Compare & Choose from the Best Personal Loan OffersCitibank Personal Loan – Interest Rate & Features – Jan 2022 | |
| Interest rate | 9.99% – 16.49% p.a. |
| Loan Amount | Up to Rs. 30 Lakh |
| Eligible Applicants Categories |
|
| Eligibility Age | 21 years to 60 years |
| Loan Tenure | Up to 60 months |
| Minimum Eligible Income | Rs. 25,000 per month |
| Processing Fees | Up to 3% of loan sanctioned |
| Foreclosure Charges | Up to 4% of loan principal foreclosed |
Note: The above-mentioned interest rates, fees and charges may change and shall depend on the sole discretion of the bank and RBI. Interest rates are updated as on Jan 2022.
Citibank offers personal loans to both salaried and self-employed applicants allowing them to easily access funds for various personal financial needs. These instant personal loans can be availed without collateral at an interest rate of 9.99% onwards. Citibank also offers preapproved loans to eligible applicants from its digital platform.
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Features of Citibank Personal Loan
- Flexible Loan Amount: Citibank offers personal loans starting from Rs. 10,000 and up to Rs. 30 lakh.
- Quick Disbursal: Loan amount is credited to your account within 48 hours (2 working days) of successful document verification as per the bank’s requirements.
- Online Eligibility Check: You can check your eligibility for a Citibank personal loan online in just 4 hours.
- Availability of Foreclosure and Part Prepayment options: Foreclosure of Citibank personal loan is allowed after 12 EMIs. The bank also allows part pre-payment of up to a maximum 5 EMIs and minimum 2 EMIs each time.
Citibank Personal Loan Interest Rates
Citibank personal loan interest rate starts at a low 9.99% per annum. However, the interest rate offered to specific applicants depends on key factors such as the applicant’s income, loan amount, tenure, credit score, etc. Personal loan interest rates offered by Citibank on the basis of an applicant’s income is as follows:
| Net Take Home Income (per month) | Interest Rate (p.a.) |
| Less than Rs. 60,000 | Starts from 10.99% |
| Rs. 60,000 to less than Rs. 1 lakh | Starts from 10.50% |
| Rs. 1 lakh and above | Starts from 9.99% |
Eligibility Criteria
Salaried employees, self-employed professionals and expats can apply for Citibank personal loan provided they meet the personal loan eligibility criteria as mentioned below:
| Age | 21- 60 years |
| Monthly Income | Rs. 25,000 |
| Applicant Type |
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Other eligibility criteria for Citibank personal loan include the length of employment/ business and credit score, which tends to differ from one applicant to another.
Documents Required for Citibank Personal Loan
For Salaried Individuals: Following is the list of documents required by salaried individuals applying for Citibank Personal Loan.
| Criteria | 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 |
*Any one of the listed documents for each criterion.
For Self-employed Individuals: Following is the list of documents required by self-employed individuals to apply for Citibank Personal Loan.
| Criteria | Documents Required* |
| Proof of Identity | Photograph (mandatory), PAN card, Driver Licence, Passport, Voter’s ID card, etc. |
| Proof of Residence | Utility bill not more than 3 months old with name and address, Passport, Voter’s ID Card, Letter from Employer, etc. |
| Proof of Age | Birth Certificate, School Leaving Certificate, DOB on Tax Return, etc. |
| Continuity of Business | Lease Deed, Ownership Document, Utility Bills, 3 year old bank statement, etc |
| Proof of Income | Income Tax Returns for last 2 years and supplementary documents, P&L Account, Audit Report, etc |
*Any one of the listed documents for each criterion.
For Expats: Following is the list of documents required by Expats to apply for Citibank Personal Loan
| Criteria | Documents Required* |
| Proof of Identity | Passport, PAN card, Valid VISA, etc. |
| Proof of Residence | Letter from Employer/ Certificate from Embassy of the Country of Origin, Rent Agreement, Valid Aadhaar Card, etc. |
| Proof of Age | Birth Certificate, Passport, School Leaving Certificate, DOB on Tax Return, etc |
| Continuity of Business | Letter from Employer, Old Pay Slips, HR Check by Designated CPA Resource, etc |
| Proof of Income | Latest Salary Slip (not more than 3 months old), Latest Form 16, etc |
*Any one of the listed documents for each criterion.
