Comparing Citibank and Axis Bank Personal Loans: Which One is the Best Choice for You?

Last Updated : Feb. 4, 2023, 11:26 a.m.

Personal loans that every bank offers are convenient during financial crunch and when someone has less cash. Every bank provides personal loans, but the interest rates on personal loans of each bank are different. The processing fee necessary to get a personal loan is different in every bank. Many banks might hike the base lending rate soon, even when the Reserve Bank of India did not increase the repo rate. To know more about personal loans, let’s examine the difference between Axis Bank Personal Loans and Citibank Personal Loans.

Highlights of Axis Bank Personal Loan

The highlights of Axis Bank Personal Loan are given in the table below:

The personal loan highlights shown in the table above are updated as of 3rd January 2023.

Highlights of Citibank Personal Loan

The personal loan highlights shown in the table above are updated as of 6th January 2023.

Eligibility Criteria for Axis Bank Personal Loans

Axis Bank has set the personal loan eligibility criteria based on the applicant’s age, type of employment, job profile, minimum net monthly income, etc. The eligibility criteria for Axis Bank Personal Loan are:

• Individuals working in the Government sector.
• Individuals working in public and private limited firms.
• The age of the personal loan applicant should be a minimum of 21 years and a maximum of 60 years by the time loan matures.
• The minimum monthly net income of the personal loan applicant should be Rs. 15000.

Eligibility Criteria for Citibank Personal Loans

The eligibility criteria for Citibank Personal Loan are:

• People who receive a salary.
• Self-Employed working individuals
• Individuals owning a business or entrepreneurs
• Current customers of Citibank with home loans, suvidha salary accounts, or any other relationship with the bank.

Documents Needed for Applying for a Personal Loan in Axis Bank

The documents needed for applying for Axis Bank Personal Loan are:

Know Your Customer Documents

• Driving License
• Passport
• Aadhaar Card
• NREGA Job Card with a State Government Officer Signature
• Voter Identification Card
• National Population Register-issued letter with name and address information.

Birth Date Proof

• Birth certificate
• Permanent Account Number
• Passport
• School Leaving Certificate
• Adhaar Card
• Driving License.

Proof of Signature

• Bank Authentication Details
• Permanent Account Number
• Passport.

Proof of Income

• Pay slip for the last two months.
• One-year employment proof
• Two months’ bank statement showing salary credits.

In addition to the documents mentioned above, individuals applying for personal loans in Axis Bank should submit current passport-size photographs with the filled application form. Every document that you submit with the application form should be self-attested.

Documents Needed for Applying for a Personal Loan in Citibank

The documents needed for applying for Citibank Personal Loan are:

Identity, Age, and Residence Proof for Salaried and Self-Employed Working Professionals

• Passport Size photographs
• Passport
• Voter Identification Card
• Driving License
• NREGA-issued Job Card with a signature of a State Government Officer
• Adhaar Card
• National Population Register-issued letter with basic information like name and address.

Extra Identity, Age, and Residence Proof for Expats

• Valid Visitors International Stay Admission
• Valid Passport
• Indian Embassy or Foreign Mission-issued letter
• Government Department of Foreign Jurisdiction-issued documents

Length of Employment Proof for Salaried Working Professionals

• Employer-issued letter
• Pay Slips
• Form 16 from previous and current employer
• Human Resource check from an authorised public accountant

Continuity of Business Proof for Self-Employed Working Professionals

• Utility bills such as electricity and telephone bills
• Rent receipts
• Necessary documents of ownership
• Previous three years’ bank statements
• Tax returns

Income Proof and Occupation of Salaried Working Professionals

• Previous two pay slips
• Previous three months’ bank statement

Income Proof and Occupation of Self-Employed Working Professionals

• One-year income tax returns
• Checked one year profit and loss statement
• Previous three months’ bank statement
• Income schedule estimation

Perks of Axis Bank Personal Loans

The perks of applying for a personal loan in Axis Bank are:

• Interest rates on personal loans are highly competitive
• No ancillary required
• Less paperwork
• Adjustable repayment tenure
• Multiple channels for repaying loans, such as Real Time Gross Settlement, National Electronic Funds Transfer, and Electronic Clearance Service
• Need for minimum income
• User-friendly application procedure online

Perks of Citibank Personal Loan

The perks of applying for a personal loan in Citibank are:

• Less paperwork for current account holders
• Rapid processing time of 48 hours
• High personal loan amount of approximately Rs.30 lacs
• Exclusive loans in collaboration with Apple to invest in Apple products
• Immediate personal loans for pre-approved account holders
• Interest rates on personal loans are fixed in the case of monthly payments
• Adjustable repayment duration varying from 12 to 60 months
• Borrowers can prepay loans with a one-time payment and pay in instalments

How to Apply for Axis Bank Personal Loan?

To apply for a personal loan in Axis Bank, follow the steps given below:

• If you are a current account holder of the bank, you can apply for Axis Bank Personal Loans on the bank’s mobile application or via the bank’s internet banking facility.
• If you are a new customer, you must download and install the Axis Bank mobile application on your mobile phone or go to the bank’s official website and create an internet banking account. You can also go to any bank branch to open your account.
• Submit your documents, such as address and income proof, the filled application form and the cheque for the processing fee.
• Depending on your eligibility criteria and the submitted documents, the bank will authenticate your documents and approve your loan application. The loan amount will be credited to your bank account when the bank completes all the approval processes.

How to Apply for a Citibank Personal Loan?

To apply for a personal loan in Citibank, follow the steps given below:

• Go to the Citibank website and select the loan tab option.
• Tap on the Apply for a Personal Loan option.
• Your application process will occur if you have a salary account with Citibank.
• In the space provided, write down your basic details such as name, contact details, etc.
• Tap on the Talk to Us Now option.
• You will receive a one-time password on your mobile phone.
• Write down the one-time password in the space provided and submit your application.
• A bank representative will contact you regarding your loan.

Offline Process for Applying for a Personal Loan

You must visit any bank branch to apply for a personal loan in Axis Bank and Citibank. A bank representative will assist you in the application process. You must fill out the form and submit all the important documents.

Conclusion

You can take personal loans from any bank. Before applying for a personal loan in a bank or other financial establishments, you must know the difference between the features, interest rates, benefits, documentation, eligibility criteria, and other details significant for personal loans. The guide presents the difference between Axis Bank Personal Loans and Citibank Personal Loans. Go through the guide carefully and see which one you find convenient. To know more about Axis Bank Personal Loans and Citibank Personal Loans, you can refer to the finance blogs and articles on WishFin.