Citibank Personal Loan
Citibank is one of the leading private sector bank which is known for offering core banking, financial lending and wealth advisory services. Citi bank also provides you with the best personal loan offers. Whether it’s your friend’s wedding, home renovation or unplanned holiday, Citibank with its best in class personal loans fulfills all your varied needs in the best possible way. Citi Bank offers unmatched features and benefits and thus considered as one of the most preferred banks for personal loans. So, if you are looking for more information on personal loan from Citibank, read this article further.
Citibank offers personal loans between Rs.50,000 and Rs.30 lakh at interest rates starting from just 9.99% p.a. The maximum repayment tenure of the loan can extend up to 60 months, and the processing fee charged can be up to 3% of the loan amount.
Citibank Personal Loan Interest Rates 2024:
| Particulars | Details |
|---|---|
| Interest Rate | 9.99% – 16.49% |
| Minimum Loan Amount | ₹1,00,000 |
| Maximum Loan Amount | ₹30,00,000 |
| Minimum Duration | 12 months |
| Maximum Duration | 60 months |
| Processing Fee | Up to 2.5% of the loan amount sanctioned + GST |
| Prepayment 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. + GST |
| Late Payment Charges | The payment instruction shall be presented from 1st of every month. There are no late payment charges. |
| Stamp Duty | Applicable on the Loan Agreement and charged according to the prevalent State Laws. |
Citibank Personal Loan Fees and Charges
| Loan Amount | Minimum: Rs.50,000 Maximum: Rs.30 lakh |
| Tenure | 12 months to 60 months |
| Interest Rate | 9.99% p.a. – 16.49% p.a. |
| Processing Fees | Up to 3.00% |
Citibank personal loan Interest Rates for Salaried Individuals
| Income | Loan Amount | Up to 4 years | More than 4 years | Processing Fee |
| Less than Rs.60,000 per month (net take home salary) | Less than Rs.5 lakh | 12.99% p.a. – 13.99% p.a. | 13.24% p.a. – 14.24% p.a. | 0.99% – 2.0% |
| Rs.5 lakh to Rs.10 lakh | 11.99% p.a. – 12.99% p.a. | 12.24% p.a. – 13.24% p.a. | 0.99% – 2.0% | |
| Rs.10 lakh and above | 10.99% p.a. – 11.99% p.a. | 11.24% p.a. – 12.24% p.a. | 0.50% – 0.99% | |
| Rs.60,000 to Rs.1 lakh per month (net take home salary) | Less than Rs.5 lakh | 12.25% p.a. – 13.25% p.a. | 12.50% p.a. – 13.50% p.a. | 0.99% – 2.0% |
| Rs.5 lakh to Rs.10 lak | 11.50% p.a. – 12.50% p.a. | 11.75% p.a.- 12.75% p.a. | 0.99% – 2.0% | |
| Rs.10 lakh and above | 10.50% p.a. – 11.50% p.a. | 10.75% p.a.- 11.75% p.a. | 0.50% – 0.99% | |
| Rs.1 lakh and above per month (net take home salary) | Less than Rs.10 lakh | 10.50% p.a. – 11.50% p.a. | 10.75% p.a. – 11.75% p.a. | 0.99% – 2.0% |
| Rs.10 lakh and above | 10.50% p.a. – 11.50% p.a. | 10.75% p.a. – 11.75% p.a. | 0.50% – 0.99% |
Citibank Instant Personal Loans
| Interest Rate | Processing Fee |
| 9.99% – 14.99% | Up to 2.00% |
Why Choose Citibank Personal Loan?
Citibank personal loans can be the best options for a variety of reasons. Here are some of the key features and benefits of Citibank personal loans:
- Loan amounts up to Rs.30 lakh
- Quick disbursal in just 48 hours
- Availability of part pre-payment facility
- Attractive interest rates starting from just 9.99% p.a.
