Citibank Personal Loan EMI Calculator - Oct 2017
Citibank Personal Loan Calculator
- Get monthly EMI as low as Rs. 2,174 per lakh with Citibank now offering personal loans with loan tenure upto 60 months.
- Lowest personal loan interest rate currently offered by Citibank is 10.99%, for which the EMI per Rs. 1 lakh loan amount comes to Rs. 4,660 for a 2 year loan and Rs. 2,584 for a 5 year loan.
- Personal loan EMI in Citibank depends upon loan amount, repayment tenure and interest rate.
- Apply personal loan online and get best personal loan rates.
- Check the EMI for other tenures using the Citibank personal loan EMI calculator on this page.
Personal Loan EMI Calculator Citibank
Citibank Personal Loan EMI
- Personal Loan EMI (or equated monthly instalment) is a fixed amount of money paid by you to Citibank against the loan taken. This is towards repayment of your loan to the bank. Every month, it is due on a fixed day of the month till your loan is fully paid back.
- Citibank offers affordable and convenient personal loans with loan EMIs as low as Rs. 2,174 per lakh for a 60 tenure and lowest rate of interest on personal loans at 10.99%.
Personal loan EMI calculator at different tenures
Personal Loan EMI for different loan amounts and tenures @ 10.99% interest rate
|Loan Amount (Rs.)||2 Years||3 Years||5 Years|
|100,000||Rs. 4,660||Rs. 3,273||Rs. 2,174|
|300,000||Rs. 13,981||Rs. 9,820||Rs. 6,521|
|500,000||Rs. 23,302||Rs. 16,367||Rs. 10,869|
|1,000,000||Rs. 46,603||Rs. 32,734||Rs. 21,737|
- From the above table, it can be interpreted that for various loan amounts taken at the lowest interest rate, EMI differs for loans taken at different tenures. Your EMI is higher when you take a loan for a shorter tenure of 2 years and is higher for a longer tenure loan of 4 years.
- Each EMI includes a component of interest payment and principal repayment. Even as EMIs remain constant, every month there is a change in proportion of interest component and principal repaid. With every EMI payment, the proportion of principal repayment in EMI keeps increasing and the interest component keeps reducing.
|2 years||3 years||5 years|
|Citibank EMI for a loan amount Rs. 1 lakh at 10.99%||4,660||3,273||2,174|
|Total amount you pay back to the bank including principal and interest||111,840||117,828||130,440|
|Interest you have to pay over loan tenure||11,840||17,828||30,440|
The above table shows that EMI paid on the loan will be lower for a loan taken for a longer tenure. However, your total interest outgo is significantly higher in a long tenure loan. In the above example, if you take a Rs. 1,00,000 loan from Citibank for a period of 4 years, you pay the lowest EMI of Rs. 2,174. However, you pay an interest of Rs. 30,440 on a Rs. 1,00,000 loan.
In contrast, if you take a Rs. 1,00,000 loan from Citibank at the lowest loan rate for a period of 2 years, you pay a higher EMI of Rs. 4,660 and pay an interest of only Rs. 11,840 which is less than half of what you pay for a 4 year loan. Hence, it is advisable to choose your loan tenure wisely as longer tenure means high interest expenses.
Factors affecting Citibank Personal Loan EMI
- Loan amount – This is the amount borrowed by a borrower from Citibank.If you apply for a higher loan amount, your monthly EMI will be high. Citibank gives a minimum loan of Rs. 100,000 which can go upto an amount of Rs. 3,000,000.
- Interest rate - Interest rates is the rate charged by Citibank on your personal loan. Higher interest rate increases your loan EMI which will increase the total cost of the loan. Lowest interest rate offered by Citibank is 10.99%. However, it is advisable to do complete market research and compare rates online before you apply for loan.
- Loan tenure – This is the period in which you can repay your loan in Citibank. Longer loan tenure means lower personal loan EMI. Generally, Citibank offers loan for a maximum tenure of 5 years.
Citibank Personal Loan calculator formula
Here is an illustration of how Citibank Personal Loan EMI is calculated:
In above formula,
P = Loan amount. This can range from Rs. 100,000 to Rs. 3,000,000
r = Rate of interest per month. Current rate is 10.99%
n = tenure in month. For Citibank, this can be 60 months
Tips to decide the right amount of EMI
- Decide the amount you need to borrow: It is important that before approaching a bank for loan, you need to estimate the amount of loan you need to borrow. Remember personal loan is an unsecured loan which can come at high interest rates and hence, it is advisable to limit your loan amount to the minimum required. Also, based on the EMI you can service, try to opt for lowest tenure of loans as long tenure loans result in huge interest outgo.
- Review your current obligations: Before taking a loan it is advisable to do an evaluation of your current monthly expenses including any EMI obligations that you have on your current loans. The assessment will help you to estimate the amount of EMI you can pay comfortably after taking into account other obligations. Once you arrive at the EMI you can service, you can also decide on the right loan tenure.
