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    Citibank PayLite Instalment Loan Review: For Those Looking for Fast Approval

    Need instant cash? When you apply for this Citi instalment loan, you’ll receive a status update on your application within 1 hour, subject to conditions. You can call the dedicated hotline or walk into any branch to enjoy this service. You won’t have to wait with bated breath for 5 days to know whether your loan has been sanctioned or not! In addition, low interest rates and flexible tenure options make this loan a good option if you’re in the market looking for instalment loans.

    Fast Approval, Attractive Interest Rates: What Really Makes This Loan Value for Money?

    • Maximum loan amount: The aggregate of the loan amount applied for and any outstanding balance in your Ready Credit line of credit can’t exceed 90% of the approved credit limit. In any case, you may not be able to borrow more than 4 times your monthly income.
    • Minimum loan amount: Application for an amount less than S$1,000 may not be approved.
    • Fast approval: If all the preconditions are fulfilled, you may be updated on the status of your application within 1 hour.
    • Quick cash disbursal: Cash will usually be disbursed in 3 to 5 business days of approval.
    • Affordable interest charges: If you apply now, you may enjoy nominal interest rates as low as 4.55% p.a. If you pay a service fee upfront, you will enjoy a flat interest rate of 0% p.a.
    • Flexible tenure options: You may choose a tenure option from 1 year to 5 years.
    • Hassle-free application process: You can apply conveniently online or by walking into a bank branch.

    Apply Today and Enjoy Promotional Interest Rates

    The usual low rates applicable on this term loan get even lower if you apply for a Citibank Ready Credit account on or before 31 December 2018. As a new customer, you’ll enjoy a promotional effective interest rate of 8.5% p.a. for the tenures 1 year, 2 years, and 3 years. In order to be eligible for these promotional rates, you’ll have to satisfy either of the following conditions:

    • You’ll have to apply for a Ready Credit account during the promotion period and apply for a PayLite term loan within 60 days of opening the account, provided it is completed before the end of the promotion.
    • Apply for this instalment loan within 60 days of opening a Ready Credit account but no later than the end of the promotion period, provided:
      • You’re an existing SmartCash customer and you have switched to a Ready Credit account during the promotion period.

    Enjoy Affordable Interest Charges on Your Instalment Loan

    Low interest charges can help you save up on your borrowing. This is what this instalment loan has to offer you:

    For a New Customer Who Applies for a Loan Amount Between S$1,000 and S$19,999:

    Tenure 1 year 2 years 3 years 4 years 5 years
    Nominal Interest Rates (Flat Rates) 4.94% p.a. 4.82% p.a. 4.55% p.a. 5.72% p.a. 5.79% p.a.
    Effective Interest Rates (EIR) 9% p.a. 9% p.a. 8.50% p.a. 10.50% p.a. 10.50% p.a.

    For a New Customer Who Applies for a Loan Amount Equal to or Greater Than S$20,000:

    Tenure 1 year 2 years 3 years 4 years 5 years
    Nominal Interest Rates (Flat Rates) 4.11% p.a. 4% p.a. 3.99% p.a. 4.01% p.a. 4.05% p.a.
    Effective Interest Rates (EIR) 7.50% p.a. 7.50% p.a. 7.50% p.a. 7.50% p.a. 7.50% p.a.

    For an Existing Customer Who Applies for a Loan Amount Between S$1,000 and S$19,999:

    Tenure 1 year 2 years 3 years 4 years 5 years
    Nominal Interest Rates (Flat Rates) 5.22% p.a. 4.82% p.a. 4.55% p.a. 5.72% p.a. 5.79% p.a.
    Effective Interest Rates (EIR) 9.50% p.a. 9% p.a. 8.50% p.a. 10.50% p.a. 10.50% p.a.

    For an Existing Customer Who Applies for a Loan Amount Equal to or Exceeding S$20,000:

    Tenure 1 year 2 years 3 years 4 years 5 years
    Nominal Interest Rates (Flat Rates) 5.22% p.a. 4.82% p.a. 4.55% p.a. 5.72% p.a. 5.79% p.a.
    Effective Interest Rates (EIR) 9.50% p.a. 9% p.a. 8.50% p.a. 10.50% p.a. 10.50% p.a.