- Minimal documentation for existing Citibank customers
- Flexible repayment options ranging from six months to 60 months
Citibank Personal Loan Eligibility Criteria:
The following are the eligibility criteria for Citibank personal loans:
| Age | The applicant should be above the age of 18 years. For more information contact an official from CitiBank. |
| Employment Type | Salaried or self-employed |
| Net Salary | Contact bank for more information. |
Citibank Personal Loan Documents Required:
Here are the documents you will have to submit when applying for a personal loan from Citibank:
| CriteriaCriteria | CriteriaSalaried Individuals | CriteriaSelf-employed Individuals | CriteriaFor expats |
| ID Proof | PAN CardAadhaar CardDriving LicenseVoter’s IDPassportPhotographsJob card issued by NREGA and duly signed by an authorised State Government officialNational population registerAadhaar | PAN CardTrade License with photographDriving LicenseVoter’s IDPassportPhotographsJob card issued by NREGA and duly signed by an authorised State Government officialNational population registerAadhaar | Valid VISAValid passport |
| Address Proof | Driving LicenseVoter’s IDAadhaar CardPassportUtility bills from the past 3 monthsRation cardRent agreement or lease deed or property registration documentBank account statement for the past 3 monthsLatest income tax returnsJob card issued by NREGA and duly signed by an authorised State Government officialNational population registerAadhaar | Driving LicenseVoter’s IDAadhaar CardPassportUtility bills from the past 3 monthsRation cardRent agreement or lease deed or property registration documentBank account statement for the past 3 monthsLatest income tax returnsJob card issued by NREGA and duly signed by an authorised State Government officialNational population registerAadhaar | Valid PassportValid VISADocuments issued by Government departments of foreign jurisdictionsLetter issued by Foreign Embassy or Mission in India |
| Age Proof | Birth CertificatePassportSchool or College Leaving CertificatePAN CardVoter’s IDCompany IDJob card issued by NREGA and duly signed by an authorised State Government officialNational population registerAadhaar | Birth CertificatePassportSchool or College Leaving CertificatePAN CardVoter’s IDJob card issued by NREGA and duly signed by an authorised State Government officialNational population registerAadhaar | |
| Employment/Business Proof | Letter from employerForm 16/pay slipsHR check by designated source from CPA | Rent receipts or lease deedUtility billsBank statement for the past 3 yearsOwnership documentTax returns from the same city | |
| Income Proof | Latest salary slipsBank statement for the past 3 monthsLatest Form 16 | Profit and Loss accountIncome tax returns for the past 2 yearsBalance sheetBank statement for the past 3 monthsAudit report for 1 year |
Citibank Personal Loan Penalties and Charges
| Late Payment Charges | Nil |
| Preclosure Charges | Up to 4% of the overall outstanding amount |
| Stamp Duty | Depending on prevalent state laws |
Citibank Personal Loan Eligibility Calculator:
Whatever you read just a while ago were the basic eligibility criteria to get a nod for a personal loan. But, have you ever gone on to find how much loan can you get from Citibank? If not, then use the personal loan eligibility calculator of the bank and find the same. Let’s get in through the functioning of the calculator which is easy to understand. What the calculator will do first is to compute per lakh EMI. You can check below the computation of the same.
Amount- ₹1 Lakh
Loan Tenure-5 years
Interest Rate-10.99%-18.99%
Per Lakh EMI- ₹2,174-2,594
As soon as the calculation of per lakh EMI is over, you should begin to check your income and savings. Suppose your net salary and savings are ₹35,000 and ₹17,200 per month. The bank will consider your savings for the payment of EMI each month towards a loan. Your loan amount eligibility will then be calculated as per the formula mentioned below.
Loan amount eligibility- ₹1,00,000 x savings/per lakh EMI
– ₹ 1,00,000 x 17,200/2,174= ₹7.91 lakhs (Approx.)
– ₹1,00,000 x 17,200/2,594= ₹6.63 lakhs (Approx.)
Thus, the expected loan amount on your income and savings comes in the range of ₹6.63 lakhs-7.91 lakhs.
Citibank Personal Loan EMI Calculator
Let’s just see the calculations on the loan amount of ₹2,00,000 at an interest of 10.99% per annum for a tenure of 5 years.
