Citibank is an excellent financial institution offering personal loans with outstanding rates; hence, solving urgent needs of money. Additionally, customers can use the line of credit to consolidate higher-interest rates or in a large one-time purchase.
What is Needed to Qualify for a Personal Loan
To apply for a loan with Citibank limited, for Singapore citizens, applicants need to be in the age bracket of 21-65 years and earning a minimum income of PR-S$30,000 p.a. For foreigners seeking credit, they need to possess a valid passport, employment pass, and income proof of above S$42,000 p.a. Also, if applicants are self-employed, they will need to submit a copy of their latest income tax notice of assessment, and they must have been in the business for at least two years. Foreigners should provide passport document along with pay slip and their tax notice of statement.
Citibank Interest Rates
The Nominal Interest Rates for new Citibank clients ranges between 3.99%- 4.11%p.a, and the rates will depend on loan tenure. Effective Interest Rate is 7.5%p.a, and the minimum amount to apply is S$1,000 for the amount above S$20,000. Whereas, customers can get a personal loan at Nominal Interest Rates of 4.55%- 5.79% p.a and with Effective Interest Rates of 8.50%- 10.50%p.a if they apply below S$20,000.
For instance, if someone is a new customer in Citibank and apply for a loan of S$ 1,000 over 12 months loan tenure, their interest rate is 4.94%p.a, and the repayment amount will be S$1,049.4. Typically, clients can always use the Citibank Loan Calculator to view their repayment schedule before applying for the loan.
Typically, customers can apply for personal loans online through Citibank website or visit their branch in various parts of the country, including Capital Square, Great World City, Asian Square, and Jurong East. The interest rates for loans will depend on whether applicants are an existing or a new customer to the bank.
Benefits of a Citibank Personal Loan
Citibank offers credit at low-interest rates and with a flexible repayment term of 12-60 months. Once someone qualify for a personal loan, they will receive approval within one hour, and the bank will deposit the amount into their account in the following business day.