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Personal Loan

Citibank offers personal loan to meet all types of expenses easily whether it is for a leisurely vacation or marriage in the family or emergency medical bill, the Citibank Personal loan caters to all sorts of needs and can be easily availed.


Features
 

The features of Citibank Personal Loan are as follows:
 

  • Citibank Personal Loan can be availed for up to 30 lakhs and the approval is made within 48 hours of application both through the online feature and also for walk-in customers. Walk-in customers are those who choose to visit the nearest branch of the bank and complete the personal loan requests. Loan is granted instantly with minimal documentation and easy application process.
  • Once all the necessary documents are submitted to the bank, the loan sanctioning process takes only 2 days or 48 hours to be complete. Thus, the customer does not have to wait for long durations to avail the loan for his or her cash requirements as the bank sees to it that the funds are available to the customer at the earliest.
  • Interest rates are competitive with special offers and rates for existing accountholders of the bank. Individuals who already have a Savings or Current Account with the bank are offered differentiated rates and also given the privilege of availing special offers if they choose to avail a Citibank Personal Loan. These types of personal loans are exclusive for the existing customers.
  • The borrower can repay Citibank Personal loan within 12-60 months. Thus the individual who avails the loan needs to make sure that the EMI payments will start after 1 year of availing the loan and has to be completed within 5 years. The individual may choose a lower tenure for Citibank Personal Loan but the period or repayment cannot exceed 5 years and the loan has to be repaid within 60 months or 5 years. The choice of the term depends on the individual which in turn depends on the applicants affordability regarding the EMIs required to be paid. The customer may choose to pay large EMIs thereby paying off the loan within a short duration for which a short tenure is chosen. On the other hand, then customer may also choose to pay smaller EMIs thereby increasing the loan duration and as such choosing a larger tenure of 4 or 5 years.
  • The Citibank offers personal loans with the benefit of a fixed EMI amount throughout the loan tenure under the fixed rate of interest scheme. The rate of interest charged by the bank on the Citibank Personal Loans are fixed in nature and not floating which makes the EMIs fixed or same throughout the term of the loan. So, the customer is spared of any unpleasant surprises at the beginning of every month in the form of a higher EMI than that of the previous month. He knows the amount of EMIs chargeable to him every month as they are determined at the time of availing the loan and can plan his finances accordingly.
  • The bank provides the facility of EMI calculator which calculates the EMIs payable depending on the amount of loan availed and the tenure. So before applying for a loan, the customer may estimate the expense required to pay off the loan. If the factor of affordability matters the regular budgeting decisions can be made according to the calculated EMIs.
  • It may so happen that the customer may require extra funds during the tenure of the loan. For that situation, the bank provides the facility to the customer to avail extra funds if he is already an existing Personal Loan customer. The customer needs to apply for the funds online and the representative of the bank will get in touch with the customer at the earliest to understand the customer’s needs and to guide him or her on how to avail the extra funds and at what cost.
  • Being a Citibank Suvidha customer entitles you avail extra benefits and privileges. The accountholders are given faster loans with simple documentation and special offers.
  • Through the 24*7 phone banking service offered by the bank, the customer can make either full or part prepayment of the Citibank Personal loan if he or she so wishes. In case of full prepayment, the prepayment can be done after 6 months of availing the loan and in case of part-prepayment, the prepayment can be done 12 months post availing the loan and the minimum prepayment amount should be equal to 2 EMIs and the maximum amount should be equal to 5 EMIs.
  • The Citibank offers personal loans with unique facility of consolidating the outstanding balance of the credit card and personal loan to make it easier and hassle-free for customers to pay off the liability since they do not have to worry about keeping track of multiple payments of credit card and loan EMIs and can pay them off in a consolidated fashion.
  • Exhaustive provision for connecting with the bank through SMS, online chat, Click 4 call and Phone Banking. There are many options for the customer to connect with the bank with respect to any query one may have related to the Personal Loan availed. Customers can text the bank with their grievances, problems or queries, chat with a customer service executive on the web page of the bank, provide their number and the bank calls back solving any problem and also Phone banking services are available. With such variety of communication options available, every query can be addressed with a guarantee that it will be answered correctly and promptly.
  • Existing customers of the bank can sign in their online accounts and apply for the Citibank Personal loans. For new customers, online application is allowed but first they will have to register themselves and after registration apply for a loan. New customers can also visit the nearest branch or call on the phone banking number any time of the day to apply for a loan.
  • To manage the Citibank Personal loan account the bank offers a host of facilities. A customer can request services from the bank at no additional cost either online or through mobile banking or through CitiAlerts which informs the customer of all relevant transactions through a SMS and email. The bank sends Statement of Account yearly either by mail or post.
  • The Citibank Personal loan is repaid through Equated Monthly Installments (EMIs). The loan is generally paid through post-dated cheques but can also be paid through Electronic Clearing Systems (ECS) or standing instructions to the bank to debit the amount of loan through the existing Axis Bank savings account or any other bank’s savings account.
  • No guarantor / security / collateral required. A guarantor is someone who guarantees to pay the loan himself/herself if the applicant fails to repay the loan himself. Under the Citibank Personal Loan scheme, the bank does not ask for any guarantor who should undertake to guarantee the loan repayment. A security or collateral is an asset against which loan is issued and in case of failure to repay the loan, the bank has the power to possess the asset and sell it off to meet the outstanding loan amount. However, Citibank Personal Loan scheme does not demand any security or collateral for issuing the loan and the loan is given hassle-free. Thus the Personal Loan issued by the bank is an unsecured loan.

