The bank follows highly digitised processes for its personal loans, including filling and submitting the application form. Applicants can fill the personal loan form available online and submit it. However, before submission, they can use Paisabazaar’s eligibility calculator tool to calculate their chances of getting the loan. The eligibility of the applicants is based on their personal, professional, and financial information. The tools help the customer to understand details such as EMI, interest rate, loan amount and other such Citibank personal loan eligibility criteria. Once the applicant fulfils the eligibility criteria, there are high chances that the application will also be approved by the bank.
Citibank provides personal loans to customers to cover their personal expenses. The loans make life easier for people who are in urgent need of money. The personal loan can take care of vacations or even medical emergencies. The Citibank personal loan helps people to finance their requirements and live a better life.
Citibank Personal Loan Eligibility
Customers applying for Citibank personal loans have to be working professionals, either salaried or self-employed. Salaried individuals have to be in the age group of 23 years to 60 years whereas self-employed individuals should be in the age group of 23 years to 65 years. The Citibank personal loan eligibility is also based on minimum monthly income, required loan amount, and the number of active loans. Current outstanding debt is considered as multiple active loans which increase your liability and in turn, decrease your financial capability. The person applying for the loan must have a minimum monthly income of Rs. 30,000 as well.
Loan Amount and Tenure
Under the Citibank personal loan scheme, the borrowers can get a minimum amount of Rs. 1 lakh and a maximum amount of up to Rs. 30 lakhs, which is one of the highest for personal loans in the Indian financial market. The repayment tenure ranges from a period of 12 months to 60 months, which is sufficient for borrowers to pay back the loan as per their repayment abilities.
Citibank Personal Loan Interest Rate
The interest rate for Citibank personal loan differs on the basis of the individuals’ income and their professional category. The interest is deduced at the time of disbursal and is calculated as:
(Loan outstanding X ROI% X Number of days remaining in a month) / [365 or 366 + (ROI% X Number of days remaining in a month)].
Here is a table you can look at to know about the interest rates offered by Citibank for each category of applicants.
For Salaried Applicants:
|For Loan Amount Less than Rs. 10 lakh:|
|Company Category||Up to Rs. 50,000||From Rs. 50,000 to Rs. 1 lakh||More than Rs. 1 lakh|
|CAT A||10.99% to 12.49%||10.99% to 12.49%||10.99% to 12.49%|
|CAT B||15.25% to 15.75%||14.25% to 14.99%||13.99% to 14.49%|
|Others||15.99% to 16.99%||15.49% to 16.49%||14.99% to 15.99%|
|For Loan Amount More than Rs. 10 lakh:|
|Loan Amount||CAT A Pricing||CAT B Pricing|
|From Rs. 10 lakh to Rs. 19.99 lakh||10.99% to 11.49%||12.99% to 13.49%|
|Up to Rs. 20 lakh||10.99% to 12.49%||12.49% to 12.99%|
For Self-Employed Applicants:
|Annual Gross Take Home Pay||Interest Rates|
|Up to Rs. 10 lakh||17.99% to 18.99%|
|More than Rs. 10 lakh||15.99% to 17.99%|
Some other charges levied by the bank include processing fee; prepayment charges, etc. booking fee or processing fee is charged up to 2.5% and is deducted from the disbursal amount. The borrowers are liable to present the payment on the 1st of every month but there are no such late payment charges. Preclosure is also allowed under the scheme and the charges are kept at the rate of up to 3% of the outstanding amount.
Features and Benefits
- High Loan Amount: Citibank offers the maximum quantum of loan without any security. The bank offers personal loans up to Rs. 30 lakhs per candidate which is quite high. Such high amount is sufficient enough to cover a number of major expenses that might be problematic for many people.
- Easy Application Process: The application process for Citibank personal loan is fairly easy. You can directly visit the bank and ask for a personal loan eligibility form or you can just apply online. You can apply from the official website of Citibank and you can also apply from the Paisabazaar portal for the loan.
- Fast Approval: Citibank India can be considered as one of the fastest personal loan providers in the country as the loan is approved within 48 hours from the application. Furthermore, the loan can be approved online as well if all the required documents are submitted.
- Flexible Tenure: The tenure offered by the bank ranges from 1 year to 5 years. The bank offers the best possible tenure as per customer convenience but if the borrower is willing to increase or decrease the tenure within the limit, they can ask for it and it can be done accordingly.
- Loan Balance Consolidation Plan: Citibank also offers loan balance consolidation plans for customers who have high balance outstanding on their credit cards and/or personal loans. With this plan, the bank consolidates all the outstanding amounts into a single personal loan account. This helps people manage their cash flow and debt better.
- Dedicated Customer Support: Citibank offers a 24/7 customer support through just one phone call. Customers can call and get the answers to any queries that they may have. They can also apply through the phone for a personal loan. The customer service team will arrange a call-back to validate the details and move the application ahead.
About the Bank
Citibank is an international private sector bank that operates in a number of leading and upcoming economies of the world. The bank has a long history in India; its first branch in the country was set up in 1902 in Kolkata. The bank re-entered the Indian market in 1999 and has since then built up a formidable presence across the country. Its branch network includes 44 branches across 31 cities and its ATM network has more than 700 machines. Citibank offers a wide range of financial products and instruments for customers. The Citibank personal loan is one such product.