Looking for a personal loan?
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 are considering the Citibank Personal Loan, then you must take the time to read on and find out if this is the right choice for you.
Citibank Singapore LTD is subsidiary bank owned by Citigroup. Citibank was able to establish 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 its clients with cash needs for different purposes.
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Citibank Personal Loan
Citibank Personal Loan Eligibility
When you look for a personal loan, what you must first consider is the eligibility. With this, you can easily see if you can possibly 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 S$30,000 if the borrower is either a Singaporean or a Permanent resident. If you are a foreigner, then you must earn at least S$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, latest Income Tax Notice of Assessment and your latest original computerised payslip.
Citibank Personal Loan Tenure and Interest Rates
Citibank Personal Loan can be repaid from one year up to 5 years. Though there are two types of interest rates being advertised, it is best to compare the Effective Interest Rates.
Citibank Personal Loan Types
- Citibank Ready Credit
This type of Citibank loan has an interest rate of 1.663% per month. You can use it for funds transfer to other accounts, balance transfer to settle previous credit card debts, and pay bills online. The credit limit maximum capped at S$200,000 though it is natural for every loan application to be subjected to loan approval based on credit score, income, and other factors. The annual fee is S$80 with late payment fee of S$90.
- Citibank Ready Credit Smartcash
This Citibank Personal Loan is offered to Singaporeans and permanent residents with minimum income not lower than S$20,000 but not higher than S$30,000. The loan term is shorter than the other as it can only stretch up to three years. Expect to be charged with an annual fee of S$90 and an interest rate of 1.746% per month (20.95% per annum). Make sure not to repay on time to avoid late payment charge of S$60.
- Citibank Paylite Instalment Loan
The minimum annual income for this Citibank loan is S$30,000. The installments can reach up to five years, but make sure you choose the right term for you.
You can receive your funds in three ways. You can pick it up in your preferred Citibank branch, it can also be directly credited to a Citibank banking account. In case you want your borrowed funds to be credited to a non-Citibanking account, have to wait for at least five days. Also, there is a possibility of additional charge if applicable.
What to consider before applying for the Citibank Personal Loan?
Citibank is offering a loan with quick approval of one hour. Is it really possible for a bank to do such a quick process?
The advertised 1-hour loan actually excludes the time of cash disbursement. It only promises you to give the status of your approval in one hour upon the completion of loan application. It is best not to put your hopes up if you lack any documents.
As like any other financial institutions, the loan processing period depends on the completion of your fill up the application and required documents.
Also, if you are not a client of Citibank, you will be asked to open a bank account before your loan can be processed. If you need cash for an emergency situation, 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 quick loan process and cash disbursement in less than an hour.
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