CITI Bank Personal Loan
Citibank Personal Loan is an unsecured loan that provides salaried and self-employed individuals with the financial means to fulfill their personal needs and goals. Whether it’s for home renovation, debt consolidation, a dream vacation, or an unexpected expense, a personal loan offers a lump sum of money upfront, which is paid back in monthly installments over a set period.
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Features and Benefits of Citibank personal loan
It is one of the most popular financial institutions for personal loans. This is due to Citibank’s comfort and simplicity of banking. Customers looking for a personal loan can take advantage of a variety of incentives.
| Feature | Description |
| Citi Bank Loan Type | Unsecured Personal Loan |
| Purpose | Marriage, Home renovation, Travel, Emergencies, etc. |
| Interest Rates | 9.99% p.a. – 16.49% p.a. |
| Loan Amount | 1 Lakh to Rs.30 lakh |
| Processing Fees | Up to 3.00% |
| Disbursal Time | Funds often available within 48 hours of approval |
| Repayment Terms | Flexible options ranging from 12 to 59 months |
| Eligibility Criteria | Salaried and self-employed individuals |
Eligibility for a Citibank Personal Loan
The following are some of the key factors that can impact your Citibank personal loan eligibility:
- Age: Applicants should be at least 21 years old at the time of application and not more than 65 years old at the time of loan maturity.
- Income: A stable income is required, though the specific minimum income criteria may vary. Citibank offers loans to salaried individuals, self-employed professionals, and business owners.
- Credit History: A good credit score (generally above 750) will improve your chances of approval and potentially lead to better interest rates.
- Documentation: Minimal documentation is required for existing Citibank customers. New customers may need to provide more detailed documentation.
- Citibank Account: Having a Citibank account can facilitate a quicker application process and may be required for certain loan offers. (Not mandatory)
Documents Required for Citi Bank personal loan
The following is a short list of documents required to apply for the loan:
| Credit | Documents required |
| Proof of Identity | Photograph (mandatory), PAN, Aadhaar Card, Driver’s Licence, Passport, Voter’s ID card, etc. |
| Proof of Residence | Driving License, Passport, Voter’s ID Card, Letter from Employer, etc |
| Proof of Age | Birth Certificate, School Leaving Certificate, Passport, etc |
| Length of Employment | Letter from Employer, Old Pay Slip, Form 16, etc |
| Proof of Income | Latest Salary Slip (not older than 3 months), 3 months bank statement, Latest Form 16 |
Citibank Personal Loan Interest Rate, Fees and Charges
Citibank offers competitive interest rates and a transparent fee structure for its personal loans. Here’s a summary of the interest rates, fees, and charges for a Citibank Personal Loan.
| Interest Rate | As applicable at the time of signing the loan agreement |
| Booking Fee* | Up to 3.00% of the loan amount sanctioned; deductible from the loan amount at the time of disbursal. |
| Late Payment Charges | The payment instruction shall be presented from 1st of every month. There are no late payment charges. |
| Loan Pre-closure Charges* | Up to 4% on total principal outstanding at the time of calculating the amount for full and final settlement of account; plus, interest for the ongoing month. |
Factors affecting Citi Bank personal loan interest rates
The interest rates for Citibank Personal Loans are influenced by several factors, which include:
- Loan Amount: Typically, borrowing a larger sum may qualify you for a slightly lower interest rate compared to smaller loans.
- Loan Term (Repayment Period): Shorter loan terms (e.g., 12 months) often come with lower interest rates because you’re repaying the loan faster and posing less risk to the bank.
- Employment Status and Income: Stable employment and a healthy income demonstrate your ability to repay the loan. This can influence the interest rate offered.
- Existing Relationship with Citibank: Being a loyal Citibank customer (having a savings account, etc.) might get you a better interest rate on your personal loan.
Documents Required for Citi Bank personal loan
The following is a short list of documents required to apply for the loan:
| Credit | Documents required |
| Proof of Identity | Photograph (mandatory), PAN, Aadhaar Card, Driver’s Licence, Passport, Voter’s ID card, etc. |
| Proof of Residence | Driving License, Passport, Voter’s ID Card, Letter from Employer, etc |
| Proof of Age | Birth Certificate, School Leaving Certificate, Passport, etc |
| Length of Employment | Letter from Employer, Old Pay Slip, Form 16, etc |
| Proof of Income | Latest Salary Slip (not older than 3 months), 3 months bank statement, Latest Form 16 |
How the EMI calculation works for Citi Bank personal loans?
Before applying for a Citibank Personal Loan, candidates can use an online Personal Loan Eligibility Calculator to evaluate their eligibility. Within minutes, you may assess your eligibility for a Citi personal loan by submitting basic information such as your salary, desired loan amount, and whether you are salaried or self-employed.
How the EMI calculation works for Citi Bank personal loans?
Before applying for a Citibank Personal Loan, candidates can use an online Personal Loan Eligibility Calculator to evaluate their eligibility. Within minutes, you may assess your eligibility for a Citi personal loan by submitting basic information such as your salary, desired loan amount, and whether you are salaried or self-employed.
FAQs
Personal loans may be used for nearly any purpose and might be a useful option in some cases. If you have a steady income and a decent credit score, getting a personal loan is an excellent choice since you will be offered a cheap interest rate.
Monthly income of minimum Rs. 25,000 is required to be eligible for Citi Personal Loan.
Citibank provides personal loans with interest rates ranging from 9.99 percent to 16.49 percent per annum. Individuals can borrow up to Rs.30 lakh from the lender.
Interest rate for Citibank personal loan starts from 9.99% onwards.
No, Citi Bank does not have a fixed rate of interest on a personal loan. This interest rate depends on various factors such as borrower’s income, loan amount, tenure, credit score etc.
You must first call the Citi Bank helpline at 1860 210 2484, which is available 24 hours a day, seven days a week. The next step is to provide your Citibank Personal Loan application number, also known as a form number. The status of your personal loan application will now be provided to you. You can phone this number on a frequent basis to keep track of your application.
For a personal loan, a CIBIL score of 720 to 750 is required. This score indicates that you are creditworthy, and lenders will swiftly accept your personal loan application.
Currently the minimum personal loan amount offered is Rs. 10,000 while the maximum limit for a Citibank personal loan is Rs. 30 lakh.