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ABOUT CITI BANK
Citibank was founded in the year 1812, originally known as the City Bank of New York & later as First National City Bank of New York. In addition to standard banking transactions, Citibank markets insurance, credit cards, and investment products.
Citibank has a long history in India. Citibank India is an Indian Private sector Bank, a wholly owned subsidiary of Citigroup a multinational financial services corporation headquartered in New York City, United States. Its Indian Headquarters are based in Mumbai, Maharashtra.
Citibank has consolidated its position in India offering individual consumers & Institutions a broad range of financial products and services.
Citi recognized people’s growing need to bank outside traditional banking hours, and in 1977 pioneered its first ATM in Queens, N.Y. Today, 90% of the world’s population is within a 15-minute walk of an ATM. Citi operates over 26,000 ATMs around the world.
As of 2012, Citibank India has been recognised as the ‘Best Consumer Internet Bank in India’ by Global Finance four years in a row, and has received the ‘Best Corporate/Institutional Internet Bank’ Award for two years in a row.
The Core activities of Citibank are lending money, safeguarding assets & lending money, making payments and accessing the capital markets on behalf of clients. With 200 years of experience helping clients meet the world’s toughest challenges and embrace its greatest opportunities.
Citibank is a pioneer amongst Multi National Banks in India providing a wealth of opportunity for its customers & a full range of consumer banking needs.
The Personal loan product from Citibank is the quickest & most efficient way of obtaining funds in the time of need.
WHY CHOOSE TO APPLY FOR A PERSONAL LOAN FROM CITIBANK
A Personal Loan is sought for fulfilling an urgent requirement. There are various Banks & NBFC’S which service personal loans for salaried persons; the benefits of the Citibank Personal Loan, ease & convenience of process make it the best option.
Enumerated below are the features which make CITI Bank personal loans the most popular choice/sought after.
The CITI Bank Personal Loan process is fast smooth & hassle free.
Citibank is miles ahead of competition for the processing of a Personal Loan. Over the years Citibank has created efficient systems as a result the time taken for disbursal of funds is minimal. Once the application is received the details are confirmed & a statuary approval is forwarded. Within 48 hours of submitting a request the applicant is assured that his need will be serviced, giving a sense of relief that the funds required shall be received.
Citibank requires Minimal Documentation for processing of a Personal loan
A personal loan is funded on the basis of the profile of the applicant; the documents provided by the applicant give proof of the same. The documents required by Citibank are relevant & concise & all necessary paper work needs to be submitted one time. There is no further troubling the customer to provide extra documents, which is irksome & wastage of time. All disbursal formalities are completed at the time of application itself. So apply one time with Citibank with all the documents needed. Sit back relax till your funds are received.
Special Personal Loan Schemes for Preferred customers
Giving the elite customers an edge Citibank offers discounted rate of interest & special terms for fore closure & part payment. These offers may compare with the best available from other Banks & NBFC’S. List of Elite customers for Citibank include; Applicants working for companies featuring in the Top companies list, Citibank account holders, High Income applicants, Applicants with a high CIBIL score who have an existing relationship with Citibank.
Best in class rate of interest rate charged @ monthly reducing balance
The Rate of Interest is charged @ monthly reducing balance which entails that the EMI to be paid every month includes a portion of the principal amount with the rate of interest levied. Thus the principal amount borrowed reduces with every Installement paid to the Bank.
The rate of Interest is fixed for the entire tenure & the EMI to be paid remains constant. So the borrower is aware of the amount of monies to be paid month on month & can plan the budget.
Convenient repayment options with the lowest rate of Interest for a Personal Loan
The Citibank Personal Loan repayment is done through monthly Installement .The number of installement to be paid is decided by the bank form a minimum of 12 to maximum of 60 as per the loan amount & the income of the applicant.
The installement is deducted by ECS (electronic clearing system) automatically from the salary account of the applicant so there is no hassle of going to the bank or remembering to pay the installement.
The date on which the ECS will hit is the 1st of every month. An alert is sent to the customer every month to remind him of the date for deduction of the amount. The applicant should make sure that there is sufficient balance in the account for the EMI to clear.
The rate of Interest is the lowest available in the industry, a transparency is maintained at all stages & there are no hidden charges.
A supportive & easily reachable customer services department
At Citibank all customers are treated with priority. Customer care services are available 24/7 for all individuals, whether it is requirement for any details information or a query that need be answered.
