A Citibank personal loan often comes with attractive interest rates (especially for new customers), and debt consolidation plans for easy repayments. This review will explore Citibank personal loans, including their features and application process, to help you decide if a Citibank loan is best for you.
In general, Citibank offers personal loans from S$1,000 up to 4x your monthly salary. You can repay your loan for up to 5 years in the case of personal loans, or repay in as little as 1 year if you so choose.
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Types of personal loans from Citibank
Here are the different personal loan options you have with Citibank, including their main features.
- Citi personal loan. With Citibank, you can borrow anything between S$1,000 up to 4x your monthly salary as a personal loan, permitted you meet eligibility and credit scoring criteria. Repayment options range from 1 year through to 5 years. Customers who are new to Citibank qualify for lower rates.
- Citibank Quick Cash. For an instant cash loan consider Citibank Quick Cash where you can get a loan of up to four times your monthly income approved within one hour. This Citibank loan may be used for big-ticket expenses, but tends to come with a higher interest rate than most Citibank personal loans.
- Citi debt consolidation plan. You could lower your interest costs and reduce the number of monthly repayment you make when you apply for a Citi debt consolidation plan, and repay your Citibank loan over a period of up to seven years. Your plan includes a credit card with a limit equal to your monthly income.
Features of a Citibank personal loan
Personal loans from Citibank are a flexible way to manage your finances. A Citibank personal loan often has the following features:
- Wide choice of loan sizes. Subject to the bank’s lending criteria you can borrow anything from S$1,000 up to 4x your monthly salary when you apply for a personal loan at Citibank.
- Flexible repayment. You can choose the period over which you’d like to repay your Citibank personal loan. If you can repay your loan quickly you can choose a loan tenure as short as 1 year, but the bank will also issue personal loans of up to 5 years. Debt consolidation loans can be paid off up to 84 months.
- Fast approval. Upon approval, the funds will be deposited within the next working day into your Citibank account or up to 5 working days for non-Citibank account.
- Special rates for new customers. If you have never banked with Citibank before, you can get a special discount on the Citibank personal loan product, reducing your interest rates below what is charged for existing customers.
- 24-hour customer service: Worried about details of your Citibank personal loan or trying to get an update on your loan status? You can clarify any queries using Citibank’s 24/7 customer service hotline.
What products does Citibank offer besides?
Besides Citibank personal loans, you can enjoy other Citibank services, including:
- Current and savings accounts. You can open both a local currency account and a foreign currency account with Citibank, as well as a range of interest-earning savings accounts.
- Home loans. Citibank offers IPA, or in-principle approval, for its mortgages which can help you understand which properties you can shortlist based on affordability.
- Credit cards. Receive travel perks or a range of rewards options when you apply for a credit card with Citibank. The bank also offers cards for students and for businesses.
- Insurance products. Buy travel, accident and motor insurance from Citibank. You can also consult the bank for advice on life and health insurance.
- Wealth management and investment. Invest in a range of products with Citibank, including unit trusts and fixed income securities. You can also get wealth management advice from Citibank via Citigold Private Client.
How to apply for a personal loan from Citibank
Compare the rates and terms on offer from Citibank with the personal loans on offer at other banks in Singapore. If you find the best offer for your circumstances at Citibank, you can start to apply by clicking on the green “Go to Site” button.
Eligibility requirements for a personal loan with Citibank
- Minimum income. Singapore citizens, permanent residents and self-employed individuals need to earn at least S$30,000 p.a. Foreigners need to earn S$42,000 p.a. to apply.
- Residency. To apply you need to be a Singapore citizen, permanent resident or foreigner with a valid employment pass.
- Credit history. Citibank will check your credit file for adverse credit history and only lend to you if you pass the credit criteria.
Necessary documents and information for Citibank personal loans
- ID check. The front and back of your NRIC if you have one, or a combination of the front and back of your passport and employment pass.
- Confirmation of income. You need to supply evidence of your income such as the most recent copy of your computerised payslip.
- Income tax notice of assessment. Submit the latest Income Tax Notice of Assessment. For the self-employed, at least for the past two years.
- Bank statements. Self-employed individuals must submit the last 3-months bank statements.
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Citi Quick Cash Loan Review
If you’re looking for a loan to meet any type of expenses, Citi Quick Cash Loan could be an option to consider. Existing Citibank customers with a Citi Credit Card or a Citibank Ready Credit can apply to convert their unused credit limit to cash in their Citi Deposit Account. This needs to be paid back in monthly instalments, along with your regular credit card payments.
Citibank Debt Consolidation Loan
The Citibank Debt Consolidation Plan combines debt into a single monthly payment and provides a revolving credit facility that helps to manage ongoing spending.