Citibank offers personal loan to meet all types of expenses easily whether it is for a leisurely vacation or marriage in the family or emergency medical bill, the Citibank Personal loan caters to all sorts of needs and can be easily availed.
The features of Citibank Personal Loan are as follows:
- Citibank Personal Loan can be availed for up to 30 lakhs and the approval is made within 48 hours of application both through the online feature and also for walk-in customers. Walk-in customers are those who choose to visit the nearest branch of the bank and complete the personal loan requests. Loan is granted instantly with minimal documentation and easy application process.
- Once all the necessary documents are submitted to the bank, the loan sanctioning process takes only 2 days or 48 hours to be complete. Thus, the customer does not have to wait for long durations to avail the loan for his or her cash requirements as the bank sees to it that the funds are available to the customer at the earliest.
- Interest rates are competitive with special offers and rates for existing accountholders of the bank. Individuals who already have a Savings or Current Account with the bank are offered differentiated rates and also given the privilege of availing special offers if they choose to avail a Citibank Personal Loan. These types of personal loans are exclusive for the existing customers.
- The borrower can repay Citibank Personal loan within 12-60 months. Thus the individual who avails the loan needs to make sure that the EMI payments will start after 1 year of availing the loan and has to be completed within 5 years. The individual may choose a lower tenure for Citibank Personal Loan but the period or repayment cannot exceed 5 years and the loan has to be repaid within 60 months or 5 years. The choice of the term depends on the individual which in turn depends on the applicants affordability regarding the EMIs required to be paid. The customer may choose to pay large EMIs thereby paying off the loan within a short duration for which a short tenure is chosen. On the other hand, then customer may also choose to pay smaller EMIs thereby increasing the loan duration and as such choosing a larger tenure of 4 or 5 years.
- The Citibank offers personal loans with the benefit of a fixed EMI amount throughout the loan tenure under the fixed rate of interest scheme. The rate of interest charged by the bank on the Citibank Personal Loans are fixed in nature and not floating which makes the EMIs fixed or same throughout the term of the loan. So, the customer is spared of any unpleasant surprises at the beginning of every month in the form of a higher EMI than that of the previous month. He knows the amount of EMIs chargeable to him every month as they are determined at the time of availing the loan and can plan his finances accordingly.
- The bank provides the facility of EMI calculator which calculates the EMIs payable depending on the amount of loan availed and the tenure. So before applying for a loan, the customer may estimate the expense required to pay off the loan. If the factor of affordability matters the regular budgeting decisions can be made according to the calculated EMIs.
- It may so happen that the customer may require extra funds during the tenure of the loan. For that situation, the bank provides the facility to the customer to avail extra funds if he is already an existing Personal Loan customer. The customer needs to apply for the funds online and the representative of the bank will get in touch with the customer at the earliest to understand the customer’s needs and to guide him or her on how to avail the extra funds and at what cost.
- Being a Citibank Suvidha customer entitles you avail extra benefits and privileges. The accountholders are given faster loans with simple documentation and special offers.
- Through the 24*7 phone banking service offered by the bank, the customer can make either full or part prepayment of the Citibank Personal loan if he or she so wishes. In case of full prepayment, the prepayment can be done after 6 months of availing the loan and in case of part-prepayment, the prepayment can be done 12 months post availing the loan and the minimum prepayment amount should be equal to 2 EMIs and the maximum amount should be equal to 5 EMIs.
- The Citibank offers personal loans with unique facility of consolidating the outstanding balance of the credit card and personal loan to make it easier and hassle-free for customers to pay off the liability since they do not have to worry about keeping track of multiple payments of credit card and loan EMIs and can pay them off in a consolidated fashion.
- Exhaustive provision for connecting with the bank through SMS, online chat, Click 4 call and Phone Banking. There are many options for the customer to connect with the bank with respect to any query one may have related to the Personal Loan availed. Customers can text the bank with their grievances, problems or queries, chat with a customer service executive on the web page of the bank, provide their number and the bank calls back solving any problem and also Phone banking services are available. With such variety of communication options available, every query can be addressed with a guarantee that it will be answered correctly and promptly.
- Existing customers of the bank can sign in their online accounts and apply for the Citibank Personal loans. For new customers, online application is allowed but first they will have to register themselves and after registration apply for a loan. New customers can also visit the nearest branch or call on the phone banking number any time of the day to apply for a loan.
- To manage the Citibank Personal loan account the bank offers a host of facilities. A customer can request services from the bank at no additional cost either online or through mobile banking or through CitiAlerts which informs the customer of all relevant transactions through a SMS and email. The bank sends Statement of Account yearly either by mail or post.
- The Citibank Personal loan is repaid through Equated Monthly Installments (EMIs). The loan is generally paid through post-dated cheques but can also be paid through Electronic Clearing Systems (ECS) or standing instructions to the bank to debit the amount of loan through the existing Axis Bank savings account or any other bank’s savings account.
- No guarantor / security / collateral required. A guarantor is someone who guarantees to pay the loan himself/herself if the applicant fails to repay the loan himself. Under the Citibank Personal Loan scheme, the bank does not ask for any guarantor who should undertake to guarantee the loan repayment. A security or collateral is an asset against which loan is issued and in case of failure to repay the loan, the bank has the power to possess the asset and sell it off to meet the outstanding loan amount. However, Citibank Personal Loan scheme does not demand any security or collateral for issuing the loan and the loan is given hassle-free. Thus the Personal Loan issued by the bank is an unsecured loan.