Five Things To Know About Citibank Personal Loan

  • If you are interested in a Citibank personal loan, you should be prepared before you apply. Because the attractive interest rate of 9.99% ain’t come that easy for you. To get the approval for a Citibank personal loan, you need to know the following five things – Application Form, Documentation, Citibank Loan Service Terms & Condition, Most Important Terms & Condition and Standard Terms & Condition. Read this article and know about them in detail.

Citibank Personal Loan Application Form

You can download the loan application form by following the below steps-

  • Visit Citibank Official website
  • Select ‘Citibank personal loan’ from the product section
  • On the Citibank personal loan page, you will see the ‘Application form’ button
  • Click on it, you will be redirected to the loan application form

After that take its printout, fill-up the form with the accurate details and submit it to your nearest Citibank branch.

Citibank Personal Loan Service Terms & Condition

The following are the Citibank service terms and conditions that are needed to be read and understood in conjunction with your personal loan agreement with Citibank.

  • Internet Banking – Under this the borrower can use internet banking, e-commerce and mobile banking facilities. 
  • Phone Banking – On your request, Citibank can provide you the facility of carrying out certain permitted transactions by telephonic instruction either manually or by an automated system. 
  • And CitiAlert Service – This is a customized service for the borrower by which they can choose some triggers as per their convenience such as late repayment, change in interest rate, prepayment amount, balance amount, etc. by sending a written request to the bank. When you start this service, you will get instant SMS on your registered mobile for the activated notifications. And you can discontinue this Citibank personal loan service anytime during the tenure. 

Citibank Personal Loan Most Important Terms & Condition

Check out the below-mentioned important information about Citibank personal loan –

  • Payment – You can pay the borrowed amount in Equated Monthly Installments from 12-60 months.
  • Fee & Charges – Citibank will charge a Booking fee, Late Payment Charge, Loan Pre-closure Charge, Stamp Duty charge and Citibank personal loan interest rate.
  • Mode of Payment – NACH Debit Instruction, Standard Instruction (SI), or NEFT.
  • Full & Part-payment – The borrower can pay the entire outstanding loan balance after the expiry of the first 12 months of the loan tenure. Or you can either pay a part of your loan balance and reduce the outstanding amount. Prepayment of Citibank Personal Loan can be a minimum of 2 EMIs or a maximum of 5 EMIs, you can do this only once a year. 
  • End-Use – You agree and undertakes not to utilize the loan for any investments

Citibank Personal Loan Standard Terms & Condition

The “Standard Terms and Conditions”, are referred to the Application Form, unless there is anything contrary to the subject or context thereof, the expressions listed below 

  • Definitions of Citibank Personal Loan Terms & Condition
  • Facility and Disbursement, once you give the bank telephonic confirmation, the same can’t be canceled
  • Payment, Prepayment and other fees and charges
  • Additional covenants such as the event of defaults, rights and remedies of Citibank, etc. 

Citibank Personal Loan Documentation 

The following is the document criteria for Citibank Personal Loan-

  • Photograph
  • Passport
  • Driving License
  • Voter’s Identity Card
  • Job Card issued by
  • NREGA
  • Aadhaar number,
  • National Population Register details
  • Letter from employer
  • Form 16
  • Lease Deed/Rent Receipts
  • Utility Bills
  • Tax Returns
  • 3-year-old bank statement
  • Latest 2 payslips 
  • Last 3 months bank statement
  • 1-year Individual IT Return
  • 1 year audited P&L
  • Last 3 months bank statement