Citibank Personal Loan: All You Need to know

Citibank is a financial sector bank that is a subsidiary of the Citigroup, headquartered in New York. It was founded in 1812 as the City Bank of New York City. It is a global entity offering an array of services and products to its customers, depending upon their financial nneeds. This bank deals with various services and offers products like Citibank Credit cards, Citibank Debit cards, Citibank personal loan, Home loans, Savings accounts, Fixed Deposits and much more. Since its inception in India in the year 1999, it has been growing rapidly and now has over 35 full-fledged branches and is a preferred financial institution for almost 45,000 small and medium enterprises. This bank has been offering some great benefits to people on the Personal Loan front and hence it has been one of the most preferred banks with respect to the Personal Loan market. Use this personal loan to meet all your diverse financial needs and to bear any type of expenses that relate to planning leisurely holiday trips or organizing marriage events, home renovation, child’s education, paying emergency medical bills, and others many other unavoidable expenses. 

Best Features and Benefits of Citibank Personal Loan:

Here is the list of some of the best features of Citibank personal loan:

  • Citibank offers competetive interest rates to its customers who are opting for personal loans via online applications.
  • The bank provides a personal loan to those who range between a minimum of 23 years and maximum age relaxation is up to 60 years.
  • Every salaried individual with regular income can apply for a Personal loan in Citibank. Based on the strategy of Citibank personal loan EMI calculator the applicants can check their EMI options online. This calculator estimates your loan amount, its number of EMI’s and tenure of the loan.
  • The bank offers fast processing of Loan i.e. within 48 hours the loan approval is given; and also offers the maximum amount of loan as well. While other banks are stuck at the benchmark of 5-10 lakh, Citibank Personal Loan can be availed up to 30 lakhs depending upon the person’s creditworthiness.
  • Submit all the necessary documents to get an instant loan to meet your immediate cash requirements at the earliest. Always provide genuine documents to get rid of fraud scams and as a result, your application for approval of personal loan can be rejected.
  • If the applicant is a regular customer and has a savings account with the bank itself then they can take the privilege to avail the special offers and interest rates offered on personal loans.
  • The applicant can repay the loan amount within 16-20 months or even extend the tenure period up to 5 years.
  • If the customer intends to pay part or full payment they can approach Citibank personal loan customer care who will assist you 24/7 on all your queries related to your prepayment of the personal loan amount. However, prepayment can only be done only after 2 months of installments are paid
  • The new customers who want to avail the personal loan should first register with the bank and then proceed to apply for a loan.
  • Citibank generates SMS Alerts and Email regarding all the transactions for the safety of their customers. Hence loss or damage of card can be immediately taken care of
  • One of the biggest advantages is that the Citibank personal loan scheme does not demand any security or guarantor while issuing the loan. Experience the hassle-free processing and avail the unsecured loan. Feel safe and secured about your finances with Citibank as it is the leading financial institution of the country.

Eligibility & Documentation Procedure

All the corporate employees and non-corporate employees with a regular salary are entitled to avail the personal loan through minimal documentation to get an instant loan. However, the processing takes 2 days and within 48 hours, the loan amount is credited into your savings account. As every bank has their set of rules and regulations to follow while documentation, the applicant needs to submit all the relevant documents as per the requirement of the bank to process the loan amount. The applicant should fulfill the Citibank personal loan eligibility – the starting age is 21 years to relaxation up to 60 years.

Here is the list of documents in general which are supposed to be produced by a salaried and self -employee:

  • Identity proof (passport, driving license, voter Id, pan card, Adhaar card),
  • Residence proof (any utility bill like a phone bill, electricity bill, gas bill, ration card,),
  • Proof of age (Birth Certificate, school leaving certificate, DOB on the tax return, passport),
  • Latest photographs
  • Length of employment (letter from your employer, form 16 and by self-employed utility bills and ownership documents, sale deed copy, 3 years bank statement),
  • Income proof (form 16, pay slips, 2 years ITR for self-employed)

How to Apply for the Citibank Personal Loan?

With simple documentation procedure, one can apply for a personal loan in Citibank. The applicant can either chose to walk-in to any nearest Citibank Branch or simply fill up the form online. The benefit of the walk-in is they can avail their other services as well such as low-interest rates and easy processing.

How to check the status of your loan processing?

With the demand for personal loan, the applicants can easily check their Citibank personal loan application status by using their loan application number. If the applicant forgets to note the loan number then they can even approach online, helpline number or customer service, which is operational 24/7. Knowing your Citibank personal loan status is beneficial to keep a track of how many monthly installments you have done or how many are left.

What kind of Interest rate does Citibank provide?

A regular customer who has an account in Citi bank is mostly benefitted to get the most attractive deals and with the best Citibank personal loan interest rate. The present interest rate fixed for a personal loan is around 10.99% – 16.49%. This loan percentage depends upon the customer type and also the term opted for.

What is the role of EMI calculator?

EMI stands for Equated Monthly Installments. One can check their loan approval amount through Citibank personal loan calculator that tells you what assured sum you will get while availing the loan. The EMI states the borrowed loan amount. The Citibank Personal loan EMI calculator eases the tedious calculations and the process of extending the loan repayment up to 5 years. It calculates your personal loan EMI breakups in seconds and fixes the tenure period according to your pay.

 

FAQs to meet all your queries:

  1. What is the best mode to avail Citibank personal loan?

The best mode is Online; you can simply fill the form available on https://www.pnbindia.in/personal.html and upload all relevant documents

  1. How are interest rates calculated?

Citibank Personal Loan interest varies between 10.99% – 16.49%. 

  1. What is the major role of EMI calculator?

The EMI calculator helps you in calculating the monthly instalment amount that needs to be paid.

  1. When to check the status of your loan?

You may check the status of your loan application after 48 hours of submission.

  1. Is it advantageous to apply for a personal loan via online?

Yes, it is surely advantageous to apply online. The processing happens quickly in the comfort of your home or office. Visiting the branch is not mandatory in this case as well.