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Citibank Business Loan Interest Rate Oct 2019

Last Updated 10th Oct 2019

Citibank Business Loan Interest Rates India

Citibank offers Business Loan starting at interest rate of 16.00%. The rates vary by loan amount, occupation and type of loan availed. Check Best Offers

Citibank Business Loan Features
Citibank Business Loan Rate
Loan for Self Employed Features
Processing Fee Upto 2%
Tenure From 12 months to 60 months
Lowest EMI per lakh ₹ 2,432
Loan Amount Min ₹ 1 Lakh and Max ₹ 25 Lakh
Part Prepayment, Charges Not allowed
Early Foreclosure, Charges Allowed after 12 EMI's, 3%

Part payment options available at nil charges

Apply for Business Loan @ 13.50%* Get upto ₹ 2,500* Cashback
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Citibank Business Loan

Citibank offers loan to self employed and businessmen for financing the expansion or working capital requirements of their business. There are some benefits of taking loan from Citibank:

  • Part payment options available at nil charges
  • Loan for self employed individuals only
  • Competitive interest rates
  • Fast and convenient loan processing
  • You can foreclose your entire Business loan anytime after paying 12 EMI's at foreclosure charges - 3%
  • Citibank has over 35 branches in India where you can avail service

Citibank Business Loan Interest Rate Calculator

There are multiple factors on which basis bank calculates your interest rate. Some of these factors are -

  • Loan amount: Business loan rate in Citibank depends upon the loan amount you apply for. Higher the loan amount, lesser will be the interest rate. Bank gives loan of minimum ₹ 1 Lakh to upto ₹ 25 Lakh. Interest rate for high loan amount can be lower resulting in lower EMIs.
  • CIBIL Score: Citibank offers loan at higher interest rate if your CIBIL score is low or vice versa. However, to get loan from Citibank, your CIBIL score should be atleast 700. Higher the CIBIL Score, higher the chances of getting a loan at lowest business loan interest.
  • Revenue: Citibank will offer you loan at lower interest rate if you have higher monthly revenue. Bank gives loan to the borrowers whose annual turnover is at least ₹ 0.
  • Time in Business: Citibank offers loan at lower rates if you have significant business experience. Minimum business existence to get loan from Citibank is 0 months.

Citibank Eligibility Criteria

Bank have a detailed criteria to determine the eligibility of a borrower for business loans. Some of the key criteria are:

Eligibility Criteria Description
Age: 25 to 65 years
Minimum Turnover ₹ 0
Business Existence (in months) 0 months
ITR (months) 0 months
Loan Amount ₹ 1 Lakh to ₹ 25 Lakh
Loan Tenure 60 months
Owned House or Place of Work Not Required
CIBIL Score 750 and above

Citibank Business Loan Eligibility Calculator

Eligibility of Business loan in Citibank relies on two important factor:

1.Your ability to repay the loan and
2.Your past track record in repayment of loans.

The main factors on which the eligibility of an applicant depends are

  • Age: Age plays an important role to know your eligibility and repayment capacity. Citibank offers loan to those who are at least 25 years old at the time of loan approval and maximum 65 years at the time of loan maturity.
  • Loan Amount: Based on the loan amount eligibility, bank gives you loan ranging from ₹ 1 Lakh to ₹ 25 Lakh. To improve chances of approval, apply for a loan amount that you can comfortably service.
  • Profitability and Revenue: Loan eligibility significantly depends upon profitability on your turnover, revenue and profitability. Citibank requires profit for minimum 2 years and minimum business turnover of ₹ 0.
  • Business Stability: Future business prospects and its stability is important to improve your eligibility for business loan. Citibank requires minimum business track record of 0 months. The bank will also look for minimum growth in sales for the last three year. A decline in sales for a certain period or below a certain limit might impact your eligibility to get loan.
  • ITR and Banking: Bank gives loan only after checking your income tax return and bank statements. Your ITR details for minimum 0 months and bank statement for minimum 0 months will be required by Citibank.
  • CIBIL Score: When checking loan eligibility, Citibank will look at the complete CIBIL report. Citibank will check your repayment history for all current and past loans and credit cards. Bank advise you to maintain a score of 750 and above to get loan approval.

