Is Citibank Personal Loan Singapore Your Flexible Choice?
Are you looking for a personal loan? Citibank Personal Loan is a Flexible Choice in Singapore. Find out how.
With a handful of personal banks and numerous financial institutions in the city-state, which one can offer a loan flexible enough to fit your needs?
If you consider the Citibank Personal Loan, you must take the time to read on and find out if this is the right choice for you.
Citibank Singapore
Citibank Singapore LTD is a subsidiary bank owned by Citigroup. The bank established its first operations in Singapore on 1 July 1902. Now it has around 200 million customer accounts globally. It can provide various financial services, including various loan solutions to help clients with cash needs for different purposes.
Citibank Personal Loan Singapore
Citibank Personal Loan Eligibility
When you look for a personal loan, you must first consider eligibility. With this, you can easily see if you can get approved or not.
Like most banks and financial institutions, Citibank requires the borrower to be at least 21 years old with a minimum monthly income of $30,000 if the borrower is either a Singaporean or a Permanent resident. If you are a foreigner, you must earn at least $42,000.
Citibank Personal Loan Requirements for New Customers
Salaried employees must provide a clear photocopy of the front and back of NRIC, the past 12 month’s CPF statement submitted via CPF web-link. If this is not possible, you can present your latest Income Tax Notice of Assessment and latest original computerised payslip.
For self-employed loan applicants, you must have a photocopy of the front and back of NRIC, your last 2 years’ Income Tax Notice of Assessment and last 3 months’ bank statements to prove that your business has been profitable.
As for the foreigner looking for a personal loan, you must submit a photocopy of the front and back of your or Passport Employment Pass, the latest Income Tax Notice of Assessment and your latest original computerised payslip.
Citibank Personal Loan Tenure and Interest Rates
Citibank Personal Loan has a repayment that starts from one year to 5 years. Though there are two types of interest rates being advertised, it is best to compare the Effective Interest Rates.
Types of Citibank Personal Loan Singapore
Citibank Ready Credit
This Citibank loan has an interest rate of 1.663% per month. You can use it for funds transfer to other accounts, a balance transfer to settle previous credit card debts, and pay bills online.
The credit limit maximum has a cap of $200,000. Also, it is natural for every loan application to undergo a loan approval based on credit score, income, and other factors. The annual fee is $80, with a late payment fee of $90.
Citibank Ready Credit Smartcash
This Citibank Personal Loan offers Singaporeans and permanent residents a minimum income not lower than $20,000 but not higher than $30,000.
The loan term is shorter than the other as it can only stretch up to three years.
Expect a charge with an annual fee of $90 and an interest rate of 1.746% per month (20.95% per annum). Make sure not to repay on time to avoid a late payment charge of $60.
Citibank Paylite Instalment Loan
The minimum annual income for this Citibank loan is $30,000. The instalments can reach up to five years. But make sure you choose the proper term for you.
Funds Disbursement
You can receive your funds in three ways. First, you can pick it up in your preferred Citibank branch.
Also, it directly credits to a Citibank banking account. Therefore, if you want your borrowed funds credited to a non-Citibanking account, you need to wait for at least five days.
In addition, there is a possibility of an additional charge if applicable.
What to consider before applying for the Citibank Personal Loan Singapore?
Citibank offers a loan with quick approval of one hour. Is it possible for a bank to do such a fast process?
The advertised 1-hour loan excludes the time of cash disbursement. It only promises you to give your approval status in one hour upon completing a loan application. It is best not to put your hopes up if you lack any documents.
As with any other financial institution, the loan processing period depends on completing your fill-up application and required documents.
Also, if you are not a client of Citibank, you will be asked to open a bank account before they can process your loan. If you need cash for an emergency, this will prove to be a hassle.
It would be best to get a fast cash loan from an online licensed money lender in Singapore.
Apply for a loan at Cash Mart and experience a quick loan process and cash disbursement in less than an hour.