Cash woes? A personal loan to the rescue!
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    We found 2 Citi Personal Loan Review: Enjoy Swift Processing Speed
    Bank Name
    Interest Rate
    Loan Tenure
    Joining Perks
    From 3.99% p.a. EIR from 7.5% p.a.
    (For new-to-bank customers)
    1-5 Years
    What you'll love
    What you need
    What you need to consider
    What it costs
    - EIR from 10.5% p.a.
    Up to 7 years
    What you'll love
    What you need
    What you need to consider

    Citi Personal Loan Review: Enjoy Swift Processing Speed

    Need extra cash for a financial emergency? With Citi loans, you won’t have to wait long to get your hands on the funds. In general, the turnaround time is very low and you may have cash almost immediately after you apply, subject to conditions. The bank offers a range of instalment loans, lines of credit, and debt consolidation plans (DCP) at affordable interest rates and competitive fees. Find out your options in the following section.

    Want a Citi Loan? Select the Right Type First From the List Below

    If you need instant cash today, apply for any one of the following loans from Citi:

    • Personal Loan: If you’re more comfortable with fixed, structured monthly payments, you can convert the unused credit limit available in your Ready Credit account or your Citi card into a handy term loan. You can choose a tenure between 1 year and 5 years. The nominal interest rate on this loan starts from 4.55% p.a, irrespective of whether you’re an existing or new-to-bank customer. If you choose to pay an upfront service fee, you may even enjoy rates as low as 0% p.a. Once your application is approved, the bank will credit the approved loan amount in a Citi savings account (nominated by you) within 1 working day. For non-Citi accounts, it might take up to 5 business days.
    • Quick Cash Instalment Loan: If you own a Ready Credit account/Citi credit card or if you’re planning to take one, you may convert the credit limit available into a term loan. Repay the loan in easy and convenient instalments up to 5 years. The nominal interest rate starts from 4.55% p.a. for a new customer and 5.39% p.a. for an existing customer. If you’re an existing customer, you may also enjoy preferential interest rates if you apply online. The loan may be credited to your nominated bank account within 3 to 5 working days.
    • Citibank Ready Credit PayLite: With this loan, you can borrow up to 4x your monthly earnings, subject to conditions. You can repay the loan in fixed instalments every month. Tenures start from 1 year and can go up to 5 years. Currently, the flat rate starts from 4.55% p.a. for this loan. An exclusive effective interest rate of 7.5% is currently available. If you choose to pay an upfront service fee, starting from 3%, you’ll enjoy an interest-free loan. The effective interest rate (EIR) can be as low as 13.63% p.a. in such a case.
    • Citibank Ready Credit: Want a line of credit for easy access to funds, whenever you want? This is an option that may be worth your consideration. The credit limit can be equal to 4 times your earnings in a month, subject to certain conditions. Interest rates can be as low as 20.95% p.a. If you wish to consolidate debt on credit cards or credit lines from other banks, transfer the debt to your Ready Credit account. This may help you reduce the weight of your interest burden. You can access funds via cheque, ATM, or online modes. If you have this account, you’ll also be able to apply for a Citibank Ready Credit Card. With a daily retail spend limit of S$2,000, you can enjoy convenience (contactless purchases) and special privileges for every purchase you make.
    • Citi Debt Consolidation Plan (DCP): Have you amassed a large debt on your open lines of credit, revolving credit facilities, and/or instalment loans? Put the harrowing times behind and enjoy greater financial stability by consolidating your debts in one loan account. You’ll have to pay no processing fee in order to do that. Make fixed payments every month at affordable interest rates. The tenure can go up to 7 years. You’ll also get a card with credit limit equal to your monthly income. Managing your daily expenses can become much easier when you have a card like this. With this loan, you’ll also get FREE insurance coverage of up to S$160,000.

    1-Hour Approval, Complimentary Insurance: Are These Loans Value for Money?

    Before you form an opinion about these loans, you may do well to consider the special features that you’ll enjoy with Citi loans:

    • Maximum borrowing limit: For a DCP loan, the loan amount will be equal to the outstanding balances you have in your existing unsecured borrowing accounts. You may also receive an additional allowance of 5%, subject to conditions. If you opt for a Quick Cash loan, you can’t borrow more than 90% of the combined credit limit available on all your Citi card accounts. The borrowing limit for a PayLite instalment loan is fixed at 90% of the permanent credit limit assigned for your Ready Credit line of credit. You can borrow up to 4 times your monthly earnings with the bank’s line of credit loan.
    • Minimum borrowing limit: The minimum amount that you can borrow with a DCP loan has to exceed 12 times your monthly income. For Quick Cash Loan and Ready Credit PayLite loan, you may not be allowed to borrow any amount that is less than S$1,000. You can borrow as little as you want if you have an approved line of credit.
    • Competitive rates of interest: Interest rates charged on all the loans offered by the bank are at par with market standards. You can save a lot on interest payments if you choose one of these loans. Apart from loans that charge no interest, applied interest rates can be as low as 4.55% p.a. for some loans.
    • Flexible tenure: The loan tenure can vary between 1 year and 7 years. Choose a tenure that suits your budget plans and expected cash flow.
    • Lightning fast turnaround: Subject to certain terms and conditions, your application may be processed within 1 hour of submission. The bank will inform you of the status of your application via telephone. Post approval, the bank may release the approved funds within 1 business day and 5 business days. You can participate in the 1-hour Program either by placing a call to the bank’s designated hotline or by visiting a Citi branch.
    • Liberty to choose the fund disbursal mode: If your loan application has been approved, you’ll get to choose the mode of loan disbursal. You can collect the funds from a branch, direct the bank to deposit the funds to your Citi deposit account, or ask the bank to deposit the funds in a non-Citi deposit account.
    • Convenient and secure channels for bill payment: Depending on the bank rules for particular loans, you may be able to pay bills online, by cash, through cheques, at an AXS station, or at a SAM/SAMPLUS machine. All the bill payment modes are expected to be safe and hassle-free.
    • Easy estimation of costs and savings before you apply: You’ll find interest savings calculators on the bank’s website for different personal loans. By inputting some basic details, you can get an estimate of your interest expenditure and possible savings even before you submit your application. This way, you may be able to determine the suitability of a loan for your specific needs.
    • Promotions: With Citi loans, you may get gift vouchers, fee waivers, and special interest rates from time to time as part of promotions run by the bank. Keep an eye out for such deals to get a higher return on your investment.