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Fees and Other Charges
| Booking Fee (deducted at the time of disbursal) | Up to 3% of the approved loan amount + Taxes |
| Loan Pre-closure Charges | Up to 4% on total principal outstanding at the time of full and final settlement of account + Interest for the ongoing month + Taxes |
| Stamp Duty (applicable on the loan agreement) | As per the prevalent state laws |
| Processing Fee | Up to 3% |
Citibank Personal Loan EMI Calculation
Monthly EMI ₹ 15,622
Total Amount Payble ₹ 5,62,395(Principal + interest)
Principal Amount ₹ 5,00,000
Total Interest Payble ₹ 62,395
Citibank Personal Loan TopUp
Citibank offers personal loan top up, that is, you can borrow additional funds over your existing personal loan once you have completed payment of 12 EMIs. However, the approval for the top-up loan depends on the applicant’s profile and Citibank’s credit acceptance parameters. Moreover the loan amount, interest rate and tenure in case of a Citibank top-up loan varies from one applicant to another. You can contact Citibank customer care to know if you qualify for a personal loan top-up on your existing loan.
Citibank Customer Care
The customer care department at Citibank can be contacted including phone, email and online as follows:
- Citibank Phone Helpline: For loan-related queries, Citibank phone helpline is operational between 9 AM to 7 PM (Monday-Saturday) except on national holidays. The following are the helpline numbers (standard calling charges will apply):
| For India | 1860 210 2484
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| For Outside India | +91 22 4955 2484
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- E-mail: You can send an e-mail to head.customercare@citi.com.
- Virtual Assistant: You can get an instantaneous response to your query using the Citibank Virtual Assistant.
- Login to Citibank Online: You may log on to Citibank Online to get a personalized response to your query.
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FAQs
Q1. What is the turn-around-time for Citibank personal loan disbursal?
Loan amount is generally credited to your Citibank account within 48 hours of a personal loan application being approved. In case your personal loan is to be disbursed to the savings account of a different bank, it may take a bit longer.
Q2. Can I change the loan tenure or EMI amount once my loan application is approved?
No, you cannot change Citibank personal loan tenure or EMI amount once the loan has been sanctioned. You can however part pre-pay or foreclose the loan as per applicable terms and conditions.
Q3. What is the minimum and maximum limit for Citibank personal loan?
Currently the minimum personal loan amount offered is Rs. 10,000 while the maximum limit for a Citibank personal loan is Rs. 30 lakh.
Q4. What is Citibank instant personal loan?
Citibank instant personal loan is a pre-approved loan offer available to select individuals where funds are generally credited within 30 minutes of application. It does not require any documentation and the entire procedure of loan approval and disbursal can be completed over phone or through the online banking portal.
Read more about Citibank instant personal loan
Q5. How to use an EMI calculator?
Paisabazaar EMI calculator is an easy-to-use tool, where you can provide the desired loan amount, interest rate and tenure to get the EMI amount.
Q6. How is Citibank personal loan interest rate calculated?
Citibank personal loan interest is calculated using the following formula: Interest at the time of loan disbursal = (Loan Outstanding x ROI% X number of days remaining in a month) / [365 + (ROI X Number of days remaining in the month)]Interest for every subsequent month = (Loan Outstanding x ROI%) x (Number of days in a month/365 days)Where:ROI – Rate of Interest“365” is replaced by “366” in case of a leap year.
Q7. How does credit score impact my loan application?
Credit score is a 3-digit number that generally ranges from 300-900 and serves as a measure of your repayment ability as well as creditworthiness. It is one of the first things that a lender checks when you apply for a loan. Greater you credit score i.e. closer to 900, better are the chances of loan approval. You can check your credit score for free with Paisabazaar.com.
Q8. How often will I get the Citibank personal loan account statement?
Citibank personal loan account statement is issued annually on the 31st of March and sent via post to your address. Thus, ensure that you have your most recent address updated with the bank.
Q9. Can I get a copy of my Citibank personal loan account statement before end of the year?
Yes, you can request a statement of your loan account by contacting CitiPhone helpline or by logging on to your Citibank online banking platform using your Citibank Online IPIN.
Q10. Can I get a top-up loan on my existing Citibank personal loan?
Citibank personal loan top up offers are available only to select individuals who already have a partially paid off personal loan from Citi. You have to log into your online banking account or call up the Citibank Helpline in order to check if you qualify for a Citibank top-up loan. The interest rate, quantum and tenure in such cases differ from one applicant to another.
