CitiBank Personal Loans

CitiBank is the second oldest private-sector bank in India. CitiBank was established in the year 1902 in Kolkata and has expanded since then to 19 cities with 35 fully operational branches and over 500 ATMs across the country. CitiBank has its headquarters in Mumbai, Maharashtra. The bank is a subsidiary of CitiGroup - a financial MNC headquartered in New York City, United States. CitiBank is one of the premier banking institutions in India and offers a host of premier banking services such as corporate banking, consumer banking, investment banking, wealth management, and securities brokerage.

 

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CitiBank Personal Loan

People can avail CitiBank personal loans to finance all their financial requirements such as cash crunch, meeting wedding expenses, vacation expenses, education expenses, or to fund an expensive purchase. Personal loans can be used to pay off accumulated credit card debts as well. 

Benefits of CitiBank Personal Loans

CitiBank personal loans are loaded with customer-centric benefits and features. Here are a few highlights of CitiBank personal loans.

1. Significant loan amounts ranging from a minimum of Rs 50,000 to a maximum of Rs 30 lakhs. The loan amount depends on the applicant's credit history, credit score, repayment capability, and yearly income.

2. Long loan tenures ranging from a minimum of 12 months and a maximum period of 59 months.

3. Attractive interest rates ranging between 10.99% - 18%.

4. Loans available for salaried individuals, public and private company employees, and government employees.

5. Various feasible repayment channels such as NEFT, post-dated cheques, and online banking.

6. Simplified loan application and approval process with minimal documentation.

7. Dedicated 24/7 customer service desk for query resolution.

8. Quick loan disbursal after the loan approval.

Here is a summary of all the information regarding CitiBank personal loans.

Interest Rate	10.99% - 18%
Minimum Loan Amount	Rs 50,000
Maximum Loan Amount	Rs 30 lakhs
Minimum Repayment Tenure	12 months
Maximum Repayment Tenure	60 months

Types of CitiBank Personal Loans

CitiBank offers only one type of personal loan. This loan is suitable for a large pool of customers.

Eligibility Criteria for CitiBank Personal Loan

Applicants must meet the following criteria to get a personal loan from CitiBank.

1. Minimum income of Rs 1 lakh per annum.

2. Sound repayment capability

3. Competitive credit score

4. Minimum age of 21 years

5. Maximum age of 60 years

6. Should be salaried individuals, self-employed professionals, business owners, and existing customers of CitiBank customers with a Suvidha, Branch or a Mortgage relationship.

Best Personal Loan Interest Rates 2019

The interest rates of personal loans from other banks are also given below.

Banks	Interest rates
ICICI Bank	11.50% - 16.75%
Axis Bank	11.25% - 24%
SBI	12.50% - 16.60%
Kotak Mahindra Bank	11.00% - 24.00%
Bajaj Finserv	2.00% - 16.00%
Standard Chartered	10.99% - 16%
Fullerton India	12% - 25%
IndusInd Bank	10% - 30.50%
HDFC	10.99% - 20.00%
IDBI	12.45% - 13.50%
IDFC Bank	11.69% - 15.00%
PNB	11.65% - 12%
YES Bank	10.75% - 16.99%
Andhra Bank	11.55% - 14%
RBL Bank	14.5% - 23%
Canara Bank	13.5% - 14.5%
Tata Capital	11.75% - 19.00%
Bank of Baroda	11.05% - 11.6%

Documents Required for CitiBank Bank Personal Loan

Applicants need to submit the following documents while applying for a CitiBank personal loan.

1. A filled loan application form with required details such as income, occupational details, and personal information.

2. Triplicate copies of recent passport sized photographs

3. Copies of the applicant's PAN card and Aadhaar card.

4. Copies of income proof such as salary slips of the previous three months, bank statements of the last three months, and a copy of Form 16.

5. Copies of residence proof such as telephone bills, rental agreements, and electricity bills.

How to Apply for CitiBank Personal Loan Online

Applicants can apply for CitiBank personal loan by following these steps:

1. Go to the CitiBank website and select ‘personal loans’ from the loan products tab.

2. Click on loan application form and download the form.

3. Fill in the details such as the name, salary details etc. and sign the document electronically.

4. Upload the scanned copies of the required documentation and submit.

How to Apply for CitiBank Personal Loan Offline

Applicants can also directly walk into the nearest CitiBank loan centre with the essential documents. They can fill up the application form given out at the bank and submit it with the necessary documentation. The loan is approved within two days.

Frequently Asked Questions

1: What is the duration for CItiBank personal loan application approval?

Answer: CitiBank notifies the applicants of the loan approval within a maximum of 2 working days from the date of the application. With mymoneykarma, get your loan approved within 24 hours.

2: What is CitiBank personal loan amount?

Answer: Citibank provides personal loans with a minimum loan amount of Rs 50,000 and a maximum amount of Rs 30 lakhs.

3: What is the rate of interest on CitiBank personal loan?

CitiBank offers reasonable interest rates ranging between 10.99% - 18% yearly.

4: Is prepayment of loan allowed with CitiBank personal loan?

Answer: Yes, CitiBank personal loan provides the facility of pre-closure of the loan before the completion of the loan tenure only after the payment of 12 EMIs.

5: Does the CitiBank personal loan have any pre-closure charges?

Answer: Yes, CitiBank personal loan charges a fee of 4% of the approved loan amount as pre-closure charges.

6: What are the other fees associated with CitiBank personal loans?

Answer: Here is a list of fees associated with CitiBank personal loans.

Loan Processing Charges	3% of the loan amount + GST
Foreclosure Charges	4% of the loan amount + GST
Pre -payment or Part-payment charges	nil
Loan booking charges	2.75% of the loan amount + GST
Charges for late payment of Loan amount	nil
Stamp Duty & other Statutory Charges	As applicable by state laws