Cash woes? A personal loan to the rescue!

    Citi Personal Line of Credit Review: Speed and Convenience Assured With Every Drawing

    Need fast money? The Citibank Ready Credit line of credit could solve your monetary problems in an effective manner. With this fast and secured credit line, you could borrow up to 4 times your monthly income. Interest rate could be as low as 20.95% p.a. Let us now look at the features and benefits of this product in detail in the following section:

    Low Interest Rate, Multiple Cash Withdrawal Options: Should You Apply for This Loan?

    Here are the most important features of this loan product:

    High Borrowing Ceiling: You can borrow up to 4 times your monthly income, subject to conditions. So, if your monthly income is S$2,500, you could expect a loan of up to S$10,000. However, the bank reserves the sole discretion of determining the loan quantum. You’ll, however, have the freedom to utilise credit up to the credit limit approved for your Ready Credit account.

    High Interest Savings: Interest rates on this loan start at 20.95% p.a. which is comparatively lower than other banks’ credit card interest rates that are usually upwards of 25% p.a.

    Debt Roll-Over Facility With Minimum Monthly Payment: With this credit facility, there is no need for a fixed monthly payment. Simply pay the minimum amount due, as decided by the bank, to roll over the debt and to continue redrawing from the credit available. Here’s the minimum amount due that you’ll be charged:

    Outstanding Balance Minimum Payment Due
    Less than S$45 Full outstanding balance
    S$45 or more 3% of the outstanding balance, subject to a minimum of S$45

    Multi-Utility Facility: You may use your Ready Credit line of credit for any of the following services:

    • To transfer funds online.
    • To make payments or withdraw cash using cheques.
    • To pay bills online.
    • To withdraw cash using Ready Credit ATM or credit card. Cash can be withdrawn from over 2 million ATMs spread across the world.
    • Make contactless purchases and payments.
    • Draw a term loan from this line of credit and make fixed payments on a monthly basis.

    Convenient Repayment Options: You can make monthly payments using any of the following modes available:

    • Pay using a SAM or SAMPLUS machine.
    • Pay in cash or cheque at a Citi branch.
    • Pay via Citi ATM machines.
    • Pay by sending a crossed cheque to the Robinson Road branch of Citi via mail.
    • Pay at an AXS station.

    Hassle-Free Balance Transfer Facility: If you wish to lower your interest commitments and financial burden, simply transfer outstanding balances from your high-interest credit cards or lines of credit to this Ready Credit account. The process is fast and simple.

    Statement on a Monthly Basis: The bank may send you a statement of account at the end of each month. It would help you know your transactions, outstanding balances, and fees and charges applicable.

    How Much Can You Save on Interest Payments?

    Interest on this loan starts from 20.95% p.a. Interest is calculated on a daily basis on the outstanding debit balance. If you have an outstanding balance on your line of credit by the end of a month, a minimum charge of S$5 will have to be paid.

    [Disclaimer: The numbers used in this example are for illustrative purposes only. They could be different from actual results.]

    You could even use the interest savings calculator available on the bank’s website to calculate your monthly savings.

    What Are the Most Common Fees and Charges on This Loan?

    You may have to pay the following fees and charges on this line of credit:

    • An annual fee of S$100.
    • A handling fee for a dishonoured cheque.
    • A service fee for a stop-payment request on an issued cheque.
    • A handling fee for a failed GIRO request.
    • Charges and fees for any service provided in relation to your Ready Credit account.
    • An overlimit fee, where applicable.

    Take the Following Into Consideration: Joint Customers May Not Be Given Credit Card

    Here are some of the things that you should wrap your head around before making an application:

    • The bank reserves the right not to issue a credit card to joint account holders of a Ready Credit account.
    • In case of an overdrawn account, the bank may not honour your cheques, online transactions, or ATM transactions.
    • The bank may grant additional credit limit, notwithstanding the original credit limit, at its absolute discretion, from time to time.
    • If your account is inactive for a certain period for any reason, you may not receive account statements during that period.
    • If you spot any irregularity in the monthly statement, you must inform the bank of it within 10 days from the date of statement issue. Failure to do so may mean that you won’t be able to ask for a remedial action.
    • Any withdrawal from your account will first be from any credit balance reflected in your Ready Credit account.
    • The bank may levy a handling fee on every single fund transfer request.
    • To terminate a direct debit arrangement, you will have to give the bank at least a month’s notice in writing.
    • You can’t issue a Ready Credit cheque to pay down the minimum payment due on your account.
    • You can’t use monies in this account to pay debts owed to Citi.
    • You can’t use this credit facility to make investments in Citi’s wealth management products or insurance.

    Want to Be Sure of Your Loan Eligibility? Check Here

    You have to satisfy the following conditions in order to be eligible for this loan:

    • You’re aged 21 years and above.
    • You earn at least S$30,000 p.a., if you’re a citizen or PR of Singapore.
    • You earn at least S$42,000 p.a., if you’re a foreigner.

    To learn more about the eligibility criteria and the supporting documents required, please click here.

    Want to Apply? Here’s How You Should Proceed

    Have you already made up your mind about applying? If so, you would probably want to know about the channels available. Citi offers you 3 distinct modes for applying. They are:

    • Online
    • Telephone
    • In-person (at a Citi branch)

    If you want the ability to borrow anytime and anywhere without having to pay interest rates as high as cards, you could consider this loan. It’s fast, safe, and extremely handy. To know more about the other personal loan options from Citi, click here.

    Citibank Personal Line of Credit
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