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Citibank Personal Loan Interest Rate

Last Updated 16th Aug 2017

Citibank Personal Loan Interest Rates Aug 2017

Salaried Self Employed
Interest Rate 10.99% - 16.49% Check Best Offers 15.99% - 18.99%
Lowest EMI Rs. 2,174 per lakh Rs. 2,431 per lakh
Loan Tenure From 12 months to 60 months From 12 months to 60 months
Loan Amount Min Rs. 100,000 and Max Rs. 3,000,000 Min Rs. 100,000 and Max Rs. 3,000,000
Processing Fee Flat 0.5% for MyLoanCare Applications 2 - 3%
Age Min 23 years and Max 60 years Min 23 years and Max 65 years
Prepayment Charges Allowed after 12 EMI's, Nil prepayment charges Allowed after 12 EMI's, Can pay between 2 and 5 EMIs at NIL charges
Foreclosure Charges Allowed after 12 EMI's, 3 - 4% of principal outstanding Allowed after 12 EMI's, 3 - 4% of principal outstanding
Apply Personal Loan @ 10.99%*
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Citibank Personal Loan

Citibank gives personal loan to borrowers who need funds to meet their urgent requirements. Benefits of taking personal loan from Citibank are:

  • Loan disbursal in 48 hours of approval - *T & C apply
  • Part prepayment facility available without charge
  • Special offers, paperless process for Citibank Customers
  • Citibank has been rated 4.2/5.0 by customers for its service quality on MyLoanCare
  • Citibank has over 46 branches in India where you can avail service
  • Citibank offers special schemes and discounts for employees of large companies
Citibank Personal Loan Calculator

The amount of loan you are eligible from the bank means your personal loan eligibility. Personal loan eligibility can be worked based on the following inputs:

  • Loan Amount - This is the amount borrowed by a borrower from the bank. Generally banks offer lower interest rates for higher amount. Citibank offers loan between Rs. 100,000 and 3,000,000.
  • Salary - Income defines your capacity to repay the loan. Higher salary bracket individuals are offered loans at lower interest rates. Interest rate of the bank varies with your net monthly income.
  • Employer Category - Citibank has an internal list of companies falling into categories that are ranked from high to low company categories based on company’s size, reputation and existing relationship with the bank. Employees who belong to companies in higher company categories get attractive discounts and low interest rate loans.
  • Relationship with the Bank - Bank offers special rates, offers and charges to the existing account holders of the bank. Those who have managed their accounts and made all the payments on time in past will get the benefit of low Citibank loan interest rate.
  • Loan Tenure - Personal loans are of shorter tenure ranges from 12 months to 60 months as they are taken to meet their immediate requirements.
  • Repayment Capacity - Before giving loan to the borrower, Citibank checks the repayment capacity of the borrower. Bank verifies the repayment capacity of the customer through CIBIL as it has the repayment track record of previous loans taken. CIBIL also capture information of credit card bills payment.

Citibank also offers loan to defence, armed forces and government employees. Personal loan interest rate for government employee and defence personnel varies from private salaried employees

Citibank Eligibility Criteria

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

Citibank Eligibility Criteria
Age: 23 to 60 years
Minimum Income: Rs. 25,000
Current Job Stability (in months) 12 months
Total Work Experience (in months) 36 months
Minimum Credit Score 750 and above
Loan Amount Rs. 100,000 to Rs. 3,000,000
Loan Tenure 60 months
FOIR (Fixed Obligations to Income Ratio) 0.45

Citibank Personal Loan for Salaried

Eligibility of personal loan relies upon different factors but the most important factor is your ability to repay the loan. The main factors on which the eligibility of an applicant depends are