All requests are met with promptly; the customer can easily access all the details of his loan account easily know the terms & conditions of her/his personal loan by contacting the customer care.
The online help portal of Citibank is efficient, updates constantly a Citibank customer can easily access all information required regarding her/his personal loan from the portal by giving her/his loan account number or Personal details.
THE PERSONAL LOAN TYPES AVAILABLE FROM CITIBANK
Fresh Personal Loans for salaried
Citibank provides fresh Personal Loans to Salaried candidates needing funds for Personal uses only. The funds obtained through a Personal Loan cannot be used for investment, buying land or nefarious activities.
Personal Loans are unsecured & provided without any security or guarantees. Urgent requirement for funds can be met through Personal loans as a Personal Loan from Citibank can be appended within 48 to 72 hours.
The profile of the candidate seeking funds should meet the Citibank policy criteria to apply for a Personal Loan.
First time seekers can apply for a personal Loan from Citibank if their CIBIL score is above the required benchmark. The Loan amount provided is from a minimum of 50 k up to 30 lakhs.
What are the procedures for processing a Personal Loan from Citibank?
To apply for a Fresh personal Loan from Citibank the loan seeker should first check if she/he is eligible to apply for a Personal Loan as per the required criterion.
The required documentation needs to submit with a completed application form .Copies of all documents should be clear & legible. All documents should be signed & self attested by the applicant before submitting them to the Bank. As the documentation is the basis of a Personal Loan
Much attention needs be given to making sure that it is in complete & in order, any documentation discrepancy will result in delays of process.
The CIBIL of the applicant will be accessed & if the profile & income is satisfactory as per the Citibank guidelines a statutory is forwarded to the applicant within 48 hours.
An assurance is conveyed to the customer that the process is underway & he will receive the Loan amount as soon as the process is completed.
Citibank then conducts verification if required at the residence & office of the applicant & if satisfactory; the Underwriter will incorporate all the data of the applicant, calculate the eligibility for the Loan amount & finally pronounce the final loan amount to be forwarded to the applicant.
The rate of interest, tenure & other terms & conditions will be informed to the applicant.
Once the applicant accepts the same the loan amount is disbursed to the salary account through ECS (electronic clearing systems).
Personal Loan Top Up
A personal loan Top Up is sanctioned to an applicant needing funds as an added amount to the existing personal loan. To receive a top up customer should be eligible for the extra amount, an increase in salary & income will facilitate a Top Up.
There should be no delays or default in the repayment track of the Previous Personal Loan with Citibank. Any credit facility availed from other Banks or Institutions should also have a timely pay back record.
The updated CIBIL record of the applicant will also be checked to see if the applicant has recently availed any other credit line & the credit score has been maintained as per the required benchmark.
The Personal Loan Top Up process with Citibank
The process for a Personal Loan Top Up is the same as for a Fresh Personal Loan.
The applicant will have to re submit all documents as required: If the residential status of the applicant is the same the verification process may be waived.
If there are changes in the income, or the employment status of the applicant they will be taken into account & the eligibility for an additional loan amount will be calculated.
On approval of the request the Top Up will be instated as follows:
The existing personal loan will be closed; the additional loan amount approved will be added to the Principle loan amount balance of the previous loan.
The rate of interest applicable will be as per the current norms of the Bank, an EMI will be calculated according to the Tenure decided for the total loan amount
The Top up amount approved will be disbursed to the salary account of the applicant & a new Personal loan will start with a fresh EMI from the following month.
Balance Transfer of a Personal Loan to Citibank
Individuals with a Personal Loan from an external Bank can transfer their existing Personal Loan to Citibank. This process is termed as Balance Transfer of Personal Loan .As per this process the Personal Loan holder opts to close her/his personal loan with an external Bank: the balance of the Loan amount due with the external Bank or organisation is paid back by Citibank on behalf of the customer. Hence forth the customer owes the dues of his Personal Loan to Citibank.
Citibank offers to take over the Personal loan of customers who have a good repayment track. To entice premier customers Citibank offers major benefits, these include
- Citibank offers reduced rate of Interest of 11.99% for the balance transfer of a Personal Loan. This rate is applicable to employees of all company categories.
- Attractive terms & conditions such as foreclosure & part payment options are offered.
- The applicant can apply for an additional Loan amount if required as a Top Up to the existing loan.
- The Top Up amount will be added to the Loan amount for balance transfer the interest will be applicable at the same low rate of 11.99%.
