Citibank offers various kinds of loans or credit facilities for that extra credit requirement that might pop up any time. While getting unsecured loans take time as it requires document verification, getting secured credit facilities is an easier job.
Cashout and Overdraft are two such credit facilities. Both of these loans are secured. Credit is drawn on your existing mortgage in case of Cashout and on a collateral in case of an Overdraft.
Cashout is a kind of term loan which lets a customer refinance their mortgage to get cash liquidity. A customer doesn’t have to sell off their property to get cash in hand. Cashout loan can be paid off in monthly installments over the agreed loan tenure.
Citibank also offers overdraft facilities, a credit line that allows you to access funds any time you need, at attractive rates of interest. Overdraft facilities from Citibank can help you take care of finances for a new car, a dream holiday or a new business venture.
Citibank Cashout and Overdraft come with many features and benefits such as:
Besides the common one, Cashout and Overdraft have a few unique features that make them particularly desirable.
Citibank offers a wide variety of interest rate packages, ranging from 1/3/6/12 months SIBOR tenures for cashout.
The Singapore Interbank Offered Rate (SIBOR) for the month of March, 2017, are:
|1 month SIBOR||0.7148%|
|3 months SIBOR||0.9390%|
|6 months SIBOR||1.2450%|
|12 months SIBOR||1.3780%|
The temporary Overdraft fee is prevailing prime lending rate + 5%.
For overdraft facility:
For cashout facility:
Q. What is required margin in case of Overdraft?
Ans. Required Margin is minimum amount of margin required to support the outstanding loan amount. Required Margin is derived from dividing the outstanding loan amount with the percentage of Quantum of Finance minus the outstanding loan amount.
RM = Outstanding Loan Amount/QOF % - Outstanding Loan Amount
Q. What happens if the value of my securities drop?
Ans. Depending on what percentage of value erosion has occurred, the bank can take the following steps:
Q. How to apply for a Citibank Overdraft?
Ans. For a new customer:
Complete the application form online and the bank will shortly get in touch with you.
For an existing Citibank IPB customer:
Q. How do I apply for a Cashout?
Ans. You can apply for a Cashout in 4 simple steps:
Step 1: Submit loan application along with the required documents.
Step 2: Receive the Letter of Offer (on approval of loan) and sign it.
Step 3: Meet the lawyer to execute mortgage and any other documents.
Step 4: You will receive the Loan Disbursement Letter within 7 business days from the date of completion.