Cash woes? A personal loan to the rescue!

    Citibank Ready Credit Review: Recommended for Those Who Want Instant Approval

    Disrupted cash flow can deal as powerful a devastating blow to a household as it would to a business. Sometimes, you may not even have the choice to postpone an expense simply because you couldn’t anticipate it. And obviously, when you can’t predict a cost, you can’t make a provision for it. Ready Credit from Citi offers you two options – a line of credit that offers you cash whenever you want and an instalment loan that comes with flexible repayment tenure options and low interest charges.

    Low Interest Charges, Convenient Bill Payment: Citibank Ready Credit Features and Benefits

    • Turnaround: Along with multiple convenient application channels, you’ll enjoy quick approval once your application is successfully processed.
    • Low interest rate: The interest rate is usually lower than the charges applicable on an average credit card.
    • Complimentary credit card: Get a card with a daily spending limit of S$2,000 when you apply for the loan. You’ll enjoy a number of dining, shopping, and travelling privileges on this card. If needed, you may also withdraw cash anytime at more than 2 million ATMs around the world.
    • Fast bill payment: Bills can be paid online in a completely secure manner.
    • Complimentary chequebook: Make payments conveniently with a FREE chequebook.
    • Balance transfer: Transfer the outstanding balance on open lines of credit or cards issued by other financial institutions to your Ready Credit Account and make substantial savings.

    Superfast Approval, Flexible Instalments: Citibank Ready Credit Paylite Features and Benefits to Consider

    If you’re one of the approximately 42% of the loan applicants in Singapore who value ease of application or one of the approximately 34% of the loan applicants who see speed of approval as the key to a successful relationship, you may find this product suitable. Here are some of the most important features and benefits:

    • Turnaround: You may be informed of the status of your application within an hour, subject to conditions. The approval/disbursal may, however, take longer. In general, the loan amount may be credited to your bank account within 3 days to 5 days.
    • Credit Limit: You may borrow up to 4x your monthly income, subject to fulfilment of conditions.
    • Flexible Instalments: You may choose a tenure from 1 year to 5 years.
    • Affordable interest charges: Currently, new customers have to pay an effective interest rate (EIR) as low as 8.5% p.a., for existing customers, EIR start from 10% p.a.

    Sign Up Today and Enjoy Promotional Rates of Interest on Paylite

    As a new customer, you’ll be offered lower interest rates with no service fee. This can enhance your savings and make the loan more affordable. Currently, as a new Ready Credit customer, you’ll enjoy flat rates as low as 4.55% p.a. and EIR as low as 8.5% p.a. This offer is valid only on 12-, 24-, and 36-month instalment loans as of now. The current promotion will end on 31 December 2018. You’ll be eligible for this offer if:

    • You have opened a Ready Credit Account during the promotion period.
    • You have switched from a SmartCash account to a Ready Credit Account during the promotion period.
    • You have applied for a Ready Credit Paylite loan within 60 days of opening a Ready Credit Account.

    Enjoy Affordable Interest Charges and Save on Your Repayments

    Lower interest charges mean higher savings. If you apply for a Ready Credit Paylite instalment loan or line of credit, you’ll enjoy competitive rates that will lower the cost of your borrowings and you may even become debt-free quicker. On this Citi line of credit, the prevailing interest rate is 20.95% p.a. which is lower than the EIR on most credit cards. If you haven’t made the minimum monthly payment in the current month but your account hasn’t been past due on two or more occasions in the last 6 months, an interest rate of 23.95% p.a. will apply. If you have defaulted on payments twice or more in the last 6 months, an interest of 26.95% p.a. will apply.

    [Disclaimer: The numbers used in the above example are for illustrative purposes only. The results and savings may be different in reality. Moreover, the interest rate offered to you may vary from the published rates.]

    If you apply for Paylite term loan, you’ll enjoy the following rates:

    New Ready Credit Customers:

    Tenure 12 months 24 months 36 months 48 months 60 months
    Flat rates (nominal rates) 4.66% p.a. 4.55% p.a. 4.55% p.a. 5.72% p.a. 5.79% p.a.
    Effective interest rates (EIR) 8.5% p.a. 8.5% p.a. 8.5% p.a. 10.5% p.a. 10.5% p.a.

    For off-line applications, an upfront service fee will be charged. No interest charge would apply. Here are the available tenure options:

    Tenure 6 months 12 months 18 months
    EIR 14.82% p.a. 15.2% p.a. 13.63% p.a.
    Service charge (upfront) 3% 6.6% p.a. 9% p.a.