- Citibank offers a flexible tenure up to 60 months for the personal loan balance transfer.
Major eligibility features to apply for a Balance Transfer of a Personal Loan to Citi Bank are as follows;
- The Personal Loan running from the external Bank should be eligible for a Pre closure as per the terms & conditions of the existing Personal Loan.
- The profile of the customers must fulfil the eligibility criteria required by Citi Bank.
- The CIBIL score of the applicant must be above the required benchmark.The existing personal loan should have a timely repayment record.
If an additional loan amount is required as a Top up with the Balance transfer of the Personal Loan the applicant should have the financial eligibility to pay the monthly installement.
The Citibank process for Balance transfer of a Personal loan
Keeping in mind the unparallel benefits offered by Citibank for transferring a personal loan, most applicants will be keen to take advantage of the same. The steps for the Balance Transfer of a Personal Loan to Citi Bank are as follows.
- The applicant wanting to affect a balance transfer should first acquire the statement for her/his existing personal loan to determine the following;
- her/his existing personal loan to determine the following;
- The details of the amount balance of the current personal loan with the external bank.
- The foreclosure terms & conditions of the parent bank are being met.
- If the applicant has paid the number of instalment required to the parent bank & is permitted to foreclose the existing personal loan.
- The personal loan statement will confirm the installement for the repayment of the personal loan are being paid on the due date.
- An application for the Balance Transfer of the existing personal loan needs to be forwarded to the Citibank with the required documentation for processing of a Personal Loan. Additional documents for a Balance Transfer include;
- The updated repayments track/schedule of the current personal loan.
- A letter from the applicant addressed to Citibank, with the details of the existing loan & a request to initiate the process for the balance transfer.
Citibank will verify the details & the application will be processed as per the regular guidelines for processing of a Personal Loan. After completion of the mandatory checks the application may be approved or declined.
On approval of the Personal Loan request the Balance Transfer process will be initiated as follows;
- A Bankers cheque or a pay order will be made in the name of external bank & despatched to the customer.
The loan holder will have to deposit the principal amount balance via the Citibank instrument; all pending dues for the existing loan will have to be cleared to close the loan & obtain a closure letter.
Proof of closure will need to be deposited with Citibank to complete the Balance Transfer process.
What is the procedure for a Personal Loan Top Up with the Balance transfer of the personal loan?
An applicant in need of funds can apply for an additional amount with the request for a balance transfer. The Additional loan amount required is processed as a top up to the personal loan balance transfer.
Advantages of a top up with a Balance transfer are the following;
- The rate applicable for a balance transfer is the lowest rate which is not available for a fresh loan.
- Rather than applying for a secondary loan, a consolidated personal loan with a single installement to be paid is convenient & manageable.
The top up will be approved taking into account the eligibility of the customer, as per the income & current obligations.
Post closure of the existing loan the top up amount will be transferred to the salary account of the applicant.
Thus the Personal loan with Citibank will comprise of the balance transfer amount & the top up .A new installement will be calculated for the tenure sanctioned & deducted from the salary account on the 1st of every month.
TRANSFER CREDIT CARD DUES TO A PERSONAL LOAN FROM CITIBANK
Credit Card bills if not cleared timely can play havoc with the financial health of an individual. The rate of interest for unpaid dues of a credit card is 36% per annum; the exorbitant rate of interest levied makes the repayment a heavy burden.
Due to an oversight or cash crunch a delay in the repayment of credit card bills that can lead to a debt cycle difficult to clear. Taking a Personal loan from Citi Bank to clear credit card dues is a good option.
The advantages of repaying Credit card dues via a Personal Loan from Citi Bank
By procuring a Personal Loan to pay the credit card bills will give the applicant an immediate respite.
- The rate of interest being paid will come down by 50% or more i.e. the rate of interest for credit card dues is 36% per annum while rate of interest for a Personal Loan from Citibank ranges from 11.5% to 18 % per annum .Explained as per the following example;
Credit card amount due rate of interest Interest amount paid monthly credit card charges 1 lakhs 36% 3000 personal loan charges 1 lakhs 15% 1250
The CIBIL score will redeem, which could have taken a hit due to non payment of credit card dues.
- With the dues of the credit card repaid, the holder is free to utilise the limit of the credit card for spending.
- The EMI for a personal loan can be conveniently repaid month on month through the ECS (electronic clearing systems).
