Citibank Personal Loan

About Citibank Personal Loan

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.

Personal Loan

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    Citibank Personal Loan Details Interest Rates

    ParticularsDetails
    Interest Rate

    10.99% - 18.99%

    Loan Amount

    ₹100,000-30 lakh

    Repayment

    12 months-60 months

    Processing Fee

    Up 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

    EMI, Total Interest Outgo, Total Repayment (Interest + Principal)

    Year Principal Interest Balance Amount

    Documentation Required

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

    CriteriaSalariedSelf-Employed

    Proof of IdentityPhotograph 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 ResidenceValid 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 companyValid 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 AgeBirth certificate/school leavingcertificate/passport/voters card with DOB/college certificate/DOB on tax return/PAN card/ company id/hr confirmationBirth certificate/school leavingcertificate/passport/voters card with DOB/college certificate/DOB on tax return/PAN card
    Length of employment/continuity of businessLetter from employer/old pay slip/form 16/HR check by designated CPA resourceLease deed/rent receipts/ownership document/utility bills/tax returns from the same city/ 3 year old bank statement
    Proof of income and occupationLatest one or 2 salary slip (not more than 3 months old)/latest form 16/last 3 months bank statementLatest 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

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    Kotak Bank 10.99% - 17.99%
    RBL 14.00% - 18.00%
    Standard Chartered Bank 10.99% - 14.49%
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    Home Loan Interest Rates December 2017
    State Bank of India/SBI 8.30% - 8.60%
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    LIC Housing 8.35% - 8.70%
    PNB Housing Finance 8.35% - 8.70%
    ICICI Bank 8.35% - 8.85%
    Axis Bank 8.35% - 8.75%
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    Kotak Bank 8.35%
    EMI Calculator