FAQs
Q1. What is the turn-around-time for Citibank personal loan disbursal?
Loan amount is generally credited to your Citibank account within 48 hours of a personal loan application being approved. In case your personal loan is to be disbursed to the savings account of a different bank, it may take a bit longer.
Q2. Can I change the loan tenure or EMI amount once my loan application is approved?
No, you cannot change Citibank personal loan tenure or EMI amount once the loan has been sanctioned. You can however part pre-pay or foreclose the loan as per applicable terms and conditions.
Q3. What is the minimum and maximum limit for Citibank personal loan?
Currently the minimum personal loan amount offered is Rs. 10,000 while the maximum limit for a Citibank personal loan is Rs. 30 lakh.
Q4. What is Citibank instant personal loan? Citibank instant personal loan is a pre-approved loan offer available to select individuals where funds are generally credited within 30 minutes of application. It does not require any documentation and the entire procedure of loan approval and disbursal can be completed over phone or through the online banking portal.
Read more about How to Get Instant Personal Loan from Citibank?
Q5. How to use an EMI calculator?
Paisabazaar EMI calculator is an easy-to-use tool, where you can provide the desired loan amount, interest rate and tenure to get the EMI amount.
Q6. How is Citibank personal loan interest rate calculated?
Citibank personal loan interest is calculated using the following formula: Interest at the time of loan disbursal = (Loan Outstanding x ROI% X number of days remaining in a month) / [365 + (ROI X Number of days remaining in the month)]Interest for every subsequent month = (Loan Outstanding x ROI%) x (Number of days in a month/365 days)Where:ROI – Rate of Interest“365” is replaced by “366” in case of a leap year.
Q7. How does credit score impact my loan application?
Credit score is a 3-digit number that generally ranges from 300-900 and serves as a measure of your repayment ability as well as creditworthiness. It is one of the first things that a lender checks when you apply for a loan. Greater you credit score i.e. closer to 900, better are the chances of loan approval. You can check your credit score for free with Paisabazaar.com.
Q8. How often will I get the Citibank personal loan account statement?
Citibank personal loan account statement is issued annually on the 31st of March and sent via post to your address. Thus, ensure that you have your most recent address updated with the bank.
Q9. Can I get a copy of my Citibank personal loan account statement before end of the year?
Yes, you can request a statement of your loan account by contacting CitiPhone helpline or by logging on to your Citibank online banking platform using your Citibank Online IPIN.
Q10. Can I get a top-up loan on my existing Citibank personal loan?
Citibank personal loan top up offers are available only to select individuals who already have a partially paid off personal loan from Citi. You have to log into your online banking account or call up the Citibank Helpline in order to check if you qualify for a Citibank top-up loan. The interest rate, quantum and tenure in such cases differ from one applicant to another. Please Note: Citibank is not a Paisabazaar partner. Offers would be from partner Banks/NBFCs only.