Guidelines for Balance Transfer of credit card dues to Citibank
To be eligible for the Balance Transfer of Credit card dues to Citibank the following criteria should be met.
- The minimum balance of the credit card dues should be repaid timely month on month.
- There should be no late payment or over limit fees levied in the statement for the past 3 months.
- The cash limit of the credit card should be repaid monthly.
The CIBIL score of the applicant should be above the required minimum benchmark.
- The applicants profile should adhere to the Personal Loan policy of Citibank.
How to process a Personal Loan from Citibank for the payment of Credit Card dues?
The application process for a personal to pay credit card dues is similar to that of a fresh loan.
The variables being the following:
- The applicant will have to state the reason for applying for a personal loan as Payment of credit card dues.
The Credit card copy & Credit card statements for the card in question for the last 3 months have to be submitted in addition to the regular documents.
The verification & other process will be conducted as the rules & regulation for a Citibank Personal loan process.
Post approval the loan amount sanctioned will be processed as a draft or bankers cheque in the name of the Credit card account for which the payment is due.
- Proof of payment will have to be given to Citibank to complete the disbursal process.
- The monthly EMI for repayment for the loan amount will be deducted from the applicants account every month for the loan tenure.
FEATURES OF A PERSONAL LOAN FROM CITIBANK
Personal Loans from Citibank are given without any guarantees or security. Thus the profile of the Personal Loan seeker is of prime importance. A personal loan maybe approved or declined as per the sole discretion of Citibank, there are a number of factors that contribute towards a Personal loan approval.
Citibank sanctions Personal Loan amounts starting from a Minimum amount of 50k up to a Maximum of 30 Lakhs
The major factors governing the amount of Personal Loan issued to an applicant by Citibank.
- The amount of Personal Loan amount required.
The applicant can ascertain the amount required of funds & apply accordingly: taking into account that the amount applied for is requisite with his income. The Loan amount required is to be mentioned in the requisite column of the loan application form of Citibank.
The Loan amount the applicant is eligible for.
This amount is decided taking into account the income of the applicant, his total monthly expenditure including rentals & other necessary expenses. Other loan EMI’s which could be for an ongoing personal loan, home loan, vehicle loan & consumer loan & Credit Card expenditures also form a part of the monthly obligations.
The final payback capacity of the applicant is ascertained & the Loan amount approved which is forwarded by Citibank to the Applicant is finally decided as per the policy of Citibank.
The Tenure or payback period authorised from Citibank for a Personal Loan is from 12 months to 60 months
The Tenure of a Personal Loan is decided taking into account the Following;
- The monthly Installement to be paid.
The monthly instalment for a Personal Loan is calculated on the basis of the Loan amount approved + the rate of interest applicable + the number of years or tenure the Loan amount is given for.
The Longer the tenure for which the loan is issued, the lower the Installement. Thus the Bank will decide the Tenure of the Personal Loan making sure that the EMI is affordable to the Loan seeker.
- The monthly income of the Applicant.
Personal Loan applicants from Higher Income segments have a choice of paying back their Loan within a shorter tenure, whereas applicants with mediocre income who are seeking higher Loan amounts will be given the benefit of the maximum tenure for paying back the Personal Loan.
The Company the applicant is currently employed with should feature in the CITI Bank Company List
The CITI Bank personal loan policy department has consolidated a list of established companies with a healthy turnover, a track record of unprecedented growth & a promising future.
These companies are categorised as Super A/ A /B / C. Preferred companies for sourcing of personal loan are listed in category A others following respectively.
An applicant working with a Top company is a preferred customer for a Personal Loan, as his profile is a most sought after one, with a good monthly Salary, a secure job & a stable future it is assured that the monthly Installement for the Personal Loan taken will be paid on time.
To apply for a Personal Loan from CITI Bank it is mandatory to be employed with a company that features in the approved list of companies.
The Applicant must have a CIBIL score/history
The CIBIL (credit bureau of India limited) maintains a record of all credit transactions with Banks /NBFC & financial institutions.
CITI Bank will access the Credit History of the applicant which portrays the applicant’s behaviour with credit, details of the various loans which currently exist, credit cards being used, and details of previous loans & credit cards.
If the customers behaviour with credit is satisfactory & the CIBIL score is above the required benchmark the personal loan application will be processed or else rejected at the first stage of process.
Citibank offers Lowest Rate of Interest for a Personal Loan from 10.99% up to 21%
The rate of Interest for a Personal Loan from Citibank starts 10.99% which is the best rate available, the maximum rate of Interest charged is 21%.
