|Loan amount||Rs. 50,000 - Rs. 30 Lakhs|
|Rate of interest||10.75%|
|Tenure||12 - 60 months|
|Lowest EMI possible||Rs. 2,124 Per Lakh|
|Processing fee||Up to 2% of the sanctioned loan amount + GST|
|Prepayment charges||Up to 4% of total principal outstanding|
|Turnaround time||48 hours|
|Age required||23 - 60 years|
Apart from general personal loan called Ready Cash Personal Loan scheme, Citibank also offers the following loans for fulfilling your personal financial requirements:
Under this scheme, you can shop online and repay with EMI on your debit card later.
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.
As the name suggests, Citibank Ready Credit is a pre-approved instant cash line facility for Citibank Suvidha Salary account holders.
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:
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:
Amount Paid by
Interest paid during
Principal paid during
|1||Rs. 15,00,000||Rs. 1,59,316||Rs. 60,811||Rs. 98,505||Rs. 14,01,495|
|2||Rs. 14,01,495||Rs. 3,82,358||Rs. 1,28,599||Rs. 2,53,759||Rs. 11,47,736|
|3||Rs. 11,47,736||Rs. 3,82,358||Rs. 1,02,055||Rs. 2,80,303||Rs. 8,67,433|
|4||Rs. 8,67,433||Rs. 3,82,358||Rs. 72,734||Rs. 3,09,624||Rs. 5,57,808|
|5||Rs. 5,57,808||Rs. 3,82,358||Rs. 40,346||Rs. 3,42,012||Rs. 2,15,797|
|6||Rs. 2,15,797||Rs. 2,23,042||Rs. 7,246||Rs. 2,15,797||Rs. 0|
Additional Reading: Cibil Score Calculation
If you are looking for Citibank personal loan apply online through MyMoneyMantra. Following is the step-by-step process:
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
Other Documents for Salaried
Other Documents for Self-employed
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:
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:
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).
You can email at firstname.lastname@example.org
Call: +91 44 28501242. (Monday - Saturday from 10:00 am to 6:00 pm)
Email at: email@example.com
#2, Club House Road, Chennai, Tamil Nadu 600 002, India
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.
Citibank shares its decision to approve Personal Loan within four hours of receiving the application. However, in some cases, the lender may ask for additional documents and need more time to complete the application approval.
It takes a maximum of 2 working days or 48 hours after the loan approval and documentation completion to disburse the loan.
You can check the status of your Citibank Personal Loan online or by calling CitiPhone helpline that is available 24X7.
Currently, Citibank offers Personal Loan at an interest rate starting from 9.99% to 16% per annum. The rate of interest would vary as per your employment and income status.
Citibank charges a nominal processing fee of up to 2% plus applicable GST.
Yes, you should be at least 23 years old to get approval for Citibank Personal Loan. However, you should not be more than 60 years old at the time of loan maturity.
Citibank extends fixed interest rate on Personal Loan. This ensures same EMI throughout the loan tenure.
Yes, you can apply for Citibank Personal Loan to consolidate your existing credit card bills and outstanding loan dues. The loan is offered on flexible tenure and attractive rate of interest.
You can repay your Citibank Personal Loan via NACH, Standing instruction, or NEFT