terms and affordable interest rates. Some benefits of taking a Personal Loan from Citibank are:

  • Paperless process
  • Part-payment facility
  • Disbursement of the loan amount in 48 hours of approval provided all documents are correctly submitted.

  • Citibank has over 35 branchesin India to avail Personal Loan services

  • Employees of large and reputed companies are offered special schemes and discounts at Citibank.

Purpose of Loan: Citibank offers Personal Loan for multiple purposes like vacation, education, medical, or other personal finance requirements. Citibank does not provide Personal Loan for speculative purposes.

 Key Features

  • Both salaried and self-employed are eligible for Citibank Personal Loan

  • People falling under the age group of 23 and 60 years are eligible for availing the Personal Loan.

  • You can avail a loan amount of minimum 1 Lakh to a maximum of 30 Lakhs.

  • Flexible Personal Loan tenure between 6 and 60 months
  • Citibank Personal Loan interest rates are in the range of 10.99% to 18.99%

  • Citibank provides Personal Loan starting with EMI as low as 2,174 per Lakh

 Processing Fees: Up to 3% of the loan amount at the time of loan approval

Pre-closure Charges: Citibank allows pre-closure of the Personal Loan. The pre-closing charges are up to 5% of the outstanding loan amount.

Other Charges: Citibank levies other charges as well like charges for late EMI payment, EMI bounce, loan cancellation, and so on.

Special Schemes: Citibank runs customised schemes and offers for Personal Loan applicants that belong to special categories. The special category of borrowers includes borrowers working in reputed companies, banks or government employees, long-term Citibank account holders, and so on.

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 10.99%.

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. Citibank Personal Loan interest rates depend 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 higher interest rate as compared to loans offered on longer tenures.

  • 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. An old and a long-term customer of Citibank can negotiate a lower interest rate, provided they fulfill eligibility criteria for availing of a Personal Loan.

  • 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 Information Bureau (India) Limited, popularly known as CIBIL, is India's credit information corporation that collects and maintains records related to the individual's payment pertaining to loans and Credit Cards. 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.

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. 

Documents Required for Citibank Personal Loan Application

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

Citibank Personal Loan Charges

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

  • Pre-closure Charges: In case you want to repay your entire outstanding loan amount before the end of the tenure period, Citibank allows loan pre-closure facility. However, Citibank allows pre-closure of the Personal Loan only after 12 EMIs are paid. Pre-closure charges are up to 5% of the outstanding amount.

  • Processing Fee: Citibank charges up to 3% of the loan amount plus applicable taxes as non-refundable processing fees.

  • Other Charges: Citibank will provide you a statement of other charges applicable on your Personal Loan account. These charges include interest on late payment, EMI cheque bounce charges, loan cancellation charges, and so on. At the time of loan sanctioning and before disbursement, Citibank explains all these charges in advance.

FAQs on Citibank Personal Loan Interest Rates

What is the time taken by Citibank to disburse my Personal Loan application?

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

Why should I take a Personal Loan from Citibank?

Answer - Attractive interest rates, online process, customer service support, EMI starting at 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?

Answer - Citibank generally charges interest rates within the range of 10.99% and 18.99% 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?

Answer - Citibank loan EMIs begin from as low as 2,174 per Lakh.

What is the tenure of the Personal Loan at Citibank?

Answer - 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?

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

What are the processing fees on Personal Loans by Citibank?

Answer - Citibank charges a non-refundable processing fee of up to 3% of the loan amount with applicable tax.

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

Answer - 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?

Answer - 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?

Answer - 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?

Answer - 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?

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

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

Answer - 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.

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