Applicants employed with Super A or Cat A companies are offered special interest rates & special terms & conditions.
The rate of interest charged according to the company the applicant is employed with & the loan amount required by the customer for example an applicant working with a Cat A company & requiring a loan amount of 5 lakhs or more will be offered a minimal rate of interest & a suitable tenure as compared to a customer working with a company categorised under Cat C.
- CITI Bank account holders.
All leading companies having a cooperate account with CITI Bank are included in the list of preferred companies. Employees holding salary accounts with CITI Bank wherein the monthly salary of the applicant is transferred directly to the account are given special privileges; a discounted rate of interest, minimal documentation requirements & speedy disbursal of the loan amount.
- Individuals having a previous relationship with Citibank.
Personal loan applicants having taken a credit line from Citibank previously & a have a proven track record of timely payments can reap the benefits of a healthy relationship.
Their Personal Loan requests will be given preference & loan amount given as per the requirement.
The Citibank Foreclosure & Part Payment features of a Personal Loan
Applicants who wish to close their Personal Loan with Citibank can do so after the payment of 12 EMI, s .The Principal loan amount balance of the Personal Loan is to be paid back to the Bank via a draft or money transfer & the personal Loan account closed.
The Principal balance of the personal loan can be derived from the Personal Loan schedule issued at the time of Loan disbursal or else contact the Citibank Customer Care Department & ask for statement of their Personal Loan account. This amount can be deposited by demand draft or through a Bank transfer together with any other charges due. Thus all charges due will be settled & a closure letter issued by the Bank. Any security cheques given should be reclaimed.
Part Payment is the process of returning a partial amount of the Personal Loan taken to the issuing authority. Citibank allows its customers to pay back a partial amount of their Personal Loan once a year. The amount which can be returned is up to 25% of the loan amount taken. This amount will be deducted from the Principal loan amount due & a new EMI will be instated.
ELIGIBILITY CRITERIA FOR A PERSONAL LOAN
All Indian Citizens above the age of 23 years can apply for a Personal Loan from Citibank. The maximum age limit up to which the loan amount can be paid back is 60 years.
Personal loans are provided to salaried customers with net salary of above 25k per month.
To be eligible for a personal loan the applicant must be gainfully employed for a minimum period of 12 months or more.
Holding a Bank account to which the monthly salary is credited month on month is mandatory the account can be with any recognised Bank .The applicant should be the primary account holder.
Whether living in a rented residence or a self owned/ family owned property, the premises in which the applicant currently resides is an important part of the customer profile.
The applicant should be residing in a location which is easily accessible, at the address provide by the applicant in the Personal Loan application form. An applicant who is living in a self owned premise or The vintage of the current residence is above a year it will give the Bank confidence that the applicant is of a stable background.
CITIBANK GRANTS A PERSONAL LOAN FOR THE FOLLOWING
Personal loans from the CITI Bank are most sought after; the process is streamlined & transparent. The applicant’s requirement for funds is fulfilled with a sense of ease, timely with no hassles. The requirement for funds by a salaried applicant via a personal loan is granted for any Personal requirement .Major reasons for which a Personal Loan is appended include:
WHAT ARE THE CITIBANK CHARGES FOR A PERSONAL LOAN?
The Citibank charges for a Personal Loan are the lowest & most comprehensive as per the existing rates from other Banks & NBFC ‘s: the Personal Loan charges are tabulated ensuring that the Personal Loan seeker gets the best deal from Citibank.
The Rate of Interest charged for a Personal Loan
The Interest rate or the cost at which the funds are appended by Citibank for a Personal Loan ranges from 10.99% to 18% per annum. The interest charged is levied as per the Net salary of the applicant/the company category of the employer & the total Loan amount required.
The rate of interest to be charged is determined at the time of sanction of the loan & will be mentioned in the Loan agreement signed by the customer.
The Processing fees or file charges for processing of the Personal Loan
The processing fee is a onetime charge levied by Citibank for the dispensation of the Personal Loan. There is no amount to be paid up front; the fee is deducted from the loan amount. The processing fees may be waived for premier customers or charges may be up to 2% of the Loan amount.
Citibank permits a foreclosure of a personal loan post payment of 12 instalments. A customer can close her/his Citibank personal loan account by repaying the Principal balance of the loan after 12 months. The charges levied on the balance of the loan amount paid back are 2% to 3% of the principal balance of the Loan taken.