    Existing Ready Credit Customers or Citi Cardholders:

    Tenure 12 months 24 months 36 months 48 months 60 months
    Nominal rates of interest 6.06% p.a. 5.65% p.a. 5.39% p.a. 6.75% p.a. 6.85% p.a.
    Effectives rates of interest (EIR) 11% p.a. 10.5% p.a. 10% p.a. 12.25% p.a. 12.25% p.a.

    Fees and Charges That You Should Know About

    Apart from interest charges, high fees and charges can often make a loan unattractive. When you choose this credit facility, you may feel that the fees/charges are quite reasonable. Here’s a look at the most important ones:

    Annual fee S$100
    Cancellation fee S$100 or 3% of the outstanding balance, higher of the two
    Minimum interest charge S$5
    Overlimit fee S$40
    Late payment fee S$100
    Fee on returned cheques S$30 per cheque
    Stop-cheque fee S$30 per cheque
    Minimum payment 3% of the outstanding balance in addition to any outstanding on your Paylite loan, subject to a minimum of S$45

    Things to Consider: Minimum Borrowing Amount Can Not Be Less Than S$1,000

    Before you hit the “apply” button, consider the following points:

    • You can’t borrow less than S$1,000 under the Paylite programme.
    • The aggregate of the Paylite loan amount and any other outstanding balance on your Ready Credit Account can’t exceed 90% of the credit limit approved.
    • If the minimum monthly due is not repaid for 2 consecutive months, the bank may terminate the Paylite programme and bill the total outstanding in the next statement.
    • This credit facility can’t be used to repay the outstanding dues on another unsecured credit facility from Citi.
    • An annual fee would apply on your line of credit, as long as the account remains active, irrespective of whether you’re using the credit available or not.
    • Even if you’re informed of the status of your application within an hour of successfully applying, disbursement of the loan amount could take longer.

    Are You Eligible for Citibank Ready Credit?

    You’ll be eligible for a line of credit from the bank if:

    • You’re aged 21 years and above.
    • If you’re a Singaporean citizen or PR, having an annual income of at least S$30,000.
    • If you’re a foreigner, your annual income can’t be less than S$42,000.

    Your application won’t be accepted without a list of supporting documents. Click here to know everything about them.

    Enjoy a Fast and Fuss-Free Experience While Applying

    If convenience or lack thereof are your biggest worries with online loan applications, try applying on our website. It’s smooth, effortless, and fast. Alternatively, you may walk into the nearest Citi branch and apply in person. If you need further assistance, call the bank’s hotline. You may visit any of the following branches if you want to apply offline:

    Punggol Branch: 83, Punggol Central, Waterway Point, #01-17, Singapore 828761 Asia Square Branch: 8 Marina View, Asia Square Tower 1, Singapore 018960

    Changi Business Park — Instant Banking Centre: 3 Changi Business Park Crescent Level 1, Singapore 486026

    Boon Lay SMRT Station — Instant Banking Centre: 301 Boon Lay Way #01-15, Singapore 649846

    Need More Information? Read on to Learn More

    Q. Can I participate in the 1-hour loan approval programme any time I want?

    A. You may call the bank’s hotline number, or visit the bank’s branch/instant-banking centre on a weekday within a specified time period, to be eligible for this programme. This programme excludes public holidays and weekends.

    Q. Is 1-hour loan approval guaranteed?

    A. No. There are certain preconditions. If you have provided all the information and uploaded the documents online by 5:00 p.m. on the same day, you’ll receive a callback from the bank for confirmation. If you don’t reply to the first 3 attempts, you can’t hold the bank liable for not approving your loan application within 1 hour. If you’re applying at a branch, make sure that you have submitted valid documents and the completed form during the working hours.

    Q. How do I settle the outstanding balance on my Ready Credit Account?

    A. You can pay the dues on your loan through one of the following channels:

    • Depositing cash at a branch or through an ATM.
    • Issuing a crossed cheque and mailing it to the Robinson Road branch of the bank.
    • Through a SAM or SAMPLUS machine.
    • Through an AXS station.

    Q. Can the bank help me retrieve my lost/misplaced/stolen chequebook?

    A. While retrieval of a lost chequebook may not always be possible, you should, nevertheless, inform the bank immediately. The bank will suspend the chequebook and prevent possible misuse.

    Q. Can I convert my Ready Credit Account into a joint account or vice-versa?

    A. Yes. However, you’ll have to seek express approval from the bank, first. You may also be able to convert a joint Ready Credit Account into one that’s owned just by you, if the bank agrees.

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