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Citi Bank Personal Loans

Citi Bank, 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.

How to Apply for CitiBank Personal Loan

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How to Apply for CitiBank Personal Loan - Competitive interest rate, No collateral needed, Less paperwork, Long tenure, Huge loan amount. CreditMantri offers you the best personal loans matched to your credit profile. Create your credit profile, know where you stand on your credit and apply for loans and credit cards that are right for you. Disclaimer: The information presented has been collated from publicly available sources on the internet. CreditMantri is not responsible for any changes in the same.

What is a personal loan?

A personal loan is an unsecured (i.e. without collateral), multi-purpose loan usually taken to cover short-term money requirements. Personal loans usually have a speedy approval process hence making it one of the most popular loans in the market.

An Introduction to Citi Personal Loans

Citi offers a wide range of services in the personal loan segment. It is the most preferred bank by all kinds of people for any financial service. For any immediate financial requirement like wedding, medical treatments, house repair, pleasure vacation etc. can be fulfilled using the personal loans offered by Citi.

Apply Citibank Personal Loan

Advantages of Citi Bank

  • Competitive interest rate
  • No collateral needed
  • Less paperwork
  • Long tenure
  • Huge loan amount

Documentation Required for Citi Bank Personal Loans

Important documents to be submitted while applying for personal loans with Citi Bank

  • Completed loan application
  • 3 Passport size photographs
  • Proof of identify (photo copies of Voters ID card/ Passport/ Driving licence/ IT PAN card)
  • Proof of residence (photo copies of recent Telephone Bills/ Electricity Bill)
  • Statement of Bank Account/ Pass Book for last six months
  • Form 16/IT returns for the last two financial years for salaried employees

IT returns for the three years for self-employed professionals

of Citi Bank Personal Loan

Key Highlights

Eligibility CriteriaSalaried/Self-Employed
AgeBetween 21-60 years
Loan TenureUp to 60 months
Loan AmountUp to 30 Lakhs
Interest Rate10.99% to 17.99%

A personal loan from Axis Bank offers a lot features and benefits. They are

Loan Amount:

You can get up to INR 30 Lakhs as personal loan based on your credit profile.

Speedy Disbursal:

You can get Citi Bank Personal Loan funds within 48 hours (or 2 working days) once you submit the necessary documentation requested by them.

Loan Tenure:

Flexible repayment options ranging between 12 to 60 months

Minimal Documentation:

Special offers are provided for Citi Bank customers with less paperwork.

Full and Part-Prepayment Options:

For loans taken after October 1, 2015, full payment is allowed after 12 months and for loans taken before that can pay in full after 6 months.

Part-prepayment can be done after 12 months of taking the loan.

Interest Rates, Fees and Charges

For Salaried Applicants:

For loan amount < 10 Lacs

Company Cat
ROI for Loan Quantum (in INR)
Processing Fee
Upto 4.99 Lacs
5.00 - 9.99 lacs
All Tenors12 - 48 months48 - 60 Months
CAT A12.49% - 12.99%11.49% - 11.99%11.99% - 12.49%1.00% - 2.00%
CAT B13.99% - 14.99%12.49% - 13.49%12.99% - 13.99%
Others17.99% - 18.99%17.99% - 18.99%17.99% - 18.99%2.00% - 3.00%

*Processing fee of 0.5% is applicable only if the loan is applied for through online channels such as the Citibank website, email, SMS or aggregators. This does not include the Instant Personal Loan offering.

For Loan amount < 10 Lacs

Loan QuantumCAT A PricingCAT B PricingProcessing Fee
10.00 - 19.99 LacsROI: 10.99% - 11.99%ROI: 11.99% - 12.99%0.25% - 0.75%
> = 20 Lacs

Self Employed Applicants

Gross Take Home Salary (Annual)
Processing Fee
Up to Rs. 10 Lacs> Rs. 10 Lacs
17.99% p.a. - 18.99% p.a.15.99% p.a. - 17.99% p.a.2.00% - 3.00%

Note: The above pricing grid is subject to periodic review. The final pricing, while remaining within the range mentioned above, will be based on your income, loan amount, loan tenure, Citibank's internal credit parameters and the applicable rates at the specific time.

