Yes. Business owners can take personal loans from Citibank. The maximum loan amount limit is capped at Rs. 30 Lakhs, and the loan tenure options are flexible. 

What Are The Features of Personal Loans From Citibank For Business Owners:

The following are the features of personal loans from Citibank for business owners: 

  • Post approval of the personal loan, the money will be disbursed to the account of the applicant speedily within 48 hours. 
  • Customers can pre-pay loans according to their convenience
  • They come with fixed interest rates for predictable EMIs 
  • Customers will be aware of whether they are eligible for the loan within 4 hours 
  • Fixed interest rates for the tenure of the loan 
  • Documentation process is fast track for existing CITI customers. 

What Are The Factors Affecting Citibank Personal Loan Eligibility Criteria For Business Owners

  • Age: The applicant should not be too old or young
  • Profitability of the business: lenders lend easily to profitable ventures.
  • Credit score/history: A business with a good credit score carries higher chances of availing of a personal loan.
  • Longevity of the business:  Long years in business will help in getting loans easily 
  • Business registered under GST and other Statutory frameworks: If the business is registered under GST and other statutory frameworks, then lenders feel comfortable to offer a line of credit to the business owner. 

Eligibility Criteria And Documents For Personal Loans From Citibank For Business Owners

  • The person should be above the age of 18 years
  • Your business must be a registered one 
  • Your business should be able to furnish the following documents:
    • Bank statement for the past 3 years
    • Ownership document
    • Tax returns from the same city.
    • Rent receipts or lease deed
  • Utility bills 
  • Ownership document
  • Tax returns from the same city