Borrowing money from the bank or other lending institutions can feel daunting, especially when you’re rearing for huge spending. Whether it’s financing your home project, getting married, or consolidating debt, an installment loan can certainly help move things forward.
Thankfully, Citibank provides a personal loan that can be used in a variety of ways. Besides catering to your different concerns, the Citibank Personal Loan also offers fixed rates and quick fund transfers once approved.
Interested in getting this personal line of credit? Read on to find out its benefits and how you can apply for this offering today.
Citibank Personal Loan Features and Benefits
Citibank prides itself in offering accessible and affordable loan terms that fit with any lifestyle. It offers loan amounts ranging from $2,000 to $30,000 with fixed rates at 7.99% to 23.99% APR. Plus, an installment loan can be paid back over 12, 24, 36, 48, or 60 months.
Besides these flexible loan terms, the lending institution also takes accessibility and ease of use to the next level by providing borrowers with a lump sum payout of their approved amount.
In addition, borrowers may also enjoy fast and easy access to funds with a check being mailed to them within five business days. The application and approval process is just as quick.
Individuals who enroll with Citibank’s Auto Deduct facility may qualify for discounts and/or lower rates, provided they set up monthly payments with the said program. The Auto Deduct feature also provides a more simplified approach to paying your monthly dues.
If your account is linked to an eligible checking account, you are entitled to earn monthly ThankYou Points that will qualify you to avail of Citi ThankYou Rewards. ThankYou Rewards may be used to shop from partner merchants, get travel rewards, or even cover your bills.
Applying for a Citibank Personal Loan
To qualify for a Citibank Personal Loan, you must have a yearly income of at least $10,500. Interested applicants are also required to have an eligible Citi deposit account that has been been opened for at least three months with an average balance more than $0.
Applicants who are interested in availing of loans below $30,000 may apply online. To start the online application, head to their website and input your user ID and password. Otherwise, you may apply in person through a branch near you or by calling its hotline at 1-877-362-9100.
Bear in mind that approved loan amounts and respective APRs are dependent on your creditworthiness and other factors at the bank’s discretion.
Fees and Charges of a Citibank Personal Loan
The APR of a Citibank Personal Loan varies from 7.99% to 23.99% depending on your creditworthiness. Loan amounts approved by the bank may be paid over a period of 12 to 60 months.
Those who enroll in the bank’s Auto Deduct Facility may avail of a lower rate. For those with default payments, your interest rate may increase by 2%.
For more information of this Citibank offering, you may reach out to their customer service and support hotline at 1-800-685-0935. You may also visit them at their head office located at 399 Park Avenue, New York, NY 10022.
The Bottom Line
Overall, the Citibank Personal Loan is best for individuals who want to get access to fixed-term rates and monthly payments as well as competitive rates on the market. It is also best for people who intend on borrowing and wish to gain access to these funds in a lump sum.
Note: There are risks involved when applying for and using a loan. Consult the bank’s Terms and Conditions page for more information.