Interest rate range of contracted loans offered to customers during the period 01-April'17 to 30-June'17
Minimum Interest Rate10.99% per annum
Maximum Interest Rate18.99% per annum
Average (Simple) Interest Rate11.99% per annum

EMI Payment Methods

Your Citi Bank personal loan can be repaid in following three ways.Standing Instruction (SI):

If you are an existing account holder with Citi Bank, Standing Instruction is the best mode of repayment. Your EMI amount will be debited automatically at the end of the monthly cycle from the Citi Bank account you specify.

Electronic Clearing Service (ECS):

This mode can be used if you have a non-Citi Bank account and would like your EMIs to be debited automatically at the end of the monthly cycle from this account.

Post-Dated Cheques (PDCs):

You can submit post-dated EMI cheques from a non-Citi Bank account at your nearest Citi Bank 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.

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.

Citi Bank Personal Loans Overview

Citi Bank provides attractive interest rates on personal loans when compared to other lenders. The processing fee ranges between 1.00% to3.00% of the loan amount which is among the lowest fees in the industry. Low interest rate with no hidden charges makes Citi Bank personal loans a prospective and viable option for borrowing for your urgent financial requirements. With long tenure and part-prepayment, Citi Bank personal loans do not impose much burden on the customers.

Citibank Personal Loan FAQs

1. What are my loan limits?

Your personal loan limit would be determined by your income and repayment capacity. Normally you can avail Citi Bank personal loan between INR 10,000 to INR 30,00,000.

2. Can my spouse income be included for calculating the loan amount?

Yes, your spouse's income can be included provided he/she guarantees the loan or the loan is taken jointly.

3. Do I have to pledge some form of security?

No Security is Needed

4. What is the repayment schedule like?

The minimum amount that you are expected to pay every month is the EMI. You are allowed to pay more than the EMI if you wish to, and we do not charge any prepayment penalty.

5. What is EMI?

EMI stands for Equated Monthly Instalments. This instalment comprises both principal and interest components. Use the EMI calculator to find out your monthly payments based on the loan amount, the rate of interest and the repayment period. Choose the combination that best meets your financial resources and requirements.

6. What is the processing fee? Are there any other charges?

Processing charges range between1.00% to 3.00% of the loan amount. This is amongst the lowest fees in the industry. Processing fees have to be paid upfront. There are no hidden costs or other administrative charges.

7. Do I have the option of choosing a fixed or floating rate for the loan?

You have the option to avail the loan with either a fixed interest rate or a floating one. In the case of a fixed rate loan, the interest rate on the loan will remain fixed through the entire tenure of the loan, whereas in the case of a floating rate loan, the interest rate could decline or rise in line with the changes in the Bank's Medium-Term Lending Rate (SBMTLR).

8. How does Citi Bank Personal loan compare with those offered by other banks?

There is total transparency with regard to the rate of interest and the fees charged by us. Citi Bank offers personal loans at the cheapest rates of interest, with no security or collateral Citi Bank offer loans for the longest tenors (60 months), with the flexibility provided to reduce the tenor by prepaying the loan without any penalty. The Bank provides finance for any personal need or requirement; the total amount being determined on the basis of repaying capacity. With an Citi Bank personal loan, you can choose between fixed rates of interest and floating interest rates.

9. How can I apply for the Citi Bank personal loan?

You can either apply online or visit the nearest Citi Bank loan centre for a personal loan.

10. Will there be any charges for prepayment towards my Citi Bank personal loan?

No pre-payment charges are levied towards the personal loan. You can make part-prepayment at the nearest Citi Bank branches. However, you can make the prepayment only after 12 months.

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