- Calculate your Citibank personal loan eligibility: Your personal loan eligibility is a function an assessment of your repayment capacity based on your monthly income and other fixed obligations.
- Multiplier based loan amount eligibility - Citibank calculates your loan amount eligibility by applying a multiplier to your net take home salary. This is the simplest method for calculating a loan eligibility used by banks. The formula used in the loan amount eligibility calculation is: Loan Eligibility = (Your Net Salary) x (multiplier of 9 to 18). The multiplier depends on the bank’s internal categorization of your employer company based on its reputation, stability, size and growth in turnover.
- FOIR based loan amount eligibility - Citibank will also estimate your Fixed Income to Obligations Ratio (FOIR) to ascertain the maximum EMI you can service based on your current income and other monthly expenses. The bank applies a certain ratio to your income to estimate your monthly expenses and then adds your other EMI obligations to calculate your fixed obligations. The proportion of fixed income to your calculated fixed obligations gives your FOIR. Citibank lends up to a maximum FOIR of 0.45. Based on the FOIR, the bank will also estimate the maximum amount of EMI you can service as a borrower. Citibank's assessment may be different from your own assessment. Any differences in assessment may require you to readjust your loan amount requirement. You may also consider paying back other running short term loans to improve your eligibility.
- Citibank will calculate your loan amount eligibility based on the above two methods and will sanction you a lower loan amount arrived at, by the above two methods.
Quick guide on Citibank personal loan
- Purpose of Loan: Citibank personal loan is taken to funding medical emergencies, paying additional debts, marriage expenses and other personal finance requirements.
- Key Features
- Loan available for both salaried and self employed.
- Borrowers within the age group of 23 and 60 years.
- Loan amount of minimum Rs. 100,000 to Rs. 3,000,000.
- Loan Tenure 1 to 5 years.
- Interest rates in the range of 10.99% to 16.49%.
- Lowest EMI of Rs. 2,174 per lakh.
- Processing Fees: Flat 0.5% for MyLoanCare Applications of loan amount.
- Special schemes: Citibank offers customised personal loan interest rates and schemes for special category of borrowers including borrowers working in reputed companies, banks or government employees etc.
Personal loan EMI calculator Citibank – How it works?
- Citibank personal loan calculator calculates EMI considering a combination of loan amount, interest rate and loan tenure.
- Citibank EMI calculator considers “reducing balance basis” and assumes that payment of EMI is made in arrears (means interest is charged for the month preceding the EMI payment date) and not in advance.
Personal loan EMI – EMI changes in case of prepayment
In case you prepay your personal loan, the outstanding balance on your personal loan reduces. Citibank gives you two options:
- Reduce your loan tenure and keep EMI on your personal loan unchanged: This option allows you to close your loan earlier and save the interest outgo associated with the remaining tenure. This is suitable for borrowers who feel that they have adequate income to continue servicing the same level of EMIs.
- Reduce the amount of EMI and keep your loan tenure same: This option allows you to reduce your monthly EMI and hence, increases the availability of monthly surplus which you can deploy for other purposes. This is suitable for borrowers who anticipate higher monthly personal expenses and hence, would want to reduce their monthly EMI obligations.
FAQs on Citibank EMI Calculator
It is advised to calculate personal loan EMI prior to taking a personal loan. There are several benefits of calculating your Citibank personal loan EMI as discussed below -
- In case EMI comes out to be more than your monthly budget, then you have the chance to apply for a lower loan amount which fits your monthly budget and makes EMI easily affordable
- If you already know the EMI you have to pay each month, then you can plan your spends accordingly
- Based on the EMI amount, you can opt for making prepayment of your personal loan in future when you have surplus amount
Citibank offers personal loan at 10.99% interest rate and hence lowest EMI on per lakh loan amount is Rs. 2,174. However, Citibank personal loan interest rate for salary account holders or existing customers can vary.Can I prepay my Citibank personal loan?
Citibank offers you an option of prepayment after 12 months at 3 - 4% of principal outstanding.Is there any processing charge on personal loan from Citibank?
Personal Loan from Citibank charges a processing fee of Flat 0.5% for MyLoanCare Applications.Will i get the personal loan from Citibank if i have a bad credit score?
No, for taking a loan from Citibank, an applicant must have a good credit score of 700 and above. Usually, most of the banks avoid giving loans if you have low credit score.How does a personal loan repayment happen?
The repayment of a personal loan happens in the form of an EMI (Equated Monthly Installment) through the customer's bank account. The customer is required to present a few post dated cheques and sign an ECS mandate in favour of the bank at the time of disbursing the loan.Can i have a co-applicant while applying for a Personal loan with Citibank?
Yes, you can opt for a co-applicant to take personal loan from Citibank that will increase your personal loan eligiblity as the income of the co-applicant is also taken into account.
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Citibank Personal Loan EMI Calculator Customer Care Number, Email, Application Status, Branches
|City||Customer Care Number|
|Mohali Sas Nagar||0172-5082484|