As one of the renowned banking groups in Singapore with over $4.1 billion in total assets (as per its latest 2021 annual report), Citibank has a selection of loans for you to choose from including personal loans. Their Citi Quick Cash personal loan is offered with a choice of fixed instalments up to 60 months tenure, at competitive annual interest rates and effective interest rate (EIR). Currently, their advertised interest rates are from 3.45%, with an EIR of 6.5% and above. As most interest rates are kind of personalised for each customer, the Citi Quick Cash loan rates you get might differ, depending on other factors which the bank will take into consideration. Let’s look at the pros and cons of taking up a Citi Quick Cash personal loan in this review, and compare it against other personal loans.

Similar to other personal loan requirements like those by other banks, you'll need to be aged between 21 and 65 and be a Singapore Citizen, Permanent Resident (PR) or foreigner with a valid Singapore Employment Pass, to be eligible to apply for this Citi Quick Cash loan.

The minimum annual income requirements are $30,000 for Singaporeans and PRs and $42,000 for foreigners as per Citibank's application eligibility requirements. This makes Citi Quick Cash personal loan an affordable option for Singaporeans and PRs earning more than $20,000 per year.

One thing to note is that this loan is only for new customers and not existing Citibank customers. So if you're a new customer who is a SingPass holder, you can apply with MyInfo for a quicker application. You'll be required to submit a copy of your NRIC (front and back), your latest computerised payslip or latest 12 months' CPF Contribution History Statement for the Citi Quick Cash personal loan application.

Citibank does not charge any processing fees or initial annual fee unlike some banks, so you'll not need to pay any processing fee unless you miss any payments for your installments, in which case you will have to make a late payment fee.

As Citibank's interest rates aren't published upfront on their website, you'll only be able to know the actual estimated interest rate you'll be getting when you apply for the loan. At the moment, their advertised interest rates are from 3.45%, with an EIR of 6.50% and above. To make things easier to understand, here is an example to illustrate. (But keep in mind that in reality, interest rates are personalised, so yours might differ from this example which was calculated using Citibank's personal loan calculator

Let's say you're taking up a $10,000 loan over 3 years for your wedding expenses. With an interest rate of 3.45% p.a., your estimated monthly repayment amount would be $306.49, taking into account the EIR of 6.50% p.a. which can be determined by many other factors besides the interest you are charged, such as your number of installments, frequency of installments, whether your installment amounts are equal or not, administrative fee or processing fees.

In the situation that you decide to opt for early repayment or to cancel your Citi Quick Cash personal loan, there will be a cancellation fee of a minimum of $100 or 3% of your unbilled outstanding principal amount or $100, whichever is higher.