Citibank Personal Loan Interest Rate

Last Updated 07th Mar 2020

Current Citibank Personal Loan Rate Apr 2020

27th March 2020 – RBI cuts Repo Rate by 75 bps to 4.4%

Notice: MyLoanCare team is fully functional. You can apply and even get online personal loan disbursal from few banks.

Citibank Personal Loan Interest Rates start from 10.50% with lowest rates for salaried borrowers. Check Best Offers

SalariedSelf Employed
Lowest Interest Rate10.50% 14.99%
Processing FeeUpto 0.5%Upto 2%
Loan Tenure12 months to 60 months12 months to 60 months
Loan Amount₹ 1 Lakh to ₹ 30 Lakh ₹ 1 Lakh to ₹ 25 Lakh
Part Prepayment Charges Allowed after 12 EMI's, Nil charges Not allowed
Preclosure ChargesAllowed after 12 EMI's, In the range of 3% to 4% Allowed after 12 EMI's, 3%

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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:

  • Instant paperless approval
  • Special rates for top corporate
  • Free part payment facility
  • Top up facility available
  • Disbursement in 48 hrs of approval
  • Citibank has been rated 4.4/5.0 by customers for its service quality on MyLoanCare
  • Citibank has over 35 branches in India where you can avail service
  • Citibank offers special schemes and discounts for employees of large companies

Citibank Personal Loan Details

  • Purpose of Loan: Citibank personal loan can be used for any personal expenses which include travel, vacation, education, medical and other personal finance requirements. Bank does not allow speculative use of personal loans.
  • Key Features
    • Loan available for both salaried and self-employed professionals.
    • Borrowers within the age group of 23 and 60 years.
    • Loan amount of minimum ₹ 1 Lakh to ₹ 30 Lakh.
    • Loan Tenure 12 to 60 months.
    • Citibank personal loan rate of interest is in the range of 10.50% to 18.99%.
    • Lowest EMI of ₹ 2,149 per lakh.
  • Processing Fees: Upto 0.5%.
  • Preclosure charges: Citibank personal loan preclosure is Allowed with In the range of 3% to 4%
  • Part payment charges: Allowed at Nil charges
  • Other Charges: Late EMI payment charges, EMI bounce charges, loan cancellation charges, which are disclosed by the bank at the time of signing the loan agreement.
  • 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. Some of the special personal loan schemes of Citibank are:
    • Personal Loan for Meeting Short Term Credit Needs
    • Loan for Vacation or Wedding

Citibank Personal Loan Top Up

Top up on personal loan is an additional loan that can be availed from your existing bank on your running loan or at the time of balance transfer of your loan to a new bank. You can get top up on personal loan from Citibank if you have a regular repayment track record on your existing personal loan. Top up loans are available at similar interest rates as that on your existing personal loan. Current interest rate on Citibank personal loan top up starts at 10.50%.

Citibank Personal Loan Interest Rate Calculator

You can get the best personal interest rates from Citibank subject to an assessment of your loan amount, salary, other obligation company you work with and loan tenure. The following factors determine the personal loan rate of interest you can expect to get from Citibank:

  • 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 ₹ 1 Lakh and ₹ 30 Lakh.
  • Salary - Income defines your capacity to repay the loan. Higher salary bracket individuals are offered loans at lower interest rates. The 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 a 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 a 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 captures information of credit card bills payment.

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

Citibank Personal Loan Charges

In addition to Citibank’s personal loan interest rate, you need to compare other charges on the bank’s personal loan before taking a decision to borrow from the bank include:

  • Part Payment Charges - Part Prepayment on Citibank’s personal loans is Allowed after 12 Months at Nil charges
  • Preclosure Charges - These are to be paid in case you want to repay your entire loan amount before the end of tenure period. Citibank allows preclosure of personal loan after 12 EMI's at preclosure charges of In the range of 3% to 4%.
  • Processing Fee - Citibank charges a processing fee of Upto 0.5% of loan amount with applicable tax. The processing fees is non-refundable for most of the banks.
  • Other charges: Once your Citibank personal loan application is accepted or sanctioned, bank will provide you a statement of other charges applicable on your loan account. Some of these charges are interest charged on late payment, EMI cheque bounce charges and loan cancellation charges, which are payable only if you delay in EMI payments, cheque bounces or you decide to cancel your loan after sanction

Citibank Personal Loan Process

If you want to get a loan from Citibank, the process to get the loan is fairly easy. All you need to do is to apply for a personal loan at MyLoanCare. We are a channel partner of all top banks in India including HDFC, SBI, Axis Bank, Citibank. Your loan application will be processed online and Citibank’s representatives will get in touch with you instantly to take the loan process forward. You will also get the free services of MyLoanCare’s personal loan advisor who will ensure that the lending process is quick and you get the best personal loan from Citibank.