What is the method of calculation for the EMI or monthly installement from Citibank?
When taking a Personal Loan the applicant should have a complete clarity on the financial obligations of the Personal Loan. The monthly EMI or the monthly installement which is the instrument for paying back the personal loan is a major factor to be ascertained at the time of disbursal of a Personal Loan as it directly impacts the monthly budget.
The EMI is a combination of the loan amount tenure for a personal loan & the rate of interest applicable.
The Citibank calculates the EMI which an applicant can afford to pay as per a suitable tenure, taking into account the net salary of the applicant & the monthly obligations: the monthly obligations include the living expenses, rental to be paid, any other loans or credit card dues to be paid.
In case the credit team feels that the Emi is not payable by the applicant, the loan amount applied for may not be given.
The final loan amount to be sanctioned to an applicant is finally decided by the credit team, taking into account the Emi that an applicant can afford to pay.
Given below is an illustration of the EMI calculation for different tenures for a loan amount of 1 Lakhs.
|Rate of interest||15%||EMI for||EMI for||EMI for||EMI for|
|Tenure||12 months||24 months||36 months||48 months|
|Loan amount||1 Lakhs||9025.83||4848.66||3466.53||2783|
CHART FOR RATE OF INTEREST & OTHER CHARGES
Citi banks offers competitive rate of interest, calculated @ monthly reducing balance.
Special discounts are offered to customers working in Top companies with high salaries.
|RATE OF INTEREST||CAT A||CAT B||OTHER COMPANIES.|
|FOR CORPORATE EMPLOYEES||13.5% – 15.5%||14.75% – 15.75%||17% – 18%|
|PROCESSING FEES||0.25% – 1.00%||.50% – 1.5%||1.5% – 2.5%|
Other Applicable Charges are as follows:
|PRE CLOSURE CHARGES||3% Pre payment is allowed only 6 months post booking|
|LATE PAYMENT CHARGES||2% Per annum will be levied as additional charges|
|STATEMENT COPY CHARGES||500/-|
|CHEQUE BOUNCE/ECS RETURN CHARGES||250/- will be charged per transaction|
|STAMP DUTY||Applicable on Loan agreement and charged according to prevalent state laws.|
*Service Tax and other Government taxes & levies as applicable will be levied on all fees and charges
DOCUMENTS REQUIRED FOR PROCESSING YOUR PERSONAL LOAN
Personal Loan from CITI Bank is an unsecured, collateral free loan so emphasis is paid on documentation provided to the Bank.
It is majorly on the basis of the KYC & income documents of the customer that the Personal Loan is processed.
|ID Proof||Passport Copy/ Voters ID card/ Driving Licence/PAN Card/Person of Indian Origin Card/
Valid Identity card*/Overseas Citizen of India Card
|Address Proof||Ration card/ Telephone or Electricity Bill/ Rental agreement / Passport copy/Lease Deed/Voter ID/
Bank Statement/Driving License
|Birth Certificate or 10th Class Passing Certificate|
PERSONAL LOAN FAQ’S FROM CITIBANK
The Citibank processes a personal loan & transfers funds to the applicants account within 72 hours or 3 to 4 working days at the outset.
Citibank offers an additional personal loan to customers previously holding a Personal Loan. The condition being that applicant is eligible for the loan amount as per the prevailing policy.
The Emi for a Personal Loan will be deducted from the salary account of the applicant on the 1st of every month. The Loan holder should make sure that there is enough balance in the account. In the case of an oversight or emergency the applicant can ask Citibank to represent the Emi one more time. Henceforth the applicant should endeavour to deposit the amount as a cheque addressed to the loan account.
To be granted a Personal Loan from Citibank the applicant must be currently employed: if there is a recent change of job the formalities for the next employment should be complete.3 consecutive monthly salary credits are required to process a personal loan.
Citibank transfers funds from a personal loan to the salary account of the applicant directly; the applicant can further transfer the amount to any other account.
A current residence proof is mandatory to apply for a personal loan from Citibank, however if the applicant is a Citibank account holder it is not mandatory.
If the spouse is a defaulter or has a low CIBIL score, the personal loan application can get declined.
If the defaulter is a blood relative residing at the same address it could also lower the chances of an approval unless the applicant has a strong CIBIL record to mitigate the same.
A Personal loan is given specifically for purpose of personal use; Citibank does not issue Personal Loans for business or investment purpose.