Citibank Personal Loan EMI Calculator - Jun 2017
Citibank Personal Loan Calculator
Lowest EMI on Citibank Personal Loan - Rs. 2,199 per lakh
|Loan Amount (Rs.)||2 Years||3 Years||5 Years|
|100,000||Rs. 4,684||Rs. 3,297||Rs. 2,199|
|300,000||Rs. 14,051||Rs. 9,891||Rs. 6,596|
|500,000||Rs. 23,418||Rs. 16,486||Rs. 10,994|
|1,000,000||Rs. 46,836||Rs. 32,971||Rs. 21,988|
Factors affecting Citibank Personal Loan EMI
- Borrower age should be between 23 years to maximum 60 years.
- Maximum personal loan amount offered by Citibank is upto Rs. 3,000,000.
- Interest rates range from 11.49% to 16.49% depending upon customer profile, loan amount and other factors.
- Processing fee in Citibank may be Flat 0.5% for MyLoanCare Applications of loan amount.
Citibank Personal Loan EMI
- Personal Loan EMI (or equated monthly installment) 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.
- With Citibank offering Personal Loans with loan tenure upto 5 years, the loan EMI can be as low as Rs. 2,199 per lakh, to make it more affordable and convenient to meet your personal needs. Rate of interest offered by Citibank are as low as 11.49%.
- This EMI consists of both interest payment and principal repayment. Though the EMI amount will remain constant, the principal component keeps increasing and on the other hand the interest component keeps reducing.
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 11.49%
n = tenure in month. For Citibank, this can be 60 months
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 personal loan 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 your personal EMI same
- Reduce the amount of EMI and keep your loan tenure same It is better to keep the EMI constant and reduce the loan tenure as you pay less interest to the Citibank in this option.
Frequently Asked Questions on Citibank EMI Calculator
Citibank offers personal loan at 11.49% interest rate and hence lowest EMI on per lakh loan amount is Rs. 2,199.Can I prepay my Citibank personal loan?
Citibank offers you an option of prepayment after 12 months at 2 - 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.
Citibank Personal Loan EMI Calculator Customer Care Number, Email, Application Status, Branches
|City||Customer Care Number|
|Mohali Sas Nagar||0172-5082484|