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About Citibank Personal Loan

Citibank is a well-known private-sector bank offering personal loans apart from core banking, financial lending and wealth advisory services. Incepted in India in 1999, Citibank today has 42 full-service Citibank branches in 30 cities and is the preferred banker to more than 45,000 small and mid-sized companies. Citibank is one of the preferred banks for personal loans, offering one of the highest numbers of personal loans in India.

Features & Benefits of Citibank Personal Loan

Citibank offers personal attention to each loan applicant with an assured loan approval within two working days.

  • High Quantum of Loan: Unlike a lot of other banks, Citibank offers a high quantum of personal loan amount without the need for any collateral or security.

  • Fixed Interest Rates: Citibank India offers personal loans at nominal fixed interest rates making it one of the best personal loan service providers in the country.

  • Quick Loan Disbursal: Citibank has a 48-hour deadline for loan disbursal once the loan has been approved for the eligible candidates.

  • specialized Loan Schemes: Existing Citibank Suvidha customers can get a Citibank Personal Loan simply by logging into their Citibank Online account and sending an online application. Existing customers can also get their personal loan requests approved by simply talking to a CitiPhone officer and get quick loan approval with minimal documentation.

  • Easy Loan Application Process: Loan applicants can choose their online loan request or a traditional loan application process as per their convenience.

  • Dedicated Customer Support: Citibank India offers a dedicated customer support that is functional 24/7 catering to the needs of all personal loan applicants and their queries.

Citibank Personal Loan Eligibility Criteria

Citibank offers personal loans for both salaried as well as self-employed professionals and non-professionals.

For Salaried Applicants:
  • You must be at least 21 years of age and maximum 58 years of age.

  • Your minimum annual income should be Rs. 2, 40, 000.

  • The person must be in the profession for at least 2 years.

  • Applicant must be staying at his current residence for at least 1 year.

For Self-employed/Businessmen:
  • You must be at least 25 years of age and maximum 65 years of age.

  • Self-Employed Doctors: Rs.60,000p.a; CA/ICWA:Rs.85,000p.a; Self-Employed Engineers: Rs. 1,56,000 p.a; Other Self Employed: Rs. 1,20,000p.a.

  • You should be working in the same industry at least 2 years.

Citibank Personal Loan Interest Rate

  • At Citibank, you can get personal loan at 14.25% p.a to 17.00%. Interest rate.

  • Maximum loan amount that any applicant can go for is Rs.30,00,000.

  • For getting your loan approved, you need to pay a loan process fees which is up to 2.5% of the amount sanctioned. This will be deductible from the loan amount at the time of disbursal. Additionally, you would have to pay service tax as applicable at the time of application of your loan.

  • If you are late on the payment of your monthly instalment you would have to pay a 2% late fees every month.

  • Tenure of the loan can be between 12 months to 60 months depending upon which plan you’re going for.

Citibank Personal Loan EMI Calculator

You can use our Personal Loan EMI Calculator tool to know the exact amount you would have to pay towards your loan repayment. You simply have to enter the total amount that you wish to avail, the interest rate, processing fees and the duration for which you want to apply the loan and the tool would give you’re the exact number.

Documents required for Citibank Personal Loan

  • Signed application form with photograph

  • Proof of identity: Passport/voter ID card/driving license

  • Processing fee cheque

  • Last 3 months bank statement/6 month’s bank passbook

For Salaried Applicants:
  • Latest salary slip

  • Current dated salary certificate with the latest Form 16

For Self-Employed Applicants:
  • Latest Bank statement

  • Latest ITR or Form 16

What is the minimum and maximum amount of Citibank Personal Loan that I can get?

Citibank personal loans are available for a minimum amount of Rs.1,00,000 to a maximum limit of Rs. 30,00,000 depending on the eligibility criteria of the loan applicant.

What is the tenure for which I can avail a Citibank Personal loan?

Citibank personal loans come with a flexible tenure period ranging from as low as 12 months to a maximum limit of 60 months depending on the quantum of the loan.

What is the interest rate for Citibank Personal Loan?

At Citibank, you can get personal loan at 14.25% p.a to 17.00% interest rate. For getting your loan approved, you need to pay a loan process fees which is up to 2.5% of the amount sanctioned. This will be deductible from the loan amount at the time of disbursal. Additionally, you would have to pay service tax as applicable at the time of application of your loan. If you are late on the payment of your monthly instalment you would have to pay a 2% late fees every month.

What is the CIBIL score required for a personal loan from Citibank?

A CIBIL score of more than 700 in a range of 300-900 is considered good. If you have missed your payments many times or have not been regular with your repayments and bill payments, the CIBIL score will not be satisfactory and your loan application may be rejected. Citibank also rates you as a borrower based on your employment details, account management (if you hold a Citibank account) and other information you provide to the bank. If your account or finances are in default or badly managed, your loan request may be rejected.

How long will it take for my loan to be approved?

Citibank personal loan can be approved in a few hours if all your papers are in order. The process will take a day or more if the bank needs more documents to verify your loan request.

Can I transfer my personal loan from another bank to Citibank?

Yes. You can transfer your personal loan from another bank to Citibank if you meet the eligibility criteria and documentation specified by the bank.

What is a Top-up Loan?

If you have already got a personal loan from Citibank, you can seek to add more funds to your loan amount. This top-up is easy to avail, with quick processing, if your repayments and credit history is in order.

Can I close my loan before the tenure of the loan is over?

Yes. Pre-payment of a personal loan is allowed 1 year after booking. You can choose to make a full pre-payment, wherein you can settle the entire amount remaining in your loan account in a single payment. If your loan was booked before October 2015, you can close it any time after the first six months of booking.

What kind of pre-payment options are available on a personal loan?

After 1 year of booking a personal loan, you can either do a full pre-payment or a partial pre-payment. For full pre-payment, you can settle the entire outstanding loan amount in a single payment. For partial prepayment, you can pay a part of the outstanding loan amount. The pre-payment amount should be equal to at least 2 EMIs and a maximum of 5 EMIs.