Citibank Business Loan EMI Calculator

Citibank Business Loan EMI is a fixed amount that you pay each month towards the repayment of your loan till the end of tenure. Lowest EMI offered by Citibank is ₹ 2,432 per lakh loan amount. EMI of Citibank depends on factors like:

  • Interest Rate: Higher the interest rate, higher will be the EMI. For a 60 months loan from Citibank at an interest rate of 16.00% per annum, EMI will be ₹ 2,432 per Rs. one lakh loan amount. At an interest rate of 18.99% for the same loan, the EMI will be ₹ 2,594 .
  • Loan tenure: Longer the loan tenure, lesser your smonthly EMI. At interest rate of 16.00% per annum, the EMI on Citibank business loan would range from ₹ 9,073 to ₹ 2,432 for loan tenure ranging from 12 to 60 months.
  • Amount Borrowed: Citibank Loan EMI will be high if you apply for a high loan amount. For amount borrowed ₹ 1 Lakh, the EMI at 16.00% for 60 months would be ₹ 2,432 . Similarly for amount borrowed ₹ 25 Lakh, the EMI at 16.00% for 60 months would be ₹ 60,795 .
What are the benefits of calculating business loan EMI?
  • Business loan EMI calculator of Citibank helps you to calculate your monthly EMI at different rate of interest
  • Citibank EMI calculator helps you to know your capacity to repay the loan after meeting your regular monthly expenses
  • You get a rough idea about your monthly EMI and can plan your monthly budget accordingly
Business Loan Products

Citibank offers customized products for specific customer segments designed to meet their loan requirements. Some of the popular products with their basic features are as follows:

Trade Finance

Description

  • Get solutions for trade finance and import and export services
  • Get Bank guarantee and Letter of Credit
  • Check your trade transactions status with regular emails
  • This loan is to make international trade of products and to reduce the risk and uncertainties linked to commercial transactions.
Foreign Exchange

Description

  • Transfer your funds instantly and manage your foreign exchange funds
  • Bank offers EEFC and Foreign Currency accounts in multiple currencies
  • Flexibility and freedom to deposit money up to 9 foreign currencies
  • This offer helps you meet your business requirement and reduce the risk of currency.
Other Charges

In addition to interest rates, business loan also carry some other charges which include:

  • Foreclosure Charges- These charges are to be paid in case you want to repay your entire loan amount before the end of tenure period. Citibank allows prepayment of loan after paying 12 EMI’s with prepayment charges - 3%
  • Processing Fee- Citibank asks for a processing fee of Upto 2% with applicable service tax
Documents required
  • Address proof of individual: Aadhaar Card, Voter’s ID Card, Bank statement, registry copy, rent agreement , utility bills
  • Identity proof of individual: Passport, Driving License, PAN Card, Aadhaar Card, Voter’s ID Card
  • Business existence proof: PAN, sales tax/ excise/ VAT/ service tax registration, copy of partnership deed, trade license, certificate of practice, registration certificate issued by RBI, SEBI
  • Copy of Income Tax PAN for 24 months
  • Bank statement of last 6 months

Compare Citibank Business Loan with other banks

FAQs on Business Loan Citibank

Why to take business loan from Citibank ?

Bank offers loan at 16.00% rate with the lowest EMI of ₹ 2,432 per lakh. If you are paying EMI more than this then you can opt for balance transfer and relocate your loan to Citibank.

What is the interest charged on Citibank business loan?

Interest rates on Business loan in Citibank are very attractive starting from 16.00% to 18.99%. Bank offer various offer for self employed professionals to get loan at very low rate of interest.

What is the lowest EMI per lakh on business loan from Citibank ?

If you apply for loan from Citibank, your lowest EMI per lakh will be ₹ 2,432 .

What is the minimum and maximum tenure of business loan in Citibank?

These loans are shorter tenure loans. You can repay your loan in a flexible period of minimum 12 months to maximum 60 months.

How much business loan amount I can borrow from Citibank?

Citibank offers you loan if you need a minimum amount of ₹ 1 Lakh to a maximum amount of ₹ 25 Lakh.

What is the processing fee charged by Citibank on business loan?

Citibank charges a processing fee of Upto 2% with applicable tax.

Is age an eligibility factor to get loan for business from Citibank ?

Yes, age is an important eligibility factor to get loan as you should be at least 25 years old at loan approval time and 65 years old at loan maturity time.

What are the prepayment charges on business loan from Citibank?

Bank charges a fee in case you want to repay your entire loan amount before the end of tenure period. The fee charged by Citibank is 3% .

CitibankBusiness Loan Customer Care Number, Email, Application Status, Branches
City Customer Care Number
Citibank 1860-210-2484
Citibank 1860-210-2484
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Citibank 1860-210-2484
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Citibank 1860-210-2484
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Citibank 1860-210-2484
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Citibank 1860-210-2484
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Citibank 1860-210-2484
Citibank 1800-180-2484

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