You can also do a comparison of Citibank Personal Loan Interest rates and other charges using MyLoanCare comparison tool. Click here to go to the comparison tool. Once you apply online, you can check the real time status of your personal loan application in your customer account section of MyLoanCare. Once the loan is disbursed, you can start repaying the loan using netbanking or auto debit facility.

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

Citibank Personal Loan during Coronavirus

Citibank has not changed its Personal Loan Interest Rate during the Coronavirus period with lowest rate continues to be at 10.50%. However, interest rate can be expected to come down post the RBI repo rate cut of 75 bps announced on 27th March 2020. You may expect some delay in getting a loan from Citibank during the COVID-19 outbreak due to social distancing norms.

Illustration on Personal Loan Citibank
Maximum Annual Percentage Rate (APR) 10.50% to 18.99%
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. 1 Lakh
  • Time period: 12 months to 60 months
  • Citibank Personal Loan Interest Rate: 10.50% to 18.99%
  • Processing Fee payable to Citibank: Upto Rs. 2,000. Current offer for processing fee is Upto 0.5%
  • Fee payable to MyLoanCare: NIL
  • Total Monthly Cost – From Rs. 2,149 for a 60 months Rs. 1 Lakh loan at 10.50% (lowest rate, longest time period) to Rs. 9,215 for a 12 months Rs. 1 Lakh loan at 18.99% (highest rate, shortest time period). This is inclusive of principal repayment.
  • Annual Percentage Rate (APR) of charge including all applicable fees: 10.50% to 18.99%
  • Total cost payable over loan tenure: Rs. 12,582 for 12 months loan to Rs. 30,940 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.

Why to take personal loan from Citibank ?

Citibank offers loan at 10.50% rate with the lowest EMI of ₹ 2,149 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 10.50% to 18.99%. Citibank personal loan interest rate for salary account holders are comparatively lower than that for other customers.

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

If you apply for loan from Citibank, your lowest Personal Loan EMI per lakh will be ₹ 2,149.

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 ₹ 1 Lakh to a maximum amount of ₹ 30 Lakh

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

Citibank charges a processing fee of Upto 0.5% 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.

How can I get Citibank personal loan?

You can get a personal loan from Citibank by directly visiting the nearest branch or can apply online at their website. You can also apply online at MyLoanCare website after comparing the interest rates and charges of all banks. 

How can I check my Citibank personal loan status?

You can check the status of your loan online and offline. Once you have applied for a personal loan from Citibank, you will be given an application number. You can use that application number and registered mobile number to check the status of your loan online at Citibank’s website. In case you could not track your application online, you can contact Citibank loan assistance and ask them to help you out with the status. If you have applied for the loan through MyLoanCare, you can check the status of your application by logging into MyLoanCare account.

Importance of credit score if I wish to avail a Citibank personal loan?

It is important to have a good credit score if you wish to apply for a personal loan from Citibank. A credit score above 750 is considered good for a personal loan. A low credit score increases the chances of rejection of your application.

Is there security or collateral needed to get a personal loan from Citibank?

No, Citibank does not require any collateral or security to lend you the personal loan as it is an unsecured loan.

Can I close my Citibank personal loan after 1 year?

You can close your personal loan from Citibank after 12 months by paying charges: In the range of 3% to 4% charges.

Can I negotiate with Citibank on the personal loan interest rate?

You can ask Citibank to lower your interest rate on the personal loan. However, it is not sure that the lender will reduce your interest rate.

How to pay your Citibank personal loan EMI?

You can pay your Citibank personal loan EMI by using ECS facility or through Standing Instruction.

How to get Citibank personal loan status by mobile number?

You can check the status of your Citibank personal loan on their website by using your mobile number. You can also check the Citibank personal loan status on mobile through their mobile app. If you have applied for a personal loan through MyLoanCare website, you can track your status by logging into MyLoanCare Account with the registered mobile number.

What is the Citibank personal loan process?

The most effortless Citibank personal loan procedure is to fill your details on the above form. Your application will be assessed as per details entered by you, and you will be shown the best offer available from Citibank along with other banks too. Our loan advisor will contact you to understand your needs and forward your application to the bank of your choice. Although, you can also apply on the website of Citibank Bank as well.

Citibank Personal Loan News - Apr 2020
*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. Read More