    Save Big on Interest Charges by Choosing a Citi Loan

    Check the table below to know the possible interest rates that may apply to each of the Citi loans:

    Name of the Loan Flat Interest Rate Effective Interest Rate
    Personal Loan Between 4.55% p.a. and 5.79% p.a. Between 7.5% p.a. and 10.5% p.a.
    Quick Cash Instalment Loan Between 4.55% p.a. and 6.85% p.a. Between 8.5% p.a. and 12.25% p.a.
    Citibank Ready Credit PayLite Between 0% p.a. and 6.85% p.a. Between 8.5% p.a. and 15.2% p.a.
    Citibank Ready Credit (line of credit) - Could be as low as 20.95% p.a.
    Citi Debt Consolidation Plan - Low interest rates

    Fees That May Apply on Your Loan

    High fees on a loan can eat into your savings. That may not be a problem with this loan. Here are the charges that you may have to pay on a Citi loan:

    • An upfront servicing fee.
    • A cancellation fee.
    • An annual fee.
    • An overlimit fee.
    • Legal fees, if any.
    • A minimum payment amount.
    • Service charges for cheque clearance, to honour stop-cheque requests, to maintain an inactive loan account, fund transfers through GIRO, direct debit instructions, etc.
    • Handling charges for official communications sent to you by the bank.

    [Disclaimer: Not all the charges listed above might apply to every single Citi loan. We have just tried to introduce you to the fees that you may expect to pay for a Citi loan.]

    For more information on the fees that apply to specific loan products, visit the relevant pages on our website.

    Beware of the Following: Partial Prepayment May Not Be Allowed

    Want to apply? Hold on. You should definitely weigh the following carefully before you do so:

    • If you wish to settle your loan before maturity, you have to do so in full. The bank won’t allow partial prepayment.
    • You may not be able to use a Citi loan to pay the outstanding dues on another unsecured credit facility that you may have with the bank.
    • If you’re under the bank’s debt consolidation programme, you may not be allowed to ask for a temporary increase of credit limit on your card.
    • Certain category of personal loans can’t be consolidated with Citi DCP.
    • Partial consolidation of outstanding unsecured debt won’t be possible with Citi DCP.
    • If you don’t make the minimum payment on your loan for 2 consecutive months, the bank may terminate your account unilaterally. The outstanding balances on your loan will also become due with immediate effect.
    • You can’t cancel a loan from Citi without its prior approval in writing.
    • If you don’t pay the minimum amount due on your PayLite loan within 30 days of the stated due date, the bank can impose an additional interest rate at the bank’s prevailing interest rate. This interest rate will apply to all unpaid instalments which are due.
    • Preferential interest rates may not be available for all loan tenures or all channels of application. Refer to our specific Citi loan pages to know more.

    Check the Eligibility Criteria for Citi Loans Here

    Impressed by the benefits offered by Citi loans? Great. However, before you apply, make sure that you meet the following prerequisites:

    • You should be aged 21 years or above.
    • If you’re a citizen or PR of Singapore, your annual income shouldn’t be less than S$30,000.
    • If you’re a resident in Singapore with a foreign passport, you may only be able to apply for a loan if your annual income is at least S$42,000.


    1. Foreigners may not be eligible for all the personal loans offered by the bank. Check our product-specific pages for more information.
    2. Some loans may have additional requirements. Check with the bank before you apply.]

    Strengthen Your Application With These Documents

    Submit the following documents for a successful processing of your application:

    • A copy of your NRIC, if you’re a Singaporean or PR.
    • If you’re a foreigner, you may have to submit the following:
      • A copy of your passport.
      • A copy of your work permit, if applicable.
      • Proof of address. You could provide an utility bill, a telephone bill, or a bank statement that mentions your name and current address if residence.

    You’ll also have to submit the following income documents:

    • If you’re a salaried employee, submit any one of the following:
      • Your latest electronic salary slip.
      • Last received Income Tax Notice of Assessment (NOA).
      • Proof of CPF contribution history for the last 1 year.
    • If you’re self-employed, provide the following:
      • NOA for the last 2 years.
      • Bank statements for the last 3 months.

    [Note: Additional documents may be required for certain Citi loans.]

    Application Channels Offered by the Bank

    Subject to conditions, you may be able to use the following channels to submit your application to the bank for processing:

    • Apply for a personal loan or DCP loan from Citi on our website.
    • Fill the contact form available on the bank’s website. The bank will contact you shortly.
    • Call the bank’s hotline.
    • Send an SMS to the bank. Check the bank’s website to know if you need to send it in a recommended format or not.
    • Visit a Citi branch near you to submit your application.

    [Disclaimer: There may be slight variations depending on the loan product. Whether you get to use a particular channel to submit an application would depend on the bank’s discretion.]

    Financial problems can’t be just wished away. You may need proper planning to deal with such problems. Making Citi loans a part of your plan could prove to be beneficial. Try one for yourself to feel the difference.

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