Why choose Citibank personal loans?
Following are the reasons why you should opt for personal loans offered by Citibank:
- Citibank personal loans are offered at one of the lowest interest rates for a period of 12 to 60 months.
- The bank has excellent 24/7 customer service support to answer the queries of its customers.
- The application and documentation process for Citibank personal loans are simple and easy.
- Citibank offers special offers for new customers such as personal loans at a nominal interest rate of 4.38% p.a. and EIR of 9.00% p.a.
- Online personal loan applications, if approved will get S$300 CapitaVouchers and personal loan at low interest rates. This promotional offer starts on February 15th, 2017 and ends on May 10th, 2017.
- With Citi Debt Consolidation Plan, you can consolidate all your unsecured loan payments into one single repayment at low interest rates for a loan tenure of up to 7 years.
- Online DCP applications, if approved and disbursed within 2 months, will get S$500 FairPrice Voucher. This promotional offer starts on March 15th, 2017 and ends on June 15th, 2017.
Types of Citibank personal loans
Listed below are the different types of personal loans offered by Citibank:
Citibank Ready Credit PayLite: Citibank Ready Credit Account holders can convert their credit line into an easy installment personal loan. New customers have to open a Citibank Ready Credit Account to apply for Citibank Ready Credit Paylite personal loan.
Citibank Quick Cash: The credit limit on your Citibank Credit Card can be converted into an easy installment loan with flexible repayment options for a loan tenure of 12 to 60 months at competitive interest rates.
Citi Debt Consolidation Plan: You can consolidate all your unsecured loan payments into one single repayment at low interest rates for a loan tenure of up to 7 years. You also get free accidental death and total permanent disability insurance protection cover of S$1,60,000.
- Eligibility criteria:
- Applicant must be a Singapore Citizen or Permanent Resident.
- Salaried employees must have an annual income of minimum S$30,000 and below S$1,20,000 with Net Personal Assets of less than S$2 million.
- Applicant must have a total outstanding balance with interests of minimum 12 times the monthly income.
- How to apply?
- Contact the Citibank customer service at 6397 4888 to apply for Citi DCP.
- Alternatively, you can SMS <DCP> to 72484 to initiate the application process.
- Or, you can submit online application on Citibank website.
- Documents required:
- A copy of NRIC (both sides).
- The latest Credit Bureau Report.
- The latest income documents such as payslips, CPF statements, and Income Tax Assessments.
- The latest unsecured credit loan and credit card statements.
- Proof of the unbilled balances for unsecured credit instalment plans.
Balance Transfer: New customers who apply for Citibank Ready Credit Account with a minimum loan amount of S$500 can maximise their interest savings with Citi Balance Transfer at 0% p.a. interest rate (EIR 3.60% p.a.) for 6 months and 1.58% service fee. The minimum payment amount is S$45 or 3% of the transfer amount, whichever is higher. Listed below are the various Balance transfer application channels:
- Contact the Citibank customer service at 6225 5225 to apply for Citibank Balance Transfer. Enter your NRIC. Press 9 for Balance Transfer. Complete the application form. Follow up the application process with a CitiPhone officer.
- Or, you can submit an online application for Balance Transfer on Citibank website.
Citibank personal loan features and benefits
Listed below are the features and benefits of Citibank personal loans:
Low interest rates: Citibank offers one of the lowest interest rates for personal loans in Singapore, especially for 1 to 3 year loans.
Minimum loan amount: The minimum personal loan amount offered by Citibank is S$1,000.
Processing fee: Pay zero processing fee for personal loans obtained at Citibank. Also, the annual fee for Citibank Credit Card is waived for the loan tenure.
1-hour loan approval: Citibank approves loans in just an hour provided the application process complies with the Citibank personal loan’ terms and conditions.
Citibank personal loan eligibility and documentation
The eligibility criteria to apply for a personal loan from Citibank are:
- Applicant can be a Singaporean or foreigner.
- The minimum annual income requirement for Singaporeans is S$30,000.
- The minimum annual income requirement for foreigners is S$42,000.
- Applicant must be 21 years old or above.
The documents required to apply for a personal loan from Citibank are:
- Singaporeans must submit a copy of their NRIC (both sides).
- Foreigners must submit a copy their passport or employment pass, valid for at the least 9 months.
- Salaried employees must submit the latest payslips or CPF statements for the past 12 months, and tax notice of assessments.
- Self-employed individuals must submit income tax notice of assessment for the last 2 years and last 3 months’ bank statements.
You can submit the document proofs to the bank via [email protected]
Citibank personal loan promotions
Take a look at some of the personal loan promotions offered by Citibank:
- Apply for personal loans online on Citibank website and get low interest rates and up to S$300 CapitaVouchers.
- New Citibank customers can get personal loans at 4.38% p.a. Nominal Interest Rate and 9.00% p.a. EIR.
- New Citibank customers who apply for Citibank Ready Credit Account with a minimum loan amount of S$500 can maximise their interest savings with 0% p.a. interest rate for 6 months.
Citibank personal loan interest rates
Listed below are the interest rates and loan tenures offered for new Citibank customers:
||Nominal Interest Rate
||Effective Interest Rate
Listed below are the interest rates and loan tenures offered for existing Citibank customers:
||Nominal Interest Rate
||Effective Interest Rate
Citibank provides personal loans at 0% interest rates with an upfront service fee. Once the loan is approved, the amount will be transferred to your account within 5 working days.
Citibank EMI Calculator
Following are the examples of EMI calculation for new and existing Citibank customers:
- A new Citibank customer applying for a loan amount of S$1,000 for a loan tenure of 36 months at Nominal Interest Rate of 4.83% p.a. and EIR of 9.00% p.a. will have to pay S$31.80 as monthly repayment.
- An existing Citibank customer applying for a loan amount of S$1,000 for a loan tenure of 36 months at Nominal Interest Rate of 7.39% p.a. and EIR of 13.50% p.a. will have to pay S$33.94 as monthly repayment.
Citibank personal loan fees and charges
Following are the fees and charges applicable to Citibank personal loans:
- Processing fee: Nil.
- Annual fee: Waived for the loan tenure.
- Service fee: 1.58% of the transfer amount for Citibank Balance Transfer.
- Cancellation fee: You will be charged S$100 or 3% of the outstanding balance, whichever is higher.
How to apply for Citibank personal loan?
To apply for Citibank 1-hour loan approval program, the applicant must be a Singaporean or Permanent Resident below 62 years of age with a Citibank Ready Credit Account or Citibank Credit Card. Following are the various loan application channels:
Phone: Loan application through phone (6238 8888) is available only on weekdays (Mondays to Fridays at 9:00 am to 5:00 pm).
- Citibank branch: Loan application can also be done by visiting the nearest Citibank branches except Changi Business Park, Great World City, Woodlands, and Asia Square.
Online: You can also apply for loans online on the Citibank website.
If you don’t have an existing Citibank Ready Credit Account or Citibank Credit Card, then you will have to apply for one before applying for a personal loan.