• Citibank Personal Loan

    Citibank Personal Loan

    Types of Citibank Personal Loans:

    Citibank personal loan is an easy and quick way of generating money for your sudden or regular need. These loans require no processing fee and are sanctioned within 24 hours of applying for the same. Citibank personal loans do not require a guarantor and come with a low interest rate. The loan can be pursued for any amount up to a maximum of 8 times your fixed income.

    Citibank UAE offers two variants of personal finance. They are –

    • Citibank Personal Installment Loan
    • For availing this personal loan scheme, customers are not required to make salary transfer however, the rate of interest charged on these loans is higher than that on Citibank Salary Transfer Loan.

    • Citibank Salary Transfer Loan
    • For availing this personal finance scheme from Citibank, customers need to transfer their monthly salary to the bank.

    You’re probably eligible for Citibank Personal Loan if you are

    Citibank Personal Loan Minimum Age

    At least 21 years old

    Citibank Personal Loan Maximum Age

    Less than 65 Years old

    Citibank Personal Loan Eligible Employment Type

    Salaried / Self – Employed
    with regular income

    Citibank Personal Loan Minimum Income

    Earn more than the minimum
    income required

    Your Citibank Personal Loan amount eligibility is based on these factors

    Citibank Personal Loan Minimum Salary

    Minimum income required
    AED 5,000 per month

    Citibank Personal Loan Maximum Loan Funded

    Maximum allowed personal loan is AED 175,000

    Citibank Personal Loan EMI

    EMIs of other loans lower
    your eligibility

    Increase your eligible Citibank Personal Loan amount by these steps

    Citibank Personal Loan Payoff Outstanding Credit Card Bills

    Pay off your credit card bills

    Citibank Personal Loan Tenure

    No Info

    Documentation needed to apply for Citibank Personal Loan

    • 1. Current dated Salary Certificate (3 months on current job)
    • 2. Last three months bank statements (with salary transfer)
    • 3. Minimum (fixed) monthly salary of only AED 5,000
    • 4. Passport copy / Emirates ID Copy
    • 5. Account opening forms for shares trading
    • 6. Direct Debit Form

    Citibank Personal Loan Interest RatesUpdated on 26 Oct 2016

    Citibank Personal Loan Details
    Interest Rate (Monthly reducing balance) 4.99%
    Processing Fees No info
    Loan Tenure 4 Years

    Why Citibank Personal Loans?

    Following are some of the prominent features of personal finance offered by Citibank UAE. These key factors make Citibank personal loans easy to avail and convenient to pay off.

    Minimum Documentation: Citibank personal loans require minimum documentation and have a quick turnaround time.

    Attractive Rate of Interest: The rate of interest offered on Citibank personal loans is extremely competitive.

    Easy Repayments: The repayment of Citibank personal loans can be done either through cheques or through online EMIs both of which are extremely easy to track and pay.

    Fast approval: Citibank personal loan processing is fast and loan applications are approved speedily.

    Reducing Rates: The rate on your Citibank personal loan is calculated on a reducing basis which makes these loans quite lucrative.

    Features of Citibank Personal Installment Loan:

    With no requirement for salary transfer to the bank, Citibank Personal Installment loan is an innovative and preferred loan of customers. Here are some of the most exciting features of this loan.

    • Citibank personal loans do not require a guarantor and come at a low rate of interest
    • An unsecured loan and as such there is minimum documentation and formality
    • The loan can be pursued for any amount up to a maximum of AED 175,000. However, the exact amount that can be loaned depends upon the salary of the applicant. Also, the rate of interest too is governed by how much a customer earns per annum
    • The processing fee charged is 1% of the total loan amount sought
    • Pre-payment fee of 1% of the outstanding loan amount is charged
    • Loan disbursement is extremely quick
    • Salary transfer to the bank is not required
    • Loan can be applied both online as well as via Citibank bank branches

    Other specifications of Citibank Personal Installment Loan

    • Processing fee ranges between a minimum of AED 500 and a maximum fee of AED 2,500
    • Maximum loan tenure is 4 years
    • Minimum monthly income of AED 5,000 is required
    • A minimum of 3 consecutive years in current job is required to qualify for the Citibank personal finance scheme
    • If the employer of the loan applicant is not listed with the bank then the maximum loan amount becomes AED 70,000 and the interest rate also goes up accordingly

    Citibank personal installment loan is an ideal personal finance scheme for customers who do not want their salaries to directly be credited into their loan accounts.

    Following are some of the distinct features of Citibank Salary Transfer personal finance scheme:

    • Low repayments make this loan ideal to avail
    • A nominal processing fee is charged on this Citibank personal loan
    • The rate of interest is calculated on a reducing basis and is also subject to factors like customer’s salary and whether that salary is transferred to the bank.
    • Higher loan amounts can be availed as compared to other personal finance schemes
    • Salary transfer to the bank is compulsory for availing this loan
    • Fast loan approval ensures that the loan amount is disbursed to your account within a short period of time.
    • Flexible loan tenure of up to 48 months. This means that you can plan your monthly installments according to your monthly budget.

