CITIBANK
Personal Loan

Apart from general personal loan called Ready Cash Personal Loan scheme, Citibank also offers the following loans for fulfilling your personal financial requirements:

Buy Now Pay Later

Under this scheme, you can shop online and repay with EMI on your debit card later.

• Use debit card EMI to pay for your online purchases above Rs. 10,000.
• No paperwork involved.
• Nil processing charges.
• Flexible choice of 3, 6, 9 or 12 month EMIs to repay the loan.

Citi Quick Cash Credit Card Loan

If you are a Citibank Credit Card member, you are pre-approved for the Citi Quick Cash Credit Card Loan, also known as Citi Credit Card ‘Loan On Phone (LOP)’ or ‘Citibank PayLite’. Under this loan, cash gets deposited instantly to a linked Citi account. For other bank accounts, the amount will be credited by the next business day.

• Loan amounts up to or above your credit limit is approved instantly.
• The loan is sanctioned instantly with zero documentation.
• Flexible tenure ranging from 6 to 48 months.
• No paperwork required.
• The loan can be availed instantly via Citi Mobile App or Citibank Online.

Citibank Ready Credit

As the name suggests, Citibank Ready Credit is a pre-approved instant cash line facility for Citibank Suvidha Salary account holders.

• The customer can avail instant loan up to Rs. 5 Lakhs with zero documentation.
• You can pay as and when you want, and interest is charged only on the amount utilised.
• No fixed EMIs as you can choose what to pay and when.
• No foreclosure charges.

Also Check: Cibil score required for personal loan

The features of Citibank Personal Loan are mentioned below:

Loan amount: You can get a minimum of Rs. 50,000 (Rs. 10,000 for Buy Now Pay Later) as personal loan amount and maximum loan amount of up to Rs. 30 Lakhs.

Processing fee: A loan processing fee of up to 2% of the sanctioned loan amount + applicable GST is applicable for salaried applicants and for Instant Personal Loan scheme. There is no processing fee for Buy Now Pay Later scheme.

Interest rate: Citibank Personal Loan Interest Rates are fixed and starts from 10.75% p.a. for salaried applicants, 10.75% to 14.99% p.a. for Instant Personal Loan, and 16% for Buy Now Pay Later scheme.

Repayment tenure: The loan can be repaid in tenure ranging from 12 months (3 months for Buy Now Pay Later) to 60 months as per your convenience.

Lowest EMI possible: Rs. 2,124 Per Lakh.

It is vital to know about the EMI burden before you apply for a loan. Knowing your monthly expenses in advance helps you better plan your loan repayments and manage good credit history and credit health.

You can conveniently calculate Citibank Personal Loan EMI Calculator using MyMoneyMantra EMI Calculator. The tool is instant and easy-to-use. All you need to do is fill the Loan details, such as:

• Loan Amount
• Interest Rate
• Tenure

After filling in the loan parameters, click Enter button. You must use different rates to find the most suitable combination as per your budget. Using Personal Loan EMI Calculator on MyMoneyMantra will help you make an informed decision.

Apart from calculating the EMI amount, the EMI Calculator also displays the amortization schedule for loan repayment.

Here’s an example:

Personal loan amount required: Rs. 15 Lakhs

Applicable rate of interest: 10.75% p.a.

Tenure: 5 years

EMI to be paid each month till the tenure ends: Rs. 31,863

Total interest to be paid: Rs. 4,11,791

Total amount to be paid to the lender: Rs. 19,11,791

Amortization schedule of the above example:

If you are looking for Citibank personal loan apply online through MyMoneyMantra. Following is the step-by-step process:

• Fill the form on the Home Page of the official website. You can also access the form by visiting the Personal Loan Menu.
• Next, share your personal details to establish an online identity: Name, age, gender, the city of residence, employment type, annual income, loan requirement, contact details, etc.
• An OTP is created and sent to register your customer ID. Use OTP to verify your identity.
• Now get access to the best deals listed according to your preferences. Apply or e-connect for a loan on MyMoneyMantra Website. This will instantly start your loan application. A customer executive will call you and answer all your loan queries. They will assist you at each step: from application to approval, sanction to disbursal.
• We will arrange a doorstep pick-up of documents (by the chosen lender) for you. So, you do not need to worry about the nitty-gritty of filling up documents.
• After the submission of your loan application, we will follow up with the lender for a timely loan disbursal.

