Cash woes? A personal loan to the rescue!

    Citi Quick Cash Instalment Loan Review – Enjoy Instant Loan Approval

    A personal loan application reviewed, processed, and approved all in 1 hour! With the Quick Cash Instalment Loan from Citi, you may get an update on the status of your loan application within an hour. With competitive interest rates and flexible loan tenures, this is arguably a considerable option available in the personal loan market in Singapore today.

    1-Hour Loan Approval, Preferential Interest Rates: Is This Loan Right for You?

    • Maximum borrowing amount: You won’t be granted a loan that exceeds 90% of the combined credit limit available on your Citi card accounts.
    • Minimum borrowing amount: You can’t borrow an amount less than S$1,000.
    • 1-hour loan approval: Call the bank or make a visit to your nearest Citi branch to submit an application. Subject to certain terms, your loan may be approved within 1 hour.
    • Attractive interest rates: Flat rate of interest starts from 4.55% p.a., making this loan one of the most attractive in the market.
    • Quick cash disbursal: Cash maybe disbursed and credited to your nominated bank account 3 days to 5 days from the time of approval.
    • Flexible tenure options: The loan tenure could go up to 5 years.
    • Easy tracking of application: Simply call the bank or visit a branch near you to check the status of your application.

    Increase Your Savings With Low Interest Rates

    Fed up of paying high interest charges on your credit borrowings? The following are the rates that apply depending on the tenure of the loan and the nature of relationship you have with the bank:

    For New Ready Credit or Credit Card Customers:

    Loan Tenure Nominal (Flat) Rate of Interest Effective Rate of Interest (EIR)
    1 year 4.94% p.a. 9% p.a.
    2 years 4.82% p.a. 9% p.a.
    3 years 4.55% p.a. 8.5% p.a.
    4 years 5.72% p.a. 10.5% p.a.
    5 years 5.79% p.a. 10.5% p.a.

    For Existing Ready Credit or Credit Card Customers:

    Loan Tenure Nominal (Flat) Rate of Interest Effective Rate of Interest (EIR)
    1 year 6.06% p.a. 11% p.a.
    2 years 5.65% p.a. 10.5% p.a.
    3 years 5.39% p.a. 10% p.a.
    4 years 6.75% p.a. 12.25% p.a.
    5 years 6.85% p.a. 12.25% p.a.

    [Disclaimer: The numbers used here are for illustrative purposes only. Actual results could be different.]

    Fees and Charges That Would Apply to Your Loan

    Savings on a loan can only be significant when both interest rates and other fees/charges are low. Here’s all you need to know about the fees and charges that apply on this loan:

    • If you want to cancel your loan, you’ll have to pay 3% of the outstanding balance, subject to a minimum of S$100, as a cancellation charge.
    • A service fee may be applied upfront on your loan. If the amount isn’t paid in full, prevailing interest rates may additionally become applicable.
    • If full payment is not made within the due date, you’ll be charged a late fee.
    • If you fail to make full payment on time, interest on the outstanding balance on your loan, would be charged at the then prevailing interest rate.

    Keep in Mind: Application for a Loan Amount Below S$1,000 May Be Rejected

    • Application for a loan amount below S$1,000 may be rejected.
    • The loan amount can’t exceed 90% of the credit limit available on your card accounts.
    • Partial prepayment of the loan isn’t allowed.
    • The service fee charged upfront, will be non-refundable in nature.
    • If you don’t make the minimum payment for 2 consecutive months, the bank reserves the right to terminate your loan. In such a situation, the entire outstanding balance on your loan, will become payable immediately.
    • The permanent credit limit available on your Citi card on Ready Credit account will be diminished by an amount equal to the loan amount approved. It will be restored progressively with each instalment payment. Remember that the change of credit limit will be reflected only upon the settlement of your payment.
    • The loan disbursement time could be more than 1 hour. The actual time required could vary depending on the mode of loan disbursal.
    • The bank will take no responsibility for any loss or damage that you may suffer due to its inability to process your loan application within 1 hour.
    • You can’t use this term loan to pay down the dues on another unsecured credit facility that you may have with Citi.
    • You can apply for this loan if and only if you’re the principal owner of a Citi card.
    • In order to be eligible for the 1-hour loan approval programme, you’ll have to either call the bank on a weekday (except for public holidays), or visit a participating bank branch/instant banking centre on a weekday during the specified timings.

    Are You Eligible to Apply?

    Click here to learn about the loan eligibility requirements. Also, don’t forget to check the page for the list of supporting documents that you’ll have to furnish when you’re submitting your application.

    Ready to Apply? Here’s How You Can

    Want to save time? Apply on our website conveniently.  Alternatively, you can also visit a Citi branch or dial their hotline number to complete the formalities.

    Still Looking for an Answer? Check the Following Section for More Information

    Q. I want to make an early repayment on my loan. What is the procedure?

    A. You can prepay your loan after repaying the outstanding dues in full. However, you’ll have to notify the bank at least 1 month before the date of prepayment in writing or by making a telephone call. The bank may, at its discretion, also allow you to notify it in a manner that it deems fit. The dues have to be settled in accordance with the cardmember’s agreement.

    Q. I am an existing Citi customer. Am I eligible for the 1-hour approval programme?

    A. Yes. Whether you’re associating yourself with the bank for the first time or have had a long-standing relationship with the bank, you’re eligible for this programme.

    Q. How is the interest for a particular month calculated?

    A. The interest will be calculated by multiplying the outstanding balance with the effective interest rate (EIR) applicable and then dividing the product by 12.

    So, Monthly interest = (Balance Due x EIR)/12

    Q. Can I instruct the bank to disburse the loan amount through a channel of my choice?

    A. You can choose one from the options available. You can collect the cash from a bank branch, ask the bank to credit it to a Citi savings account, or ask the bank to transfer it to a non-Citi savings account.

    Q. Can my loan application be rejected even if I meet the eligibility criteria?

    A. Yes. The bank may use internal policies, risk management policies, and credit management policies, in addition to the general loan eligibility criteria to evaluate your application.

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