Citibank Personal Loan

Citibank is one of the leading private sector banks known for offering core banking, financial lending and wealth advisory services. Apart from its basic banking and finance services, this renowned bank also provides you with the best personal loan offers. Be it your friend’s wedding, home renovation or an unplanned holiday, Citibank with its best-in-class personal loans fulfills all your various needs in the best possible way. Citi Bank offers unmatched features and benefits and thus is considered one of the most preferred banks for personal loans. Whatever your personal financial needs, the bank through its personal loan service caters to all. So, if you are looking for more information on a personal loan from Citibank, read this article further.

Citibank Personal Loan Details Interests

Details Details
Interest Rate 9.99% – 16.49%
Loan Amount ₹100,000-30 lakh
Payment 12 months-60 months
Processing Fee Up to 1% of the loan amount
Pre-Closing Charges up to 3%

Eligibility Criteria

To avail Citibank personal loan, you need to fit the eligibility criteria below.

Eligibility Criteria
The minimum age of the applicant must be 26 for the salary
The maximum age of the applicant should be 60 for the salary
The minimum age of the applicant must be 21 for self-employed
The maximum age of the applicant should be 65 for self employed
Minimum monthly income is ₹40,000

Citibank Personal Loan Eligibility Calculator

 

Amount- ₹1 Lakh
Loan Tenure-5 years
Interest Rate-10.99%-18.99%
Per Lakh EMI- ₹2,174-2,594

As soon as the per lakh EMI calculation is done, you should start checking 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 paying the EMI every month towards a loan. Your eligibility for the loan amount will be calculated as per the formula mentioned below.

Eligibility of loan amount- ₹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=Approx.

So, the expected loan amount on your income and savings is in the range of ₹6.63 lakhs-7.91 lakhs.

Citibank Personal Loan EMI Calculator

Let’s just look at the calculations on a loan amount of ₹2,00,000 at an interest of 10.99% per annum for a tenure of 5 years.

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Table Showing EMI, Interest Outgo, and Total Repayment Amount

LOAN AMOUNT INTEREST RATE TENURE MONTHLY INSTALLMENT 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

Documentation Required

Next, the thing you need to pay attention to is the documentation required to get the personal loan from this bank.

Standard There is a salary Self employed
Proof of Identity Photograph is mandatory, PAN/ valid driver’s license/valid passport/ voter’s ID
card/valid identity card/overseas
citizen of India card/person of Indian origin card/Job card issued by NREGA/ letters issued by unique identification authority of India
Photograph is mandatory, PAN/ valid driver’s license/valid passport/ voter’s ID card/valid identity card/overseas citizen of India card/person of Indian origin card/professional license with photograph/trade license with photograph
Proof of residency Valid driving license/ valid passport/ voter’s ID card/ valid identity card/ utility bill not more than 3 months old with name and address / food card (ration card)/ letter from employer/ lease deed/ rent agreement copy / property registration document in the customer’s name/bank account statement printed on the bank’s letterhead, not more than 3 months old, signed and stamped by the existing banker/mutual fund statement/overseas citizen of India card/person of Indian origin card/latest IT return/original letter from company Valid driver’s license/ valid passport/ voter’s ID card/ valid identity card/ utility bill not more than 3 months old with name and address/ food card (ration card)/ letter from employer/ lease deed/ rent agreement copy/ property registration document in the name of the customer/bank account statement printed on the bank’s letterhead, not more than 3 months old, signed and stamped by the existing banker/mutual fund statement/overseas citizen of India card/person of Indian origin card/latest IT return
Proof of Age Birth certificate/school leaving certificate/passport/voters card with DOB/college certificate/DOB on tax return/PAN card/ company id/hr confirmation Birth certificate/school leaving certificate/passport/voters card with DOB/college certificate/DOB on tax return/PAN card
Duration of employment/business continuity Letter from employer/old pay slip/form 16/HR check through designated CPA source Lease deed/rent receipts/ownership document/utility bills/tax returns from same city/3 years old bank statement
Proof of income and employment Latest one or 2 salary slips (not more than 3 months old)/latest form 16/last 3 months bank statement Latest one or 2 salary slips (not more than 3 months old)/latest form 16/last 3 months bank statement
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Features and Benefits

  • Best in class interest rates
  • Simple documentation
  • Fast processing and Disbursal
  • Enjoy the convenience of doorstep service
  • No need of collateral/guarantor
  • Easy monthly payments
  • Availability of high loan amount

FAQs – Personal loan Eligibility – Citibank

1. What is the timeline for Citibank personal loan disbursement?

A personal loan is usually credited to the applicant’s Citibank account within 48 hours after the application is approved. If your loan is required to be disbursed into a savings account of another bank, it may take longer for disbursement.

2. Is it possible to change the loan period or EMI schedule after my loan application is approved?

No, Citibank does not allow any changes once the loan is approved. However, you can prepay or choose to foreclose the loan as per the bank’s terms and conditions.

3. What is the amount of personal loan I can get from Citibank?

The bank offers a minimum personal loan amount of Rs. 10,000 and a maximum of Rs. 30 lakhs.

4. What is the instant personal loan offered by Citibank?

The instant personal loan offered by Citibank is a pre-approved loan where funds are credited within 30 minutes from the time of application. This facility is available only to selected individuals who qualify as per the bank’s criteria. It has minimum documentation and the entire process can be completed through a phone call or through online banking.

5. How do I use the loan EMI calculator?

While using the EMI calculator, you need to provide the loan amount, interest rate and loan tenure. This will give you the EMI amount to pay every month. Many easy-to-use EMI calculators are available online.

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6. How does Citibank calculate the interest rate on a personal loan?

Citibank personal loan interest is calculated using this formula:

  • Interest during loan repayment = (Loan Outstanding x ROI% X number of days remaining in a month) / [365 + (ROI X Number of days remaining in the month)] Interest for each subsequent month = (Loan Outstanding x ROI%) x (Number of days in a month/365 days)
  • Where: ROI – Rate of Interest “365” is replaced by “366” in case of a leap year.

 

7. How does my credit score affect my loan application?

A credit score helps banks gauge your ability to pay and creditworthiness. This is one of the first checks that banks perform when you apply for a personal loan. The higher your score ie closer to 900, the higher the chances of getting approved for a personal loan easily.

8. How often is the Citibank personal loan account statement available to view?

The Citibank personal loan account statement can be checked annually on 31st March and the bank sends the same by post to your registered address.

9. Is it possible to get a copy of my Citibank personal loan account statement before the end of the year?

Yes, you can request a statement of your loan account by contacting the bank’s helpline or by using the Citibank online banking facility.

10. Is it possible to get a top-up loan with my existing Citibank personal loan?

Citibank personal loan top-up can be availed by selected individuals who have partially paid off their loan from Citi. To check your eligibility for the same, you can log into your Citi bank account online.

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