In all, applying for Citibank Personal Loan is completely hassle-free and convenient for the borrowers through MyMoneyMantra.

Following are the Personal Loan Documents that you will need to submit along with the loan application:

Identity, Address, Age Proof

• Photograph (mandatory)
• Passport
• Driving License
• Voter's ID Card
• Job Card issued by NREGA (signed  by State Government officer).
• Proof of possession of Aadhaar number (Aadhaar card/eAadhaar).
• National Population Register (with details of name & address).

Other Documents for Salaried

• Income proof: Last 2 payslips (not older than 3 months) and last 3 months’ bank statement.
• Length of employment proof: Letter from employer, pay slips/ Form 16 of current and previous employer(s), and HR check by designated CPA resource.

Other Documents for Self-employed

• Income proof: 1 year’s individual ITR, computation of income schedule, audited P&L, and bank statement of last 3 months.
• Business continuity proof: Lease deed/ rent receipts, utility bills, ownership document, tax returns from the same city, and bank statement (3 year old).

Additional Documents for Expat

Valid Passport, valid Visa, documents issued by Govt. departments of foreign jurisdictions, and letter issued by Foreign Embassy or Mission in India

Tip: Check credit score before applying for a personal loan

Following are the Personal Loan Eligibility Criteria:

• Salaried individuals, self-employed professionals, and business owners can apply.
• Existing Citibank customers who have a Suvidha, Branch, or a Mortgage relationship with the bank.
• Minimum age: 23 years for salaried and 25 years for self-employed.
• Maximum age: 60 years for salaried and 65 years for self-employed.
• Minimum income: Rs. 25,000 per month for salaried and Rs. 5 Lakhs annual income as per gross annual receipts for self-employed.
• Minimum work/professional/business experience required is 3 years.

For the approval of a personal loan, the bank conducts a verification process, which involves the following steps:

Application: In this step, the applicant fills and submits the duly filled personal loan application form to the lender.

Document collection: Once the application is approved, the lending bank’s representative calls the applicant and collects their documents.

Documents verification: The lender then verifies the submitted documents for authenticity

Loan approval: If the verification process is successful, the loan is approved by the lender

Loan amount disbursal: The loan amount is then disbursed into the applicant’s bank account after they sign the loan agreement.

Additional Reading: How to improve cibil score immediately?

Along with Citibank Personal Loan Rate of Interest, the bank also levies the following fees and charges:

Processing fee: Up to 2% of the loan amount.

Booking fee: Up to 3% of the sanctioned loan amount. The fee will be deducted from the loan amount at the time of disbursal.

Prepayment charges: Up to 4% of total principal outstanding at the time of amount calculation for full and final settlement of account + interest for the ongoing month. 

Stamp duty: Applicable as per the Loan Agreement & the prevalent State Laws.

You can check your Citibank personal loan account statement from the Citibank’s online portal with the following steps:

• Login to the online portal of Citibank.
• Click on the “Personal Loan” tab given at the top of the homepage.
• Click on the “+” icon to view your personal loan account.
• Click on the personal loan account link.
• Click on the “View Loan Account Statement” icon at the bottom of the page to see and download the statement.
• By clicking on “View Statement Details”, you can also view & download the statement for the last 6 months.

Additional Reading: How to get Instant loan for low cibil score?

The Citibank Personal Loan Customer Care Team is accessible pan India on 24X7 Citi Phone Number 1860 210 2484 (Local call charges apply).

• For outside India queries, contact number is +91 22 4955 2484.
• You can also contact Citibank online by Clicking Ask Me on the official website or contact the nearest branch.
• For unresolved queries, write to the Head of Customer Care. The bank assures to reach you within 5 business days.

You can email at head.customercare@citi.com

Call: +91 44 28501242. (Monday - Saturday from 10:00 am to 6:00 pm)

• Further, you can contact Principal Nodal Officer Mr. M Dhananjayan          

Email at: principal.nodal.officer@citi.com

• Write your complaints with the reference number to:

#2, Club House Road, Chennai, Tamil Nadu 600 002, India

• You can directly Call 1-800-220-123 (India Toll-free) or 39707464 (local dialing)