Citibank Personal Loan

1. Salaried Applicants (CAT A/B)
2. Key Highlights:
   • CAT A ROI applicable for all CAT B cases.
   • 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 0.50% for PaisaBazaar customers.
   • Loans with tenure>48 months will be priced 25 bps higher than the grid pricing.

   Income	Loan Amount(LA)	Min ROI		Min Fee
   		Tenure upto 48 months	Tenure >48 months
   Net Take Home <60K PM	LA<5 lacs	13.25%-14.25%	13.50%	0.50%
   	LA>=5 & <10 lacs	12.49%-13.49%	12.74%	0.50%
   	LA>=10 lacs	11.75%-12.75%	10.99%	0.25%
   Net Take Home>=60K & <100k PM	LA<5 lacs	12.99%-13.99	13.24%	0.50%
   	LA>=5 & <10 lacs	11.75%-12.75%	12%	0.50%
   	LA>=10 lacs	11.24%-12.24%	10.99%	0.25%
   Net Take Home >=100K PM	LA<10 lacs	11.24%-12.24%	11.49%	0.50%
   	LA>=10 lacs	10.99%-11.99%	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%

2. 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

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

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

• 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.

• 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.

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.

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.

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.