The rate of interest offered on Citibank Personal installment loan is based on reducing balance per annum. The rate of interest offered is different for individuals with salary transfer from that offered for individuals who opt for Citibank personal loan without salary transfer. Given below is the interest rate offered on Citibank personal loan.
|Type of Loan||Interest Rates||Maximum Loan Amount||Minimum Monthly Salary|
|Salary Transfer Loans||4.99%||AED 250,000||AED 8,000|
|Personal Instalment Loans||AED 175,000||AED 5,000|
Overview of Citibank personal loan
Citibank offers personal loan at an attractive rate of interest and flexible long tenure periods. The bank grants personal funds in no time with easy documentation. There is no salary transfer required for this loan. The personal loan has a credit insurance option which will repay your outstanding loan amount if something unfortunate should happen to you. There is no medical examination required for credit insurance on Citibank personal loan.
How to calculate EMI on your Citibank Personal Loan
Calculating the payable EMI (Equated Monthly Installment) might seem tedious and tasking. It can be done using a regular mathematical formula manually or one can opt for an online personal loan EMI calculator easily available online. The tool is not only easy to use but it also saves the customer a lot of time. The tool can be found on the bank’s website or on third party financial websites.
The customer has to provide a few details such as the loan amount, tenure period, rate of interest and processing fee(if any) to calculate the payable EMI through the EMI calculator. Once the details are entered, the personal loan calculator outputs the results. The result not only gives the payable EMI but it provides other results such as the total breakup of the complete amount payable.
Factors affecting Citibank personal loan interest rates
Listed below are the factors that affect Citibank personal loan interest rates.
- Income- The income of the applicant plays a very important role in the rate of interest granted on the personal loan. The higher the income, lower the rate of interest offered on the loan.
- Credit history- The bank considers the applicant’s credit history before granting the loan. The applicant has the chance of availing a lower rate of interest if they have a good credit history. A bad credit history might even result in rejection of the loan.
- Employment history- The chances of getting a lower rate of interest on your personal loan is higher if you have worked in your current place of employment for more than a year or two.
- Loan tenure-A longer loan tenure will result in a lower rate of interest.
Key things to know about Citibank personal loan interest rates
Listed below are some of the important things one needs to know about the Citibank personal loan.
- Rate of interest offered is based on reducing balance.
- The rate of interest offered on personal loans for individual who choose salary transfer from those who don’t.
- A good credit history will get the applicant a lower rate of interest on the personal loan.