• Personal Loan BYTES FROM OUR KITCHEN

    Citibank Ready Credit Loan

    Citi is one of the largest players in the Singapore market, and offers a wide range of banking products and services. The bank offers customers with the balance transfer option on credit cards and the Ready Credit Account. This means you can transfer your credit card balance or your existing credit line balance to your Citibank Balance Transfer account.

    Let’s take a detailed look at the Citibank Balance Transfer provision in Singapore and see what you can expect from the product.

    Types of personal loan

    Citi offers the following personal loan options to customers:

    • Personal Loan
    • Ready Credit
    • Balance Transfer

    Features and Benefits

    • The interest rate is 4.55% p.a. (EIR 8.50% p.a.) for 12, 24, and 36 months for new customers.
    • Existing customers will incur an interest rate of 6.85% p.a. (EIR 12.25% p.a.) for 60 months.
    • Borrow up to four times your monthly salary.
    • Shop securely online with Citibank Ready Credit Card.
    • Make contactless payments via Citi Pay and Samsung Pay.
    • Get access to cash at more than two million ATMs in Singapore and overseas.
    • Save more when you transfer your outstanding balances on other credit cards or credit line to Citibank Ready Credit Account.
    • Enjoy free chequebook.

    Interest rates

    New customers

    Loan Tenure Processing fee to be paid upfront EIR
    6 months 3% 14.82% p.a.
    12  months 6.60% 15.20% p.a.
    18 months 9% 13.63% p.a.

    Existing customers with a Ready Credit

    Loan Tenure Processing fee to be paid upfront EIR
    12 months 6.06% 11%
    24 months 5.65% 10.50%
    36 months 5.39% 10%
    48 months 6.75% 12.25%
    60 months 6.85% 12.25%

    Fees and Charges

    In case you cancel your loan application, S$100 or 3% of the principal amount (unbilled), depending on whichever is higher, will be applicable.

    Promotions

    Joining perk for new customers

    Here are the promotional interest rates for new Ready Credit customers:

    Tenor in months 12 24 36 48 60
    EIR (p.a.) 8.50% 8.50% 8.50% 10.50% 10.50%

    Documents Required

    • A photocopy of the NRIC (both sides).
    • Salaried employees:
      1. 1-year CPF statement submitted online through the bank’s website or
      2. Most recent Income Tax NOA (Notice of Assessment)  or recent computerised payslip (original)
    • Self-employed:
      1. Most recent Income Tax NOA and
      2. 3 months’ bank statements
    • Foreigners:
      1. Passport and work permit
      2. Utility bills or telephone bill or bank statement
      3. Income Tax NOA and payslips

    How to Apply?

    • Call 6238 8888 between Mondays and Fridays (excluding public holidays) from 9:00 a.m. to 5:00 p.m.  to apply for this loan.
    • Alternatively, you can visit your nearest Citi branch (excluding Woodlands and Asia Square) between Mondays and Fridays from 10:30 a.m. to 2:30 p.m.
    • You can also visit Citi Instant Banking Centres (excluding Changi Business Park) between Mondays and Fridays from 10:30 a.m. to 5:00 p.m.

    FAQs

    Q. Can the credit limit of Citibank Ready Credit be extended?

    A. 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.

    Q. Can I get a Citibank Ready Credit Card without opening a Ready Credit account?

    A. No. The credit card is linked to the Citibank Ready Credit account and does not come independently.

    Q. What is the credit limit of my Citibank Ready Credit Card?

    A. The credit limit of the credit card linked to the Ready Credit Account is as much as that of the credit line.

    Q. Will my loan amount be disbursed in 1 hour?

    A. No, the approval of the loan amount takes place in an hour.

    Q. How will I receive the approved amount?

    A. The amount will be credited to your Citi account or in your account with another bank. Alternatively, you can collect cash from the bank.

    Q. Will I get an SMS or a mail about the status of the loan?

    A. You can call the bank on 6238 8888 or visit the respective branch to know the status of the loan.

    Q. How long will you take to disburse the loan amount?

    A. After your amount is approved, it will be disbursed within 3 to 5 days.

    Q. Can foreigners apply for this loan?

    A. No, foreigners are not eligible to apply for this loan.

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