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Citibank Personal Loan – Apply Online 2024
Citibank is one of the leading private sector bank which is known for offering core banking, financial lending and wealth advisory services. Apart from its core banking and financial services, this renowned 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. No matter what your personal financial needs are, the bank through its personal loan service satisfies all. So, if you are looking for more information on personal loan from Citibank, read this article further.
Citibank Personal Loan Details Interest Rates
| Particulars | Details |
|---|---|
| Interest Rates | 10.49% Onwards |
| Loan Amount | ₹100,000-30 lakh |
| Repayment | 12 months-60 months |
| Processing Fees | IUp to 1% of the loan amount |
| Pre-Closure Charges | Up to 3% |
Eligibility Criteria
To avail the personal loan in Citibank, you need to fit into the below eligibility criteria.
| Eligibility Criteria |
|---|
| The minimum age of the applicant should be 26 for salaried |
| The maximum age of the applicant should be 60 for salaried |
| The minimum age of the applicant should 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
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.
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 |
Documentation Required
Next, thing on which you need to pay attention is the documentation required to get the personal loan in this bank.
| Criteria | Salaried | 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 the 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 Residence | Valid driver’s license/ valid passport/voter’s ID card/valid identity card/utility bill not more than 3 months old with name & 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 bank’s letterhead, not more than 3 months old, signed and stamped by existing banker/mutual fund statements/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 & 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 bank’s letterhead, not more than 3 months old, signed and stamped by existing banker/mutual fund statements/overseas citizen of India card/person of Indian origin card/latest IT return |
| Proof of Age | Birth certificate/school leavingcertificate/passport/voters card with DOB/college certificate/DOB on tax return/PAN card/ company id/hr confirmation | Birth certificate/school leavingcertificate/passport/voters card with DOB/college certificate/DOB on tax return/PAN card |
| Length of employment/continuity of business | Letter from employer/old pay slip/form 16/HR check by designated CPA resource | Lease deed/rent receipts/ownership document/utility bills/tax returns from the same city/ 3 year old bank statement |
| Proof of income and occupation | Latest one or 2 salary slip (not more than 3 months old)/latest form 16/last 3 months bank statement | Latest one or 2 salary slip (not more than 3 months old)/latest form 16/last 3 months bank statement |
Features and Benefits
- Best in class interest rates
- Simple documentation
- Quick processing & Disbursal
- Enjoy the convenience of doorstep service
- No requirement of collateral/guarantor
- Easy monthly repayment
- Availability of high loan amount