Description

Citibank offers personal loans at one of the lowest interest rates ranging between 9.99% to 17.99% p.a. You can borrow up to Rs.30 lakh for your personal expenses like medical bill payment, wedding in family, car purchase, home renovation, etc. Citibank offers a personal loan for up to 60 months. The bank charges a nominal processing fee of 3% of the sanctioned loan amount.

Citibank interest rates and charges 2021

Citibank personal loan interest rates start from as low as 9.99% per annum. Personal loan interest rates charged by Citibank depend on key factors such as the applicant’s income, loan amount, tenure, credit score, etc. Here are Citibank personal loan interest rate based on an applicant’s income is as follows:

Citibank interest rates for salaried individuals

Net take home salary (per month)

Loan amount

Interest rate

Processing fees

Less than 60,000

  Less than 5 lakh

12.99 – 14.24%

0.99 - 2.0%

Rs. 5 lakh – 10 lakh

11.99 - 13.24%

0.99 - 2.0%

Rs. 10 lakh

9.99 – 12.24%

0.50 - 0.99%

From 60,000 – 1 lakh

Less than 5 lakh

12.25 - 13.50%

0.99 - 2.0%

Rs. 5 lakh – 10 lakh

11.50 – 12.75%

0.99 - 2.0%

Rs. 10 lakh

9.99 – 11.75%

0.50 - 0.99%

More than 1 lakh

Less than 10 lakh

9.99 – 11.75%

0.99 - 2.0%

Rs. 10 lakh and above

9.99 – 11.75%

0.50 - 0.99%

For self-employed professionals

Income (Gross annual take home income)

Interest rate (p.a.)

Processing fee

Less than Rs. 10 lakh

17% to 17.99%

2% to 3%

Rs. 10 lakh and above

16% to 16.99%

2% to 3%

For self-employed non-professionals 

Income (Gross annual take home income)

Interest rate (p.a.)

Processing fee

Less than Rs. 10 lakh

17.99% to 18.99%

2% to 3%

Rs. 10 lakh and above

17.49% to 18.49%

2% to 3%

Factors that affect Citibank Personal Loan Interest Rates

  • Loan tenure: Citibank personal loan interest rate depends upon the loan tenure chosen by applicants. If you apply for a short-term loan, the bank is most likely to charge a higher interest rate. However, longer tenure will increase the total interest payable.
  • Relationship with the bank: If you are an existing customer of Citibank and share a good relationship with the bank, it is more likely that bank will offer you a personal loan at lower interest rate, provided you have good track records and fulfil the personal loan eligibility criteria.
  • Repayment capacity: As a personal loan is an unsecured loan, repayment capacity of a borrower is of seminal importance. The bank checks your CIBIL score to determine your repayment capacity. Individuals with a regular income and good credit history will get a lower interest rate on a personal loan. 
  • Employment details: The employment status of an applicant plays a crucial role in determining the interest rates applicable on a personal loan. Individuals working with reputed organizations may get a personal loan at lower interest rates as compared to other applicants whose income is not stable. 

Citibank Bank Personal Loan vs Other Personal Loans

 

Lender

Interest rate (p.a.)

Tenure

Loan amount

Processing fee

Citibank

9.99% onwards

12 to 60 months

Up to Rs. 30 lakh

Up to 35 of loan disbursed

ICICI Bank

11.25% - 22%

12 to 60 months

Up to Rs. 20 lakh

 

Axis Bank

12% - 24%

12 to 60 months

Rs. 50,000 to Rs. 15 lakh

Up to 2% + GST

Yes Bank

10.99%

12 to 60 months

Rs. 1 lakh to Rs. 40 lakh

Up to 2.5% of the loan + GST

Features of the Citibank Personal Loan

  • Flexible loan amount and tenure
  • Minimal documentation and quick disbursal 
  • Online eligibility checking
  • Partial and full prepayment options are available
  • Easily affordable rates

FAQs

Q1How soon will I receive the funds after submitting the loan application form?
You will receive the funds into your account within 48 hours of your loan application getting approved.
Q2 How much personal loan can I get from Citibank?
Citibank offers a personal loan between Rs. 10,000 and Rs. 30 lakh. You will get the loan amount based on your repayment capacity and credit history.
Q3Can I foreclose the loan during the loan tenure?
Yes, Citibank allows customers to prepay personal loans with applicable charges – up to 4% on the principal outstanding + interest for going on month + GST.
Q4What processing fee will I have to pay on Citibank personal loan?
Citibank charges a processing fee of 3% of the sanctioned loan amount