Citibank Personal Loan Interest Rate

  1. Salaried Applicants (CAT A/B)

Key Highlights:

  • CAT A ROI applicable for all CAT B cases.
  • 10.99% applicable for CAT A & B high ticket cases. (L.A- >=10lakhs)
  • Special ROI of 10.99% for all Customer with NTH >=1 Lakhs (Monthly) irrespective of Loan Amount.
  • Special PF offer of 0.5% for PaisaBazaar customers.
  • Loans with tenure>49 months will be priced 25 bps higher than the grid pricing.
Income Loan Amount(LA) Min ROI Min Fee
    Tenure upto 49 months Tenure >49 months  
Net Take Home <65K PM LA<5 lacs 12.99% 13.24% 0.50%
LA>=5 & <10 lacs 11.99% 12.24% 0.50%
LA>=10 lacs 10.99% 10.99% 0.25%
         
Net Take Home >=65K & <100k PM LA<5 lacs 12.75% 13.00% 0.50%
LA>=5 & <10 lacs 11.49% 11.74% 0.50%
LA>=10 lacs 10.99% 10.99% 0.25%
         
Net Take Home >=100K PM LA<10 lacs 10.99% 11.24% 0.50%
LA>=10 lacs 10.99% 10.99% 0.25%
 
Company Cat. Upto 50,000 >50,000 to 1,00,000 > 1,00,000 Processing Fee
CAT C/Uncat 15.99% - 16.99% 15.49% - 16.49% 14.99% - 15.99% 0.5%


All Salaried Applicants will also be charged:
Pre Closure charges: 3.00% - 4.00%
 

  1. Self Employed Applicants
Gross Take home Salary (Annual)
Up to Rs. 10 Lacs > Rs. 10 Lacs
17.99% p.a. - 18.99% p.a. 15.99% p.a. - 17.99% p.a.
   
Interest rate range of contracted loans offered to customers during the period 01-January’17 to 31-March‘17
Minimum Interest Rate 11.14% per annum
Maximum Interest Rate 19.00% per annum
Average (Simple) Interest Rate 12.94% per annum

Fees and Charges


The bank charges the following fees and charges while sanctioning a Citibank Personal Loan.

Booking Fee

Up to 2% of the loan amount sanctioned deductible form the loan amount at the time of disbursal.

Cheque / ECS / SI bounce charges

Rs.250

Late Payment charges

All EMIs are presented on the first day of each month. No late payment charges are applicable.

