Citibank is the international Citigroup’s customer section dealing with banking and financial services, such as Citibank markets insurance, credit cards, loans, loans on credit card and investment services. Over the century, the bank has played a pivotal role in establishing important market intermediaries such as depositories, credit bureau, and clearing and payment institutions
PayLite program by Citibank allows you to regularize the repayment amount on your credit card as per your budget and have loan on the bank’s credit card accordingly. Big payments can be made light using the following options stated below.
Convert to EMI
It is further divided into two categories.
- Card outstanding
It allows you to convert the outstanding balance on your Citibank credit card into easy EMIs. You can now pay smaller amounts at much lower interest rates per month. It helps you save on service fee.
- Any purchase>2500
Shop big and pay small! With your Citibank credit card, you can further convert your purchase of above Rs 2500 into manageable EMIs. Tailor your repayment schedule with smaller interest rates on your EMIs.
Instant Loan allows you to loan against your Citibank credit card’s cash or credit limit. If your credit history allows, you are eligible to get a loan over and above your credit limit too. It offers flexible repayment tenure.
- You should have a Citibank credit card from past one year
- You should have a good credit history in accordance with bank’s prerequisites
- Your Citibank savings account should have the required balance
- Loan amount is determined by the bank.
How to apply
Loan on Citibank Credit Card follows a simple process
Log on to Citibank internet banking using the IPIN and check for the eligibility criteria. If you match the bank’s requirements, you apply for loan instantly without prior submission of documents.
Go to Citibank credit card page and click on ‘Instant Loan On Your Card’. Enter your details (name, credit card number and mobile number) to receive a call back by clicking ‘Call me’. Under the ‘instant call back service’ you would receive a call from the bank’s representative from Monday to Saturday between 10:00am and 6:30 pm.
Why opt for Citibank Loan on Credit Card
- Easy and quick processing
- Save on higher interest payment to other banks
- Tenure option of 3, 6, 9, 12, 18 and 24 months available
- No documentation or guarantor required
- The process can be initiated and tracked through phone, mails or SMS.
- No processing fee
- The sanctioned loan amount is decided by the bank depending on borrower's credit history.
What is the Repayment Process
Your credit card bill will include the will include the EMI amount, education cess and service tax beginning from the immediate billing cycle. Pay the outstanding bill amount on or before the due date to avoid penalties from your bank account. Atleast, pay the minimum amount due to keep your credit card functional.