Known initially as City Bank of New York, Citibank forms the consumer portfolio for multinational financial group, Citigroup. Headquartered in New York City, it has presence in markets all over the world. Various products and services such as transactions, cards, insurance is offered as part of their portfolio and Citibank’s online services option is perhaps one of the most successful in the world.
Among its other offerings, customers can also procure personal loans from Citibank at attractive interest rates and flexible repayment periods for all their immediate needs. These loans can be used to pay for a variety of purposes such as tuition, home repairs, vacation and others.
You’re probably eligible for an Citibank Personal Loan if you are
At least 21 years old
Less than 65 years old
Salaried or self-employed
with regular income
Earn more than the minimum
Your Citibank Personal Loan amount eligibility is based on these factors
Minimum income required
P21000 per month
Maximum allowed personal loan is P2000000
EMIs of other loans lower
Increase your eligible Citibank Personal Loan amount by these steps
Pay off your credit card bills
Choose longer tenure loan up to 5 years
Documentation needed to apply for Citibank Personal Loan
- 1.Application form, duly filled and signed
- 2.Two valid ID’s which contains the photo and signature of the applicant
- 3.BIR or Income tax returns (ITR) or payslips of last three months
- 4.Details and photocopies of credit cards held
Citibank Personal Loan DetailsUpdated on 03 Dec 2016
|Tenure||6months - 5 years|
Citibank Personal Loan
Citi takes less than 24 hours to process online applications, which makes it a financial friend in deed. You can get a personal loan up to P2 Million (depending on your eligibility) at low interest rates. Since this product is unsecured, there is no requirement of collateral & the flexible loan tenor can be extended up to 5 years. If you’re in urgent need of funds with little time at your disposal, Citibank helps you secure funds instantly with its personal loan offering.
Why opt for a Citibank Personal Loan?
If customers prefer easy to avail loans with a flexible tenure, economical interest rates and an extremely quick approval, then a Citibank Personal Loan is the perfect choice for them. Individuals can apply for a Citibank Personal Loan and get approvals for the same within 24 hours, that’s how quick the approval process is. A repayment period of upto 5 years is offered for customers with a high loan quantum of P2 million available as loan for customers. A competitive monthly interest rate of 2.4% per month is offered by Citibank and this loan can be availed by any citizen between the ages of 21 to 65 years who earns a monthly salary of P250,000 and possess a credit card.
Features of Citibank Personal Loan
High Loan Amount
Personal Loans are usually availed by customers as a one time solution for situations that require large payments such as home/ car repairs, tuition fee and others. A high finance quantum is one of the primary factors customers look for before availing a particular personal loan. Citibank offers a loan amount of up to P2 million with a minimum of P20,000 as the financing amount.
Citibank offers customers an easy and flexible time period of up to 5 years to repay their loans. The minimum time period allowed is 6 months and customers can repay their loans by paying a fixed amount every month.
Competitive Interest Rates
Interest rates are perhaps the most important factor taken into account by prospective customers looking to avail a personal loan. Low interest rates are the deal breaker for customers. Citibank offers a competitive interest rate of 2.4% per month for all its customers who avail a personal loan.
No customer wants to go through the hassle of excess documentation and long, drawn out time for approvals to be initiated. Citibank offers perhaps the quickest approval time of 24 hours as compared to other financial institutions in the market.
Interest Rate for Citibank Personal Loans
One of the foremost banks in the world, Citibank offers Personal Loans at competitive and pleasing interest rates. The current rate offered is 2.4% per month which makes this one of the most easily available loans. Further details and offers can be sought by visiting any of the Citibank branches in the Philippines.
Types of Personal Loans offered by Citibank
As of now, Citibank offers unsecured personal loans to its customers. Unsecured loans refer to those personal loans wherein there is no need for an additional guarantor or collateral. Personal loans can be procured on the basis of the applicant’s age and income.
Eligibility Criteria for Citibank Personal Loans
- Applicant must be a citizen of Philippines between 21 and 65 years of age. If the applicant is a foreign resident then he/she must possess a Philippine billing address proof.
- Applicant must also have a credit card.
- Individual must have a minimum annual income of P250,000.
Documents requirements for Citibank Personal loans
Applicant must provide the following documents in order to procure a Personal Loan from Citibank -
- The application form which is to be signed
- Two valid identity proofs with signature and photograph (such as passport, SSS photo card ID, TIN photo card, driver's license)
- ITR or BIR 2316 or the latest 3 months payslip
- Photocopy of the front of the applicant’s credit card ( for Citi Card, credit card has to be active for at least 6 months if not then for at least a year)
How to calculate loan repayment for Citibank Personal Loan
Personal loans are procured for many reasons and is one of the top choices for a loan. Apart from the interest rates and tenure, applicants also need to have knowledge of nitty gritties such as amortization schedule, other calculations and the financial implications resulting from the same. Queries pertaining to EMI and amortization schedules are quite common.
There are tools and calculators available by which such information can be obtained quite easily. Citibank provides a Personal Loan calculator on the website through which a customer can receive information regarding his amortization schedule and the calculator is also very simple to use. Customers need to provide details such as the loan amount that they have borrowed, their loan tenure and the interest rate and the calculator will instantly provide the amortization schedule.
Fees and Charges
|Processing fee||P1,500 for each installment of loan that is approved|
|Disbursement fee||P250 for disbursement|
|Closure handling fee||4% of the unbilled principal component that was requested to be closed by the customer|
|Post dated cheque deferment fee||P1000 for every post dated cheque that is deferred|
|PDC replacement fee||P750|
|Documentary Stamp Tax||P1 for every P200 of the installment of loan that is approved which passed the criteria for determining the applicability of Documentary Stamp Tax as per rules and laws|
Other Products from Citibank