[CP_CALCULATED_FIELDS id=”8″]
Table Showing EMI, Interest Outgo, and Total Repayment Amount
| LOAN AMOUNT | INTEREST RATE | TENURE | MONTHLY INSTALMENT | TOTAL INTEREST AMOUNT | TOTAL AMOUNT |
|---|---|---|---|---|---|
| ₹ 2,00,000 | 10.99% | 1 | ₹ 17,675 | ₹ 12,105 | ₹ 2,12,105 |
| ₹ 2,00,000 | 10.99% | 2 | ₹ 9321 | ₹ 23,695 | ₹ 2,23,695 |
| ₹ 2,00,000 | 10.99% | 3 | ₹ 6547 | ₹ 35,685 | ₹ 2,35,685 |
| ₹ 2,00,000 | 10.99% | 4 | ₹ 5168 | ₹ 48,070 | ₹ 2,48,070 |
| ₹ 2,00,000 | 10.99% | 5 | ₹ 4347 | ₹ 60,849 | ₹ 2,60,849 |
EMI, Total Interest Outgo, Total Repayment (Interest + Principal)
| YEAR | PRINCIPAL | INTEREST | BALANCE AMOUNT |
|---|---|---|---|
| 1 | ₹ 31,757 | ₹ 20,412 | ₹ 1,68,242 |
| 2 | ₹ 35,429 | ₹ 16,740 | ₹ 1,32,812 |
| 3 | ₹ 39,525 | ₹ 12,645 | ₹ 93,287 |
| 4 | ₹ 44,094 | ₹ 8075 | ₹ 49,192 |
| 5 | ₹ 49,231 | ₹ 2977 | ₹ 0 |
Citibank Personal Loan FAQs:
What is the processing fee for Citibank Personal Loan?
The processing fee applicable on personal loan is up to 2.5% of the loan amount. The fee also attracts a service tax that is GST of 18% of the processing fee. You should also know that the processing fee is deducted from the disbursal loan amount. There are no late payment charges at Citibank which means if your EMI is not successfully paid on the date of payment, you can pay it without any additional charges.
How to calculate EMI for Citibank Personal Loan?
You can calculate the EMI with the help of a personal loan EMI calculator. This tool is available online and is the quickest way to check your loan payments. You not only get the monthly EMI, the interest calculator or EMI calculator also shows the result for the total interest outgo and the total repayment amount. All these results are calculated by taking into account the basic details such as the loan amount, the interest rate (annual) and the tenure for which you want to take the loan. Along with this, you also get the amortization schedule which is the tabular representation of the balance amount at the end of each year. So, if you want to know your EMIs in advance, you can use this tool and then choose the tenure as per the EMI that you can pay smoothly.
How can you check the application status?
If you have applied for the loan and want to know the status, you can either contact the bank branch or the customer care department. In both the ways, you will have to provide the application number for tracking the application form.
How can you get the lowest interest rate?
Are you looking for the mantra to get the lowest personal loan interest rate? You should know that there are many ways to get it. You must be aware of the fact that since the loan is a credit that you have to return to the bank along with the interest rate. However, there are some simple ways that can help you get the lowest rate. These are as follows:
- If you have a good CIBIL score– The reason behind this is that CIBIL or Credit score is the record that shows your past payment records. If you have a positive payment track record that is the credit score more than 750, it is easier for the bank to trust you for its future repayment. You can check your CIBIL score online with PAN card for free as well.
- If you are working in MNC– The category of the employer is also an important factor in deciding the interest rate and if you are working in a reputed firm, it is an add-on benefit.
- If your income is high– Unlike home loans where the property value plays the major role, having a good and permanent source of income, the EMI payment is smoother. Hence, the bank will consider giving you the lowest rate possible.
- If you are young– Applying for a loan at a young age can actually be beneficial as your financial responsibilities are least at this time. At Citibank, the minimum age required is 21 years (for self-employed) and 26 years (for salaried).
A GST rate of 18% will be applicable on banking services and products from 01 July, 2017.