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.
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:
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:
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.
Let us consider the following example:
If you have an outstanding balance of S$10,000 on your Ready Credit Account, the net interest payable on your next bill, will be S$172.19. Considering that you had racked up a similar debt on your card, which charges an EIR of 25% p.a., your due would have been S$205.48 over a 30-day billing cycle. So, you can save S$33.29. The bigger the loan amount, the more will be your savings.
[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.|
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:
|Cancellation fee||S$100 or 3% of the outstanding balance, higher of the two|
|Minimum interest charge||S$5|
|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|
Before you hit the “apply” button, consider the following points:
You’ll be eligible for a line of credit from the bank if:
Your application won’t be accepted without a list of supporting documents. Click here to know everything about them.
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
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:
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.