  • Age of the borrower: Age plays an important role to know your eligibility and repayment capacity. Citibank offers loan to salaried individuals who are at least 23 years old at the time of loan approval and maximum 60 years at the time of loan maturity.
  • Income of the borrower: Citibank asks for a minimum net monthly income of Rs. 25,000 to be eligible for personal loans. Salaried employees in government job, defence or working with a reputed private company and getting regular salary in bank account with salary slip, form 16 can get personal loans easily.
  • Job stability and Profession : Job stability is important to improve your eligibility for personal loan from Citibank. In case you are salaried, you must be in a full time job for at least 12 months of which not less 36 month must be with your current company.
  • CIBIL Score: Your past CIBIL history and repayment record of existing loans and credit cards has direct impact on your personal loan eligibility. If you have a poor repayment record, then you may find it difficult to get a personal loan. A regular repayment track record increases your loan eligibility.
  • Loan Amount: Based on the loan amount eligibility, bank gives you loan ranging from Rs. 100,000 to Rs. 3,000,000. To improve chances of approval, apply for a loan amount that you can comfortably service.
  • Fixed Obligations to Income Ratio (FOIR): Bank will also calculate the proportion of your fixed obligations (including EMIs paid on other existing loans) to your income to calculate the FOIR (Fixed Obligation to Income Ratio). In summary, fixed obligations include running EMIs, if any, on existing loans and estimated average monthly expenses. Minimum FOIR to be eligible for personal loan from the bank is 0.45

Citibank Personal Loan for Self Employed

Citibank offers personal loans for self-employed borrowers between the age of 23 to 65 years. Personal loans offered to self-employed and businessmen are known as business loans. Some of the key features are:

  • Self- employed and Businessmen running businesses with existence of at least 36 months can take a personal loan from Citibank
  • Such borrowers need to submit ITRs of 24 months also required to get eligible for the loan.
  • Loan amount that you can apply for is Rs. 100,000 to Rs. 3,000,000.
  • Your loan amount eligibility is calculated on the basis of your of calculation of net monthly income as per Income Tax Returns and of your fixed expenses such as rent, other personal expenses and EMIs on existing loans that you have to service from your net monthly income. The ratio of total fixed obligations to you monthly income ratio is popularly known as FOIR. Minimum FOIR for self employed to take loan from the bank is 0.45. To know more about loans for self employed, click on the link below.
Citibank Loan Eligibility Calculator and EMI Calculator

Personal Loan Eligibility is the amount of loan you can avail based on an evaluation of your repayment capacity as well as your income. It is important to calculate eligibility for loan from the bank. You can use eligibility calculator to get a fairly accurate estimate of your loan eligibility subject to the details provided by you.

Further, you can also use Personal Loan EMI Calculator online to calculate your loan EMI. Personal 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 Rs. 2,174 per lakh loan amount at lowest personal loan interest rate of 10.99%. Personal Loan EMI depends on factors like:

  • Interest is an important factor which affects your EMI. Higher the interest rate, higher will be the EMI
  • Loan tenure matters equally as longer tenure reduces your monthly EMI per lakh
  • Your EMI depends upon the amount of loan you are going to borrow. Loan EMI will be high if you apply for a high loan amount

What are the benefits of calculating EMI?

  • EMI calculator of personal loan helps you to calculate your monthly EMI at different interest rates
  • Loan EMI calculator helps you to know your capacity to repay the loan after maintaining your standard of living
  • It gives you a rough idea about the monthly EMI which will help you to plan your monthly expenses accordingly

Other Charges

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

  • Part Payment Charges - These charges are to be paid in case you want to repay some part of the loan during the tenure period. Citibank allows part payment of loan after 12 EMI's at Nil prepayment charges.
  • 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 12 EMI's at 3 - 4% of principal outstanding.
  • Processing Fee - Citibank charges a processing fee of Flat 0.5% for MyLoanCare Applications of loan amount with applicable tax.