Loan pre-closure charges

Up to 4% on the total principal outstanding at the time of calculating the amount for the full and final settlement of the account + interest rate for the ongoing month, i.e. the month in which the loan is pre-closed

Statement copy on request

Rs.500

Stamp Duty

Applicable on the loan agreement and charges at the prevalent rate according to the State Law

Documentation

The following documents are required while availing of a Personal Loan from Citibank.
 

For salaried individuals

For self-employed individuals

Any of the following identity proof:

  • Valid Passport
  • Valid Driving License
  • Voter ID card
  • Aadhar Card
  • PAN card
  • Valid ID Card
  • Overseas Citizen of India Card
  • Person of Indian Origin Card
  • Job Card Issued by NREGA
  • Letters issued by Unique Identification Authority of India

Any of the following identity proof:

  • Valid Passport
  • Valid Driving License
  • Voter ID card
  • PAN card
  • Valid ID Card
  • Overseas Citizen of India Card
  • Person of Indian Origin Card
  • Professional License with photograph
  • Trade License with Photograph
  • Valid VISA for Expats

Residence Proof

  • Valid Passport
  • Valid Driving License
  • Voter ID card
  • Valid ID Card
  • Utility Bill not older than 3 months
  • Ration Card
  • Letter form Employer
  • Lease Deed or Rent agreement
  • Bank statement of last 3 months
  • Mutual fund Statement
  • Overseas Citizen of India Card
  • Person of Indian Origin Card
  • Latest ITR
  • Original Letter form Company

Residence proof

  • Valid Passport
  • Valid Driving License
  • Voter ID card
  • Valid ID Card
  • Utility Bill not older than 3 months
  • Ration Card
  • Letter form Employer
  • Lease Deed or Rent agreement
  • Bank statement of last 3 months
  • Mutual fund Statement
  • Overseas Citizen of India Card
  • Person of Indian Origin Card
  • Latest ITR

Proof of age

  • Birth Certificate
  • School Leaving Certificate
  • Passport
  • Voter card with DOB
  • College Certificate
  • DOB on tax return
  • PAN Card
  • Company ID/HR confirmation

Proof of age

  • Birth Certificate
  • School Leaving Certificate
  • Passport
  • Voter card with DOB
  • College Certificate
  • DOB on tax return
  • PAN Card

 

Photographs

Photographs

Length of employment

  • Letter from employer
  • Old pay slip or Form 16
  • HR checked by designated CPA resource

Proof of continuity of business

  • Lease Deed or Rent Receipts
  • Ownership Documents
  • Utility bills
  • Tax returns form same city
  • 3 year old bank statements

Income Proof

  • 2 salary slips not more than 3 months old
  • Latest Form 16
  • Last 3 months’ bank statements

Income Proof

  • Last 2 years’ ITR
  • Computation of Income Schedule
  • P & L Account
  • Balance sheet
  • Audit report
  • Above reports certified by CA
  • Last 6 months’ bank statements

Terms and Conditions

There are certain terms and conditions for Personal Loans along with the Citibank Personal Loan agreement with reference to internet and phone banking facility provided by the bank.
 

INTERNET BANKING

  • The borrower is provided with the facility of using internet banking, mobile banking and E-commerce. To avail this facility the borrower is given the Internet Personal Identification number {IPIN} with this the borrower has to make certain agreements.
  1. The borrower is provided with the PIN number at his sole responsibility.
  2. The borrower cannot disclose the PIN to the third person and if he does so, and his PIN is misused the bank cannot be held responsible for the same.
  3. The bank can direct the borrower to access his account with the PIN number and verify the status of his account.
  4. In case of loss, theft or disclosure of the user password the borrower should inform the bank within 48 hours.
  5. On the intimation of theft and disclosure of the PIN the bank should make sure that the account of the borrower is not accessed by the third person.
  6. The bank has the authority to refuse the processing of any transactions if it believes that the account is being used by the third person or is being misused.
  • There are additional terms and conditions for the internet banking.
     
