A loan seeker always wishes to get the lowest possible rate. The bank, however, has a certain eligibility criteria based on which it offers the rates. Citibank is among the few personal loan providers in India that offer one of the lowest interest rates to both salaried as well as self-employed applicants. As a result of which, you get a chance to pay low EMI and manage your other financial liabilities without any hassle. To know more, let us look at the details related to Citibank personal loan.
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Citibank Personal Loan Interest Rates October 2022
|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.|
What is the processing fee for Citibank Personal Loan?
As mentioned above, 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).
With all the above factors matching, your chances of getting the lowest rate are very high. So, make sure you match the criteria to enjoy a personal loan without any hassle.