• Citibank Paylite Instalment Loan

    Personal Loan BYTES FROM OUR KITCHEN

    Citibank PayLite Instalment Loan Singapore

    If you are looking for a personal loan in Singapore and researching on the most popular personal loan products, the Citibank PayLite Instalment Loan might just be the ideal personal loan product for you. The loan comes with a host of features and gives you the much needed access to immediate funds, enabling you to take care of emergency situations that demand urgent access to funds, holiday, wedding, educational requirement or home renovations. Let us look at the various features of the Citibank Paylite Instalment Loan and see why this product might have everything you’d ask for from a personal loan.

    Features of the Citibank PayLite Instalment Loan

    • The Citibank PayLite Instalment loan works like any other conventional personal loan in Singapore – you can choose your loan repayment tenure.
    • The interest rates (Effective Interest Rate) for the loan start from 14% p.a. certain customers get preferential interest rates – this is dependent on parameters including a good credit outlook and an existing relationship with Citibank.
    • Loan instalment periods can be stretched for a period of 60 months. The minimum tenure is 12 months.
    • If you wish to apply for the loan, you can visit the official website of Citibank and fill out the online PayLite loan application form.

    Benefits of the Citibank PayLite Instalment Loan

    • Upon applying for the loan, you will receive an approval within 1 hour. Once your loan is approved and your documents are verified, you will receive the cash almost instantly in your account.
    • Customers enjoy a preferential interest rate based on their credit score and existing relationship with Citibank.
    • Customers enjoy a flexible repayment period on their loan.

    Interest rates for Citibank Paylite Instalment loan

    Loan period Annual interest rate (% p.a.) Effective interest rate (% p.a.) Processing fee
    12 months 4.66% 8.50% 4%
    24 months 4.55% 8.50% 4%
    36 months 4.55% 8.50% 4%

    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 6.06% 11.00% 4%
    24 months 5.65% 10.50% 4%
    36 months 5.39% 10.00% 4%
    48 months 6.75% 12.25% 4%
    60 months 6.85% 12.25% 4%

    Loan interest rates for SmartCash customers

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

    Eligibility criteria

    • The applicant has to be minimum 18 years of age.
    • The loan is available to customers who possess a CIMB credit card with an active account for a minimum period of 2 months.
    • No amounts lesser than S$1,000 will be approved. The minimum loan amount is S$1,000.
    • Customers are expected to meet the minimum eligibility criterion in order to qualify for the loan.

    Documents to be submitted to the bank

    Here is a list of documents that you are required to submit along with your loan application:

    • Front and back copy of NRIC
    • CPF contribution history for the last 2 years
    • Latest Income Tax Notice of Assessment
    • Income documents - latest computerized payslips
    • Bank statements for the last 3 months

    Explore the Products Offered By Citibank Singapore

    FAQs

      Q. How do I repay the Citi PayLite Instalment Loan?

      You can repay the Citi PayLite Instalment Loan in monthly instalments. The monthly instalment amount on your loan remains fixed throughout the period of your loan tenure.

      Q. What is the maximum loan tenure period?

      The maximum loan tenure period is 60 months (5 years).

      Q. How do I apply for the loan?

      You can apply for the loan by visiting the official Citibank website and placing an online request by filling out the application form and submitting the relevant loan documents. An executive from Citibank will subsequently get in touch with you and help you obtain further details if necessary. Citibank will then process and approve your loan application.

      Q. Is the loan a secured loan or an unsecured loan? Does it require a collateral?

      The loan is an unsecured loan and does not require any collateral.

    Read More about Personal Loans in Singapore

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