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Is your Credit Score >750?
A personal loan is an unsecured loan which means that collateral is not required to avail a loan, which is provided by most banks and Non-Banking Financial Companies (NBFCs) like Citibank. This is a high-risk loan on the part of the bank or NBFC, due to which interest rates on these loans would be higher than secured loans. But it is also important to note than an unsecured personal is a multipurpose loan and is ideal for immediate cash requirements such as medical emergencies, personal expenses, travel etc., from the reasons we can see that this is for immediate needs and it is important not to get rejected on a personal loan.
This is the reason why it is best to know the eligibility criteria and the factors that affect your loan application to make sure that your loan doesn’t get rejected as each time your loan is rejected it will adversely affect your credit score. If your credit score reduces a lot, it will become very difficult to get a loan or the loan will be of very high interest rate.
Most banks have strict eligibility criteria which depends on applicants age, location, salary, company of employment, marital status, credit score etc. The ideal customer for the banks is a person with a credit score of at least 750 whom they consider extremely “bankable”.
The lender will also fix your loan maximum and minimum based on your repayment capacity calculated based on your disposable income. It is best to know all these factors before applying for a loan so that your application is not rejected, and you get the best loan offer possible.
There are certain factors or criteria stipulated by banks which needs to be satisfied before loan applications are approved. They are
These are the general criteria which you need to satisfy for your loan to be approved. These criteria will change from bank to bank.
Apart from the eligibility criteria there are certain factors that affect your loan application mainly the minimum salary expectation and your loan amount eligibility. They are
Important documents to be submitted while applying for personal loans
Citibank, a multinational financial services company, was first founded in 1812 in New York. The bank has a total of 2,649 branches in 19 countries. It provides a wide range of financial products and offers to its customers.
Age limit: Minimum – 22, Maximum – 60
Minimum Loan Amount for Citibank Personal Loan:
Citibank provides personal loans starting from Rs.1 Lakh
Maximum Loan Amount for Citibank Personal Loan:
Citibank provides loans to a maximum of Rs.30 Lakhs
Work experience Required for Yes Bank Personal Loan
Total work experience: Minimum 1 year
Citibank Personal Loan Tenure:Citibank offers loans for a tenure with maximum of 60 months
Citibank Personal Loan Interest Rate: The interest rate for Citibank personal loan is 11% - 18%
Citibank Personal Loan Charges
Loan processing charges: Up to 2.5% of the loan amount sanctioned; deductible from the loan amount at the time of disbursal
Foreclosure charges: Up to 4% on total principal outstanding at the time of calculating the amount for full and final settlement of account; plus, interest for the ongoing month.
Personal loan Application Process for Existing Customers
Existing customers can apply for a Citibank Personal online or visit a nearby Citibank branch for the application. You can also download the home loan application form from the Citibank official website, complete the form and submit it to the bank representative. Due to already existing scenario the chances of approval of the application will be high and dispersion of funds fast.
Personal loan Application Process for New Customers
The process to apply for Citibank personal loan when it comes to new customers is same as with existing customers. The only difference is due to lack of previous relationship the loan approval process will take some time – maximum of a week as all the verification process will take place.
You can also check your eligibility for a personal loan through CreditMantri and apply for it.
In case of any queries regarding Citibank personal loan – be it application process, eligibility criteria, loan approval or loan dispersal can be obtained through Citibank Personal Loan Customer Care toll-free number 1800 102 4242
On the other hand, checking your credit score helps to rectify any negative points on your report as a bad credit score is grounds for loan rejection.
The Citibank personal loan can be repaid in following three ways.
Standing Instruction (SI): If you are an existing account holder with Citibank, Standing Instruction is the best mode of repayment. Your EMI amount will be debited automatically at the end of the monthly cycle from the Citibank account you specify.
Post-Dated Cheques (PDCs): You can submit post-dated EMI cheques from a non-Citibank account at your nearest Citibank Loan Centre. A fresh set of PDCs will have to be submitted in a timely manner. Please note Post Dated Cheques will be collected non-ECS locations only.
Electronic Clearing Service (ECS): This mode can be used if you have a non-Citibank account and would like your EMIs to be debited automatically at the end of the monthly cycle from this account.
It is recommended that you opt for either the SI or ECS mode of payment for faster and less prone to error than the use of PDCs.
To make life easy for customers and know exactly how much they need to pay every month customers can make use of the CreditMantri Personal Loan EMI calculator
The importance of this is that customers will know how much EMI they will have to pay based on their loan requirement. This helps them to plan accordingly. CreditMantri’s Personal Loan EMI Calculator is probably the easiest way to compare various personal loan offers and choose the loan best suited to your requirements. Using the Personal Loan EMI Calculator gives you a simple and quick way to accurately compare the various loans and determine what your EMI will be with the different lenders.
CreditMantri pre-screens your application and suggests the lender who suits your eligibility and is willing to lend to you. This increases the chances of approval rate and helps you get you the right loan and credit card much easier.
1. How do I increase my loan amount for Citibank Personal Loan?
Citibank allows top up on personal loan if you are eligible to the new loan amount and also having a good repayment history on the existing loan.
2. Is there any processing fee for Citibank Personal Loan?
Yes, a processing fees of up to 2.5% of the loan amount sanctioned; deductible from the loan amount at the time of disbursal
3. What is the maximum loan limit for Citibank Personal Loan?
The Maximum loan amount for Citibank Personal Loan is Rs.30 lakhs
4. How to get Citibank Personal Loan quickly?
Before applying for a personal loan, it is best to look into Citibank Personal Loan eligibility check. All the information can be found in Citibank website and CreditMantri website.
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