Citibank Personal Loan Eligibility Calculator India Jul 2018

Last Updated 17th Jul 2018

Citibank Personal Loan Eligibility

Eligibility CriteriaSalaried Self Employed Professionals
ProfessionSalaried persons working in government, private or MNCs companies Professionals like Doctors, CA, CS, Architects
Applicant Age23 - 60 years25 - 65 years
Minimum Eligible IncomeRs. 25,000 per monthRs. 5 Lakh gross annual receipts
Maximum Eligible Loan15x of monthly income 
Maximum Loan Amount EligibilityRs. 30 Lakh Rs. 25 Lakh
Minimum Work Experience36 months 36 months
Personal Loan Eligibility Calculator

Eligibility based on Age
  • Age: There is an age criteria for the approval of personal loan. The minimum age requirement for availing personal loan is 23 years and maximum is 60 years. Citibank offers personal loans for a maximum period of 60 months.
Eligibility based on Income and FOIR
  • Net Income : Your net income required to avail personal loan is Rs. 25,000 per month. Your eligibility is majorly determined by your income (Net take home salary).Your capability of paying EMI’s is judged on the basis of income earned as your loan EMI’s are not affecting your living standards.
  • FOIR : FOIR (Fixed Obligation to Income Ratio) is an important parameter that Citibank uses to find out your Citibank personal loan eligibility. Citibank takes all your fixed obligations (like rent or current EMIs) into account while estimating your eligibility. Minimum FOIR required to be eligible for personal loan from Citibank is 0.45. Calculate and compare your eligibility with Citibank personal loan calculator and apply online for eligible loan amount hassle free.
  • Co-applicant : Adding a co-applicant increases your eligibility for personal loan as it increases your repayment capacity. Ensure that you add a co-borrower who has good income flow, limited fixed obligations and a strong credit score.

Illustration- Mr. A who is 25 years old has a net income of Rs. 25,000. He wants to take a personal loan of Rs. 1 Lakh for 60 months. Citibank allows a maximum FOIR of 0.45.

Based on the information provided by the applicant, bank will calculate his eligibility using eligibility calculator. With a salary of Rs. 25,000, the maximum amount for which he is eligible is Rs. 5.18 Lakh. The interest he has to pay for this amount for 60 months is 10.99%.

Citibank Personal Loan Eligibility based on CIBIL Score

  • CIBIL Score: Your credit behaviour and track record from your past lenders and credit card providers gets captured in your CIBIL score. CIBIL score is the most important factor to define your eligibility to get a personal loan. When checking eligibility for personal loan, Citibank will look at the complete CIBIL report, which also includes all past running loans and your payment track record on loans and credit cards. Higher credit score increases your chances that your loan application from Citibank will get approved. However, low CIBIL score will decrease your eligibility to get personal loan. Citibank requires a minimum credit score of 650 to be eligible for a personal loan.

There are few factors which affect your credit score -

  • Late payments on past loans – Any delay in payments on your existing or past loans can negatively affect your CIBIL score and it may also reduce your chances of getting personal loan from Citibank.
  • High number of unsecured loans – Always maintain a balance between secured and unsecured loans. Higher proportion of unsecured loans in your total borrowings can negatively impact your credit score.
  • Usage of credit limit – Your credit card bills and usage of credit limit determine your credit behaviour. Frequent withdrawals and spending more than your credit card limit can be seen as a sign of potential financial stress, credit indiscipline and hence, may pull down your credit score.
  • Multiple loan applications – If you apply for personal loan in multiple banks at one time, it can affect your score negatively and reduce your CIBIL score. In case of application rejection from Citibank, improve your credit worthiness to get a good score and your loan application to get approved.

Citibank Personal Loan Eligibility based on other factors

There are other factors also which are responsible for the approval of loan by Citibank. Check to understand the importance of following factors -

  • Job stability and profession - Job stability is important to improve your eligibility to get a personal loan from Citibank. Your total work experience and current work experience are assessed to evaluate your job stability and profession. Citibank looks for minimum total experience of 36 months and also looks for applicants who have been employed in the current job for a minimum of 12 months.
  • Residence place and stability – Banks are very particular about the residence of the borrower. There are few areas which are considered negative by the bank. Citibank has a pre decided list of area in which the bank will lend. The bank also has a negative list area of locations in which it will not lend depending on the past credit behavior of borrowers from such localities. Citibank also gauges your residential stability by checking on the number of years since when you have been staying in your current residence. If you are staying in your own residence, it definitely improves your chance of getting a loan from Citibank. Minimum residence stability to be considered by the bank is 12 months.
  • Industry Type – Citibank has a negative list of professions and type of industry, defined as customer or industry segments to which Citibank will not give loan. So, your chances of getting a loan approval also depends on your profession and industry you are employed in.
  • Salary Mode – Most of the banks consider salary transferred to the bank account as secure and stable income with adequate income proofs. If you are earning well but getting salary through cash or cheque then bank will not give you loan because bank needs concrete evidence of your salary to support your loan amount. So, salary transfer mode of payment is preferred by Citibank if you apply for a personal loan.

FAQs on Citibank Personal Loan Calculator

What are the eligibility criteria to avail Citibank loan?

The minimum age of the applicant required to get personal loan from Citibank is 23 years. The maximum age for salaried employees can go up to 60 years.

What should be the minimum net monthly income of the customer to get Citibank personal loan?

The minimum income for salaried employee should be Rs. 25,000 per month.

How much work experience is required for personal loan from Citibank ?

The applicant must have at least work experience of 12 months in order to avail the benefit of Citibank personal loan.

What is the maximum loan amount an applicant can get?

The maximum loan amount an applicant can get under personal loan from Citibank is up to Rs. 30 Lakh.

Will CIBIL Score affect my personal loan from Citibank?

Yes, CIBIL Score does have an impact on your personal loan. A good score indicates good repayment record and hence most banks avoid giving loans if you have low credit score. The minimum CIBIL score for personal score is 650 and above.

Citibank Personal Loan News - Jul 2018
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