Citibank Instant Personal Loan is a convenient option to get funds for planned financial requirements and emergencies quickly. Citibank Instant Personal Loan interest rates start from 10.5% onwards. You can avail this personal loan from Citibank with zero documentation and get the amount credited to your Citibank account within minutes of submitting the application. Currently these pre-approved loans can be availed by filling out a Citibank Personal Loan application or against your Citi Credit Card.
What is Citibank Instant Personal Loan?
Instant Personal Loan from Citi is an unsecured loan in which funds are credited to your bank account within a relatively short time (usually within 30 minutes) of submitting the application. Moreover, as instant personal loans from Citi are pre-approved, you don’t need to provide any additional documentation to avail this loan.
How to apply for Citibank Instant Personal Loan?
Citi Instant Personal Loan application process does not involve any paper application form or documents. The entire loan booking and disbursal process happens online through the Citibank website or over a phone call made to the Citibank customer care number.
Under the existing Citi instant personal loan disbursal system, the loan amount sanctioned is credited on the same day if you submit the application between 9:30 am and 6 pm on a working day. However, if you submit the completed application for Citibank’s instant personal loan after 6 pm, the loan amount is credited on the next working day by 12 noon.
Note: The disbursal of the loan amount is made only from Monday to Saturday. No disbursals of Citi India instant personal loan are made on Sunday or on bank holidays.
Loan amount and interest rate for Citibank Instant Personal Loan
Loan Amount: The pre-approved loan amount under Citi Instant Personal Loan Scheme is not fixed and depends on key factors such as credit history/score, income, prior relationship with bank, etc. The highest loan amount you are eligible for is automatically reflected and this cannot be changed. To opt for a higher loan amount, you are required to fill out and submit the standard Citibank Personal Loan Application.
Interest Rate: Interest on Citibank Instant personal Loan is calculated using the monthly reducing balance method. The formula for the same is as follows,
Loan outstanding x ROI% x (Number of days in a month/ 365 days)
[ROI = Rate of Interest]
Note: The interest rate on Citi Instant Personal Loan is fixed and cannot be changed. You may choose to submit a separate personal loan application with Citibank if you are opting for a lower interest rate.
What is the cost of stamp duty for Citibank Instant Personal Loan?
|States||Instant Personal Loan Stamp Duty Charges (Rs.)|
|Maharashtra||0.1% of the loan amount up to Rs. 10 lakhs|
0.2% on loan amount more than Rs. 10 lakhs + Rs. 600
|Rajasthan||550 + 0.1% of the amount secured subject to a minimum of Rs. 200|
Note: The above data is updated as of November 2019.
What is Instant Loan against Citibank Credit Card?
Citibank India allows you to apply for an instant loan that can be availed against Credit or Cash Limit of Citi Credit Card. The loan amount sanctioned as a Citi instant loan against credit card is typically over and above the Citi credit card limit.
Step-by-step process to apply for Instant Loan on Citibank Credit Card
The following is a step-by-step guide to help you complete your Citibank instant loan on credit card application online:
Step 1: Login to Citibank Online using your credentials. Click “Get Loan on Card” on the left pane as shown below.
Step 2: On the subsequent page, select the Citibank credit card on which you want to avail the instant loan (shown below).
Step 3: The next page will show the eligibility status for the Instant Loan on Citibank credit card. Check the relevant details and submit your Citibank instant loan on credit card application on this page if you are eligible, otherwise apply for Citibank Personal Loan.
Over the Phone Method
The following is a step-by-step guide to help you complete your Citibank instant loan on credit card application over the phone:
Step 1: Visit the Citibank Online website.
Step 2: Fill out the required details under the head “Loan on Call”.
Step 3: Click on “CALL ME” to receive an instant call back from the bank regarding Instant Loan on Citibank Credit Card.
Note: The instant call back service is available between10:00 AM to 6:30 PM from Monday to Saturday, and remains closed on National Holidays and Major Public Holidays.
Loan amount, Interest Rate and Tenure of Instant Loan against Citibank credit card
Loan Amount: The loan amount with respect to Instant Loan on Citi Credit Card is generally up to the cash or credit limit of your card. However, the loan amount can be greater than your sanctioned credit card limit depending on various other factors, such as your credit history, income, job/business status, etc.
Tenure: Instant Loan on Citibank Credit Card gives you the freedom to choose your own time frame to repay the loan. The available tenure to repay the loan include 6/12/24/36/48 month options.
Interest Rate: Usually Citi instant personal loan interest rates vary based on both the loan amount and the tenure. Additionally, the individual borrower profile also impacts the interest rates offered in case of these pre-approved loans from Citi.
Which documents are required to apply for Citibank Instant Personal Loan?
Instant Personal Loan from Citibank can be availed without any paper work. You also need not submit any additional income or KYC documents for availing this loan.
What will be the loan amount under the Citi Instant Personal Loan?
The loan amount under Citi Instant Personal Loan Scheme is specific to your credit history and score. As a result, the best possible loan amount is automatically reflected at the time of application submission, which cannot be changed.
When will the EMIs start for Citi Instant Personal Loan?
The first EMI will start from the second succeeding month. For example, if you applied for Citi Instant Personal Loan in the month of April, the EMIs will begin from 1st June. Also, note that the personal loan interest payment due for the month of booking will be deducted at the time of disbursal. Thus, a discount is given on the interest in proportion to the number of days remaining in the month.
Can I get an instant loan on Citibank Credit Card?
Yes, you can apply for an instant loan on your Citibank Credit Card using the online or offline methods. The step-by-step procedure for this is above. However, do keep in mind that such offers are available only to select customers.