  1. The bank provides internet banking facility to the borrower on his request and the borrower agrees to all the additional terms and conditions irrespective of the terms and conditions specified with the internet banking facility.
  2. The borrower has to be aware, to use internet banking he will be required to use his loan account along with the IPIN provided by the bank.
  3. The borrower has to be aware of the fact that the IPIN provided by the bank is confidential and he should not disclose the same to a third party and if any discrepancies arise he will inform the bank.
  4. The borrower is informed by the bank to comply with all the instructions given by the bank while using the internet facility along with the password and if there is any fraudulent in the accounts of the borrower the bank will not be held liable for the same.
  5. The bank is not required to verify any instructions given to the borrower as long it is provided using the password and the instructions given by the borrower to the bank cannot be revoked.
  6. A borrower is not permitted to use internet banking for other purposes other than specified and has to give instructions in writing for availing extra facility.
  7. The borrower has to agree that all the instructions received by the bank and maintained either in data or documentary form will be considered to be complete and accurate by the bank.
  8. In the case of any fraud or misuse of the account of the borrower, the bank will not be considered liable and the borrower himself will be solely held liable for the same.
  9. The borrower cannot tamper, alter or amend anything on the bank site while using the online internet banking facility.
  10. The borrower agrees that the bank has the right to perform the duties as specified by it through its personals or employees or can delegate a third party to perform the duties.
  11. The borrower is required to authorize the bank to disclose the facts and information related to Citibank Personal Loan to a third party so that the third party can inform, upgrade and provide the services related to the loan

 

PHONE BANKING
  • On the borrower’s request the bank provides the facility of phone banking to carry out certain transactions from time to time which is related to the Citibank Personal loan availed by the borrower the instructions can be accepted manually or in automated form.
  • The borrower is required to accept all the terms and conditions in addition to the terms specified for availing Citibank phone banking facility.
  • The borrower has to be aware that the bank can ask for the borrower’s details for verification to entitle the borrower to get the information related to the Citibank Personal Loan
  • The borrower is required to understand the instructions given by the bank through phone banking and can also give instructions to change the personal details through the same.

 

ADDITIONAL TERMS AND CONDITIONS RELATED TO THE SERVICE CHANNELS.
  • The borrower acknowledges that he can avail any channel for performing transactions other than online internet banking and Citi phone banking.
  • The borrower confirms that he is completely aware of all the terms and conditions that govern the Citi phone banking facility.
  • The bank  with due diligence will confirm the borrower’s details before providing any information and the borrower will also be careful before providing any details so that a third person cannot misuse the information given to access the borrower’s loan account.

 

CITI ALERTS AND TERMS AND CONDITIONS.

If the borrower requests for the Citi alert facility he has to be aware of the certain terms that govern this facility.


Citi alert facility can be availed by the borrower on applying for the facility to the bank and it is upon the sole discretion of the bank to provide such facility to the borrower.


Alerts are send on the borrower’s mobile or on the registered number provided to the bank.


The bank may charge some fees for the alert service provided to the borrower.


The borrower may discontinue or unsubscribe for the facility as and when desired.

Citibank Personal Loan EMI

The bank allows the facility to calculate EMI for Citibank Personal Loan beforehand for any prospective applicant so that he or she may check the EMI charged and decide on the loan amount based on affordability and maintain the monthly budgets. Here are some of the instances of EMI calculation for different situations.
 

  • Mr. Sinha recently bought a dream home for himself and his family. However, some of the basic amenities are missing for which he requires funds for renovations. He decides to approach the bank with an application of Citibank Personal Loan of 7.5 lakhs. He chooses to pay the loan in 3 years for which the bank charges an Equated Monthly Installment (EMI) of Rs.25, 633 at a rate of interest of 14% per annum.
  • Chitra graduated from college and got a lucrative job with a reputed private company. She has to relocate to Gurgaon where she is placed and for that she requires Rs.2.5 lakhs as a down payment on a house she takes on rent. Being fresh out of college, she does not have the required funds and also does not wish to burden her parents for the said amount. She decides to avail of a Citibank Personal Loan. The bank charges her an EMI of Rs.8605 at a rate of interest of 14.5% and for a tenure chosen by her of 3.5 years or 42 months.
  • Gopal’s daughter has attained the marriageable age and he is seeking a groom for his daughter. After much deliberation, he finds a suitable boy and the marriage is fixed. He requires 5 lakhs for his daughter’s wedding celebrations which he has failed to save. He applies for a CitibankPersonal Loan for a term of 5 years. The bank obliges him by sanctioning the loan. The EMI charged at the rate of interest of 15% is Rs.11, 895 per month which is fixed in nature and does not change. Therefore, Gopal is required to pay the above-mentioned amount every month so that his loan is completely repaid. He can also make full or partial prepayment if he has the necessary funds.