    Here are some other important parameters specific to the Salary Transfer loan from Citibank-

    • Reducing interest rate of 4.99% p.a. is applicable
    • Equivalent flat rate of 4.99% p.a. is applicable on this Citibank loan
    • Processing fee is 1% of the loan amount availed
    • Maximum loan tenure is 4 years
    • Minimum monthly income of AED 5,000 is required
    • A minimum of 3 consecutive years in current job is required to qualify for the Citibank personal finance scheme
    • If the employer of the loan applicant is not listed with the bank then the maximum loan amount becomes AED 70,000 and the interest rate also goes up accordingly
    • Salary Certificate for 3 months in current job
    • Bank statements for last three months with salary transfer
    • Minimum fixed monthly salary of only AED 5,000
    • Passport copy/Emirates ID Copy
    • Duly-filled Direct Debit Form

    Minimum salary required – AED 8,000 per month

    Eligible Age – At least 21 years of age

    Nationality – UAE national staying in UAE

    Employment Status – At least 3 years of service with the current employer

    Citibank UAE is a part of the American financial giant Citigroup. Citigroup is the largest banking company in America in terms of the assets it holds. Citibank is a global player with branches in 36 countries across the world. The UAE division of the bank was started in the year 1964 with its first office in the capital city of Dubai.

    Citibank has had a major presence in the Middle East region for more than 50 years. Citi has won several awards and recognitions for services such as corporate finance, trade services and cash management.

    Citibank personal loans are the most sought after personal finance products due to their hassle-free service and amazing delivery. These loans can be availed for a variety of personal reasons like your child’s education, urgent medical expense, an exotic vacation, house renovation etc. These loans come at attractive profit rates and offer the flexibility of loan tenure.

    1. What are the types of personal loan offered by Citibank?
    2. Citibank offers instalment loan and salary transfer loan.

    3. What is the eligibility criteria for getting a Citibank personal loan?
    4. The minimum age requirement is 21 years and the maximum age requirement is 65 years. The borrower must be salaried or self-employed having regular income.

    5. Is there any minimum income requirement?
    6. Yes, the minimum income requirement is AED5,000 per month.

    7. What is the maximum loan amount offered?
    8. The maximum instalment loan amount offered is AED175,000. Maximum loan offered for salary transfer is AED250,000.

    9. What is the interest rate offered on Citibank personal loans?
    10. Citibank charges competitive rates of interest rates on personals loans. Currently, it starts from 4.99% onwards.

    11. What is the loan tenure offered?
    12. Citibank personal loan is offered for a period of 4 years.

    13. Is there any prepayment fee charged?
    14. Yes, prepayment fee is charged at 1% of the outstanding balance.

    15. Is there any processing fee charged?
    16. Yes, processing fee ranges between AED500 to AED2,500.

    17. What are the documents required?
    18. If it is salary transfer loan:

      • Salary transfer letter
      • Minimum income requirement is AED8,000
      • Last 2 months bank statement
      • Passport copy
      • Emirates ID copy
      • 6 months on job or confirmed employment

      If it is an instalment loan:

      • This loan can be taken by an existing Citibank customer.
      • 3 month’s salary certificate
      • 3 month’s bank statement
      • Minimum salary requirement is AED5,000
      • Passport copy
      • Direct Debit form
      • Emirates ID copy
    19. Is there any insurance offered?
    20. Credit insurance is offered. In the event you die or are permanently disabled, then the insurance will repay the outstanding loan. 2.01% premium will be charged on the loan amount.

    21. How can I apply for Citibank Personal Loan?
    22. The loan can be applied online at the Citibank website or you can visit the nearest branch and fill out the required documents.

    News About Citibank Personal Loan

    • Citibank UAE instructs new customers to maintain minimum account balance

      Citibank recently announced that the new customers of the bank should maintain a minimum account balance of Dh35,000 in their accounts. The bank clearly stated that it will no longer accept new customers who can’t maintain a minimum balance in their account. The minimum deposit balance can be maintained through investments with the bank. However, the bank officials confirmed that they won’t be closing down previous accounts (opened before June 2015) not meeting the minimum balance criteria. The previous minimum requirement for accounts with the bank was Dh3,000 and its equivalent in other currencies.

      12th November 2015

    • Credit Bureau’s Introduction Sees Rise in Loan Rejections in the UAE

      Citibank has revealed that loan rejections in the country have increased dramatically following the credit bureau’s decision to make its presence felt online. The financial institution based out of New York was joined other UAE banks like Abu Dhabi Islamic Bank, showing that the Al Etihad Credit Bureau’s introduction of consumer credit data has urged lenders to exercise greater caution when sanctioning loans.

      Created with a view to prevent corporations and consumers from overstressing themselves, operations at the Al Etihad Credit Bureau commenced in 2014. Citi continues to concentrate its firepower on the UAE as it considers the country to be an ideal market to promote its products.

      13th October 2015

    • Citibank’s Flexible Personal Loans Just a Click Away

      Running a successful service for its consumers for the past 30 years, Citibank introduces smart banking at their UAE’s second Smart Financial Centre. In a bid to incorporate technology to make banking simpler and interactive, Citibank offers all its services in the kiosk located on the ground floor of the Dubai Mall.

      Consumers wanting personal loans can apply through an interactive digital platform. Using the smart ecosystem, a consumer can do it using the straight-through application process and digital forms, within no time. Terminals are also installed at the kiosk where existing consumers can transact using the Citibank Online Platform. The consumer can also interact and clear doubts regarding personal loans and other services, onsite, with Citibank’s universal bankers.

      Apart from personal loans, this new branch also has a number of other services to help consumers meet their financial and banking needs, in a quick way.

      12th October 2015

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