Citibank is one of the most reputed international banks functioning in Singapore. It has financial products for all kinds of needs and people. From credit cards to loans and investment to insurance, Citibank dominates the market. Citibank personal loans are very popular due to attractive features and reasonable interest rates. One of the most popular personal loan option offered by Citibank is the Ready Credit Loan.
Features & Benefits of Citibank Ready Credit Loan
Here are some salient features of this personal loan option:
- You can get up to 4 times your monthly income as loan.
- You don’t need to put in any collateral to get this loan.
- You need to pay interest only on the amount that you actually use and not on the total disbursed amount.
- The interest rates are as low as 1.663% per month.
- You also get a Citibank Ready Credit Card along with this product. This credit card will give you 1% cash rebate on all retail purchases and comes with a daily spending limit of S$2,000.
- You also get a chequebook along with the loan account.
- You can transfer funds online to another account, both in and out of Singapore.
- You can withdraw money from the Ready Credit Account conveniently and as per your need through an ATM card.
Eligibility Criteria for Citibank Ready Credit Loan
The parameters you need to meet for getting this kind of loan are:
- Minimum age: 21 years
- Annual income:
- Singaporeans and Permanent Residents - S$30,000
- Foreigners - S$42,000
How to Apply for Citibank Ready Credit Loan
You can apply for the Citibank Ready Credit Loan either online or offline. For online applications, go to the official website of the bank. For offline applications, visit your nearest Citibank branch with all the required documents. You can also call the bank on +65 6363 6666 and get their help in applying for the loan.
Fees & Charges of Citibank Ready Credit Loan
- Annual fees: S$80 - waived for the first year
- Minimum monthly payment - S$45 or 3% of the outstanding balance, whichever is greater
- Late payment fee: S$90
- Over-limit fee: S$40
- Returned cheque fee: S$30 per failed cheque
Interest Rates for Citibank Ready Credit Loan
The effective interest rates for this loan product are:
Regular interest rate: 19.95% p.a.
Promotional interest rate in case of good conduct: 12.50% p.a.
- If you haven’t made payment in the previous month: 22.95% p.a.
- If haven’t made payments for 2 or more times out of 6 months: 25.95% p.a.
Required Documents for the Loan scheme
You need to submit the following documents to the bank for successful approval of the Ready Credit Loan:
- Identity documents:
- Photocopy of NRIC (both the sides)
- Work permit/Employment pass copy (for foreigners)
- Passport copy (for foreigners)
- Income proof:
- The most recent computerised payslips
- Latest Income Tax Notice of Assessment (1 years for salaried persons and 2 years’ for self-employed persons)
- The latest 12 months’ CPF contribution history
- Bank statement for the last 6 months (for self-employed persons)
- Utility bills as local address proof for foreigners residing in Singapore
How to Manage your Citibank Ready Credit Loan
You can log in to your Citibank internet banking services to check your utilization, balance amount and payments. Instalment payment can be made easily through online funds transfer, using AXS or SAM stations across Singapore, through cheques or even in cash. For all further enquiries you can either call the Citibank customer service hotline or go to any branch of the bank and talk to officials there.
Explore the Other Loans Offered By Citibank:
- Is Citibank Ready Credit loans a typical loan product?
Citibank Ready Credit loans is not a typical personal loan scheme as the credit is offered through a credit card.
- Can the credit limit of Citibank Ready Credit be extended?
Yes. You can ask for a credit limit review if you are in need of more funds. The credit limit increase can be temporary or permanent as per your requirements.
- Can I get a Citibank Ready Credit Card without opening a Ready Credit account?
No. The credit card is linked to the Citibank Ready Credit account and does not come independently.
- What is the credit limit of my Citibank Ready Credit Card?
The credit limit of the credit card linked to the Ready Credit Account is as much as that of the credit line.