Citibank personal loan in India at a low-interest rate
The number of financial institutions that offer personal loans in India is overwhelming. India has been blessed with so many options of financial aid, from opening a small business to buying your dream home.
With such ample options for people, there has been an explosive growth in the business of non-bank lenders who offer personal loans at incredibly competitive rates. One of such lenders offers Citibank personal loans at a competitive interest rate.
Features and benefits of Citibank personal loan in India
There are many features offered to the Citibank personal loan users. Some of these are mentioned as under:
- Documents required: There are fewer documents required for Citibank’s loan.
- Flexible Loan Amount: Citibank offers personal loans minimum of Rs. 10,000 and a maximum of Rs. 30 lakh.
- Quick Disbursal:The borrower gets the loan amount credited within 48 hours (2 working days) in the account of the borrower with successful document verification as per the bank’s requirements.
- Online Eligibility Check:You can check your eligibility for a Citibank personal loan online in just 4 hours.
- Availability of Foreclosure and Part Prepayment options: Foreclosure of Citibank personal loan is allowed after 12 EMIs. The bank also allows part pre-payment of up to a maximum of 5 EMIs and a minimum of 2 EMIs each time.
Citibank personal loan interest rates
Citibank personal loan interest rate starts at a minimum of 9.99% per annum. Thus, the interest rate offered to specific applicants depends on key factors such as the applicant’s income, loan amount, tenure, credit score, etc. Citibank Personal loan interest rates offered are based on an applicant’s income is as follows:
|Net Take Home Income (per month)||Interest Rate (p.a.)|
|Minimum Rs. 60,000||Minimum 10.99%|
|Rs. 60,000 up to Rs. 1 lakh||Minimum 10.50%|
|Rs. 1 lakh and above||Minimum 9.99%|
Status of Citibank personal loan in India
According to the latest statistics available, foreign banks opened over twenty thousand new accounts in India in the year ended 31 march 2021. Out of these, almost fourteen thousand were secured and eighteen thousand unsecured ones. Thus, the ratio of secured bad loans to unsecured bad loans in India is about three hundred percent.
As of the day of the financial year ending March 2021, the commercial interest rates charged by the foreign banks in