The following table records the EMI of each of the above-mentioned cases for easy understanding:
 

Applicant

Citibank Personal Loan Amount

Interest Rate

Term

EMI

Mr. Sinha

7.5 lakhs

14%

3 years

25, 633

Chitra

2.5 lakhs

14.50%

3.5 years

8605

Gopal

5 lakh

15%

5 years

11, 895


Checking Loan Status
 

Even after opting for a Citibank Personal loan, it takes some time for the loan to be granted and money to be credited in the customer’s account. Meanwhile if the customer wants to check the status of the Citibank Personal loan application, the bank also helps in providing this facility. For checking the loan status, the applicant simply needs to visit the bank’s website and on the Personal Loan page, there is a ‘Manage your Account’ option which when clicked opens a new page. The Application details are to be provided in the page and the loan status will be displayed. The customer can also avail of the 24*7 phone banking service offered by the bank which is specific for each location and can be called for any query or assistance on your Citibank Personal loan account.


Why Citibank Personal Loan?
 

Personal Loan from Citibank comes with a high loan limit of up to Rs.30 lakhs for funding requirements and such a high amount can be availed within 48 hours of application. Citibank Salary accountholders are given special privileges where the loan is sanctioned within 4 hours of application, there is no need for physical application to apply for this personal loan, for the bank to reach a decision on whether to sanction the loan or not. Moreover, there is also no income proof or address proof required provided that the address mentioned in the account details is correct and in case of any modification like change of address, the same is updated in the account database.


The bank charges fixed rates of interest if the EMI payments are predictable which benefits the applicant in terms of low EMIs. The borrower can also make part prepayment of the Citibank Personal loan if there is surplus cash available and the customer wants to pay off the loan liability. The bank allows the facility of part-prepayment within the tenure of the loan. The bank also provides the unique facility of consolidating the balance of the credit card outstanding and personal loan to make it easier for customers to pay off the liability since they do not have to worry about keeping track of multiple payments of credit card and loan EMIs and can pay them off in a consolidated fashion.


The Citibank pension loan and Citibank festival personal loan are two loans that are not offered by the Citibank.

Applying for a Citibank Personal loan

An individual can apply for a Citibank Personal Loan in various ways like online via Paisabazaar or by visiting the branch or through a 24*7 phone service.


Applying for a Citibank Personal loan Online


You can apply for a Citibank Personal loan by visiting Paisabazaar website. This website offers a range of products like loans, savings accounts, fixed Deposits and credit cards. All you need to do is to enter a view details and a range of suitable options will be displayed. If you wish to go for a Citibank personal loan, you can select it and you will be redirected to another page for further procedure. This is a very easy procedure which eliminates the hassle to visit the branch personally and saves your time by making it possible online.

Citi Bank Personal Loan
(4.5/5 ) 2 Reviews
Personal LoanPersonal Loan
4/5

Very prompt service

The services by Citi Bank are very good and the bank has a very smooth process of application. I applied for my personal loan scheme and with minimum documentation it got approved at a very low interest rate. My experience was very good.

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Posted on: Jan 11 , 2017
Personal LoanPersonal Loan
5/5

Good personal loan scheme

I was looking for some personal loan schemes and I came across Citi Bank Personal loan scheme. The loan has various good benefits and features. I applied for my personal loan online and my loan got approved very quickly with minimal documentation. Th..Read more...

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Posted on: Jan 11 , 2017
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