Documents Required

For salaried employees

  • Filled up loan application form
  • 2 Passport Size Photo
  • Income Tax PAN Copy
  • Identity Proof - Driving License/ PAN/ Passport/ Voter ID
  • Residential Address Proof - Registered Rent Agreement/ Passport/ Leave and License/ Utility Bill (upto 3 months old)
  • Income Documents - 2 years Form 16, 3 month pay slip, 3 months bank statement showing salary credit and any EMI debit
Illustration on Personal Loan Citibank
Maximum Annual Percentage Rate (APR) 11.39% to 16.89%
Representative example of the total cost of the loan, including all applicable fees
Here is an illustration of the total cost of the loan:
  • Total amount borrowed: Rs. 100,000
  • Time period: 12 months to 60 months
  • Citibank Personal Loan Interest Rate: 10.99% to 16.49%
  • Processing Fee payable to Citibank: Upto Rs. 2,000. Current offer for processing fee is Flat 0.5% for MyLoanCare Applications
  • Fee payable to MyLoanCare: NIL
  • Total Monthly Cost – From Rs. 2,174 for a 60 months Rs. 100,000 loan at 10.99% (lowest rate, longest time period) to Rs. 9,096 for a 12 months Rs. 100,000 loan at 16.49% (highest rate, shortest time period). This is inclusive of principal repayment.
  • Annual Percentage Rate (APR) of charge including all applicable fees: 11.39% to 16.89%
  • Total cost payable over loan tenure: Rs. 11,155 for 12 months loan to Rs. 32,440 for 60 months loan

Citibank’s terms and conditions as per loan agreement applicable. Short term loans/ pay day loans not available; minimum loan tenure: 12 months. Rate of interest depends upon company categorization, income, job stability, loan amount, CIBIL score, credit profile, existing obligations, verification and other factors. Credit at sole discretion of Citibank.

Compare Personal Loan Interest Rates of Citibank with other banks

Frequently Asked Questions on Citibank Personal Loan

How much time will the Citibank take to take a decision on my personal loan?

Banks generally convey their decision on a loan within 15 days of submitting a loan application. However, some banks also offer instant loan offers which can be approved within a few hours to 2-3 days. The turnaround time for a Citibank personal loan can be 5 to 7 days.

Why to take personal loan from Citibank ?

Bank offers loan at 10.99% rate with the lowest EMI of Rs. 2,174 per lakh. If you are paying EMI more than this then you can opt for balance transfer and relocate your loan to Citibank.

How much interest is charged by Citibank on personal loan?

Personal loan interest rates in Citibank are 10.99% to 16.49%.

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

If you apply for loan from Citibank, your lowest EMI per lakh will be Rs. 2,174.

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

You can repay your personal loan in a flexible period of minimum 12 months to maximum 60 months.

How much personal loan amount I can borrow from Citibank?

Citibank offers you loan if you need a minimum amount of Rs. 100,000 to a maximum amount of 3,000,000.

How much processing fee is charged by Citibank on personal loan?

Citibank charges a processing fee of 2% to 3% with applicable service tax.

Is age an eligibility factor to get personal loan from Citibank?

Yes, age is an important eligibility factor to get personal loan as you should be at least 23 years old at loan approval time and 60 years old at loan maturity time.

Are there any prepayment charges on personal loan from Citibank?

You can take personal loan from Citibank with Prepayment charges vary by year: 2nd year - 4%; 3rd year - 3%, after 3 years - 2%.

Can I add my spouse's income while applying for personal loan from Citibank?

You can combine your income with the income of your spouse to increase your loan eligibility and to get higher loan amount.

Citibank Personal Loan

*Terms and conditions apply. Credit at sole discretion of lender subject to credit appraisal, eligibility check, rates, charges and terms. Information displayed is indicative and from collected from public sources. MyLoanCare is an independent professional service provider and is not related to the government or government bodies or any regulator or any credit information bureau in any way. Information carried at this website is not and should not be construed as an offer or solicitation or invitation to borrow or lend. The Company does not undertake any liability with respect to the correctness of the content, information and calculations. Information is subject to change without notice. By submitting your query or using any tools or calculators, you authorize MyLoanCare to share your information with lender(s), consent for such lender(s) to access your credit information report and contact you regarding your query overriding your number being in National Do Not Call Registry. This is a free service and no charges are payable by the borrower to MyLoanCare. The Company may receive remuneration from lenders for services provided to them.