Multiple banks. Different interest rates. Call it a "conflict of interest".

    Citibank Personal Loan Interest Rates Update

    Citibank is one of Singapore’s most popular banks and has a wide range of banking products in the offing. From credit cards to personal loans and home loans, the bank adjusts its interest rates periodically in order to make them more competitive in the market. Citibank customers are thus always at an advantage as they are often given preferential rates on their loans, especially personal loans. If you are looking to apply for a personal loan with Citibank, you must satisfy the eligibility parameters including the minimum income requirement and the age. Let us look at what Citibank has to offer its customers seeking a personal loan.

    The Citibank Ready Credit PayLite

    The Citibank Ready Credit PayLite is a very popular loan product in Singapore.  Here are the interest details:

    Interest rate for loan with upfront service charges

    Loan period Annual interest rate (% p.a.) Effective interest rate (% p.a.) Processing fee
    6 months 6.38% 14.82% 3.00%
    12 months 7.38% 15.20% 6.60%
    18 months 8.68% 13.63% 9.00%

    Preferential interest rate loan with no service charges

    Loan period Annual interest rate (% p.a.) Effective interest rate (% p.a.) Processing fee
    12 months 8.76% 15.80 4%
    24 months 7.76% 14.25 4%
    36 months 7.39% 13.50 4%
    48 months 7.79% 14.00 4%
    60 months 7.92% 14.00 4%

    Loan interest rates for SmartCash customers

    Loan period Effective interest rate (% p.a.) Processing fee
    6 months 19.95% 4.00%

    Features of the Citibank Ready Credit PayLite

    • Almost instant access to funds
    • Customers can withdraw money at ATMs across the globe.
    • Customers are provided with a free chequebook, allowing them to make easy, convenient payments on the move.
    • Customers can convert their payments and purchases into easy monthly payments.
    • With the Citibank Ready Credit Paylite, customers enjoy a 1% cash rebate on all retail transactions.
    • The Ready Credit PayLite product offers enhanced flexibility, and can be used both as a loan as well as a credit line.
    • Loans can be converted into monthly repayments, the tenure periods of which can be stretched for up to 60 months.

    Features of Citibank PayLite Instalment loan

    • Applicants can apply for the Citibank PayLite instalment loan by visiting the official Citibank website. The minimum loan amount that can be applied for is S$1,000.
    • The tenure period can be stretched upto a period of 36 months.
    • Customers are free to choose their loan tenure. Higher tenures, although associated with relatively reduced interest rates, attract higher interest payments.

    Interest rates

    Loan period Annual interest rate (% p.a.) Effective interest rate (% p.a.) Processing fee
    12 months 4.94% 9% 4%
    24 months 4.82% 9% 4%
    36 months 4.83% 9% 4%

    Citi Debt Consolidation Plan

    The Citi Debt Consolidation plan allows you to consolidate all existing debt and divert it into a single debt instrument. For instance, if you have credit card debts and debts from existing loans, and are finding it difficult to make repayments, you can get rid of your debt from multiple sources and divert it into a single source.

    Debt consolidation loans particularly work well when you have mounting debt in the form of multiple loans or credit cards. Here are the salient features of the Citi Debt Consolidation Plan:

    • Loan tenure can be stretched up to a period of 7 years.
    • Debt consolidation plans have a subtle element of convenience attached to them as they enable you to get rid of multiple debt instruments from different banks and direct it towards a single loan instrument (a debt consolidation loan).
    • Customers also get a credit card with a limit equivalent to their monthly income.
    • Customers get an insurance coverage of up to S$160,000 and also a complimentary credit report that has information on their credit score.

    So if you want to take a personal loan, Citibank may well be your ideal choice. You can visit the bank’s website for further details on personal loan products offered by the bank.

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