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|S$10,000 to S$15,000||MoneySmart Exclusive: $300 Cash via PayNow||Till 31st Aug|
|S$15,001 and above||MoneySmart Exclusive: $300 Cash via PayNow||Till 31st Aug|
|PARTICULARS||SINGAPORE / PR||FOREIGNER|
|Interest Rate||From 3.45% p.a.||From 3.45% p.a.|
|Effective Interest Rate (E.I.R)||From 6.5% p.a.||From 6.5% p.a.|
|Maximum loan amount||4X your monthly salary||4X your monthly salary|
|Minimum Annual Income||$30,000||$42,000|
|Loan Tenure||1 - 5 Years||1 - 5 Years|
|Lead Time||Upon approval, funds are deposited by next working day (Citibank account) or 1 - 5 working days (non-Citibank account)||Upon approval, funds are deposited by next working day (Citibank account) or 1 - 5 working days (non-Citibank account)|
|Late payment charge||If payment is overdue by 2 months, the loan will be terminated and any outstanding loan amount will be charged||If payment is overdue by 2 months, the loan will be terminated and any outstanding loan amount will be charged|
|Early settlement penalty||3% of outstanding unbilled principal amount or S$100 whichever is higher||3% of outstanding unbilled principal amount or S$100 whichever is higher|
|Promotion||3.45% p.a. interest rate for new CItibank customers (min. $20,000 loan, 3 years).||3.45% p.a. interest rate for new CItibank customers (min. $20,000 loan, 3 years).|
Also known as Citi Quick Cash, Citibank Personal Loan has one of the lowest promotional interest rates around. It is also relatively lenient for foreign borrowers and has $0 processing fees.
To be eligible for a Citibank Personal Loan, applicants must be at least 21 years old and not more than 65 years old. Both Singaporeans/PRs and foreigners can apply for Citi Quick Cash. For Singaporeans/PRs, the minimum annual income requirement is $30,000. For foreigners, you need to be earning $42,000 and above a year. If you are already a Citibank Credit Card or Ready Credit customer, you can apply for a Citi Personal Loan via the Citibank mobile banking app or Citibank Online. If you are new to Citibank, you can apply online with your NRIC/passport and income documents. You will have to open either a Citibank Ready Credit or Citibank credit card account.
Right now, the lowest Citibank Personal Loan interest rate is 3.45% p.a. (Effective Interest Rate or EIR: 6.5% p.a.). The EIR is higher because it takes into account the loan tenure, processing fees, administrative fees and other charges, and is a more accurate reflection of all the costs. Take note, though, that this attractive interest rate is strictly for new Citibank customers who borrow at least $20,000 for 3 years. If you borrow less or for a shorter tenure, you may get a higher interest rate - but you will still end up paying less interest to Citibank. You can use the Citibank Personal Loan Calculator to get an idea of interest rates for your loan amount and tenure, as well as your projected monthly repayments.
The current Citibank Personal Loan promotion is for new Citi customers only. That is, anyone without a Citi credit card or Citibank Ready Credit account. Citibank is offering a promotional interest rate of 3.45% p.a. (EIR 6.5% p.a.) to new customers who borrow at least $20,000 for 3 years. However, those who wish to borrow less money or repay in a shorter period of time should certainly do so. Even though you would not get the lowest interest rate, it is likely that you would end up paying less interest overall.
To contact Citibank about Citi Personal Loans, you can call the 24-hour Citibank hotline at +65 6225 5225 to speak to a CitiPhone Officer. This self-service phone banking hotline is available in English and Chinese.
MoneySmart lists Personal Loan products that range between a minimum of 1 to a maximum of 7 years. The effective interest rate (EIR) of loan products on our site range from 8.5% p.a. to up to 20.0% p.a. The EIR of your loan will be dependent on the loan you apply for as well as your personal financial needs. For example, you would need to pay S$316/month for an S$10,000 Personal Loan with a loan tenure of 3 years. This would equate to a total payment of S$11,376 over 3 years. Please view each Personal Loan product in detail for a full breakdown of the interest rate chargeable, minimum and maximum loan tenure as well as processing fees (if applicable).