    [Disclaimer: The numbers used above are for illustrative purposes only. The actual numbers and results may be different.]

    Important Fees and Charges That You Should Be Aware of

    • A cancellation charge of 3% of the outstanding bill amount, subject to a minimum of S$100.
    • In case of delayed payments, an overdue interest or other finance charges and additional fees may apply.
    • The bank may impose a penalty fee on returned cheques.
    • A service fee may be applied by the bank upfront if your application is approved.

    Keep in Mind: You Can’t Apply for an Amount Less Than S$1,000

    • Application for an amount less than S$1,000 may not be approved.
    • The loan amount can’t exceed 90% of the credit limit approved for your Ready Credit account. The credit limit will be progressively restored by an amount equivalent to each monthly instalment, as and when the bank receives such payment.
    • If you don’t pay the monthly dues within 30 days of the payment due date, you may be charged additional interest charges and fees in accordance with the bank’s policies and practices.
    • Partial prepayment isn’t an option.
    • If you decide to prepay the loan or terminate it, you’ll have to give the bank a prior notice of 1 month at least in writing or via their Telephone Banking Service, or any other mode deemed eligible by the bank.
    • The bank may not let you use this loan to pay down the outstanding balance on another unsecured credit facility that you may have with the bank.
    • The bank reserves the right to disclose any personal information that they have on you to a credit bureau recognised by the Monetary Authority of Singapore or to an entity that is a member of such a credit bureau.

    Do You Meet the Eligibility Criteria?

    Before you apply for this loan, make sure that you fulfil the following conditions:

    • Your annual income can’t be less than S$30,000.
    • You may also have to fulfil the general eligibility criteria. Don’t forget to check the list of supporting documents on the page.

    Getting Ready for a Difficult Application Process? Expect Something Different With This Loan

    If you have experienced inconvenience and inflexibility in the past when applying for loans, you may be pleasantly surprised when you apply for this Citi loan. Use any one of the channels available for submitting your application:

    • If you want to save time and effort, you can apply on our website.
    • Visit a Citi branch in person to apply.
    • Call the bank’s hotline.

    Need More Information? Try This Section

    Q. How will the bank disburse the funds once my loan application is approved?

    A. The funds applied for, may be disbursed in one of the following ways:

    • Electronic transfer to an account held with Citi.
    • Electronic transfer to an account held with another bank.
    • Walk into a Citi branch and collect the cash.

    Q. Am I eligible for the 1-hour loan approval programme?

    A. In order to be eligible, make sure that you fulfil the following conditions:

    • You’re a Singaporean citizen or PR.
    • You’re aged below 62 years.

    Additionally, you’ll also have to meet either of the following conditions:

    • You already have a Ready Credit account or a credit card from Citi.
    • You’re submitting an application for a Ready Credit account or a card along with your PayLite application.

    Q. Is there a fixed time period during which I should apply to be eligible for the 1-hour approval programme?

    A. You can call from Monday to Friday, between 9:00 a.m. and 5:00 p.m., to be eligible (public holidays are excluded). You may also visit a Citi branch, other than the Woodlands branch and the Asia Square branch, from Monday to Friday, between 10:30 a.m. and 2:30 p.m. Alternatively, you may also visit a Citi Instant Banking Centre on a weekday (excluding the Changi Business Park), between 10:30 a.m. and 5:00 p.m. to participate in the programme.

    Q. How will the bank notify me of the status of my application?

    A. The bank may inform you about the outcome of your loan application through one of the following channels:

    • By sending you an SMS.
    • By giving you a call.

    Regardless of whether you have been notified through a phone call or an SMS, the bank will also send you a formal letter, informing you about the outcome of your application.

    Q. What will happen if I don’t pay the monthly instalment on time?

    A. If you don’t pay the instalment within 30 days of the due date, you may have to pay additional interest charges (overdue interest) and penalty fees. If you, however, fail to pay the dues on time for 2 consecutive months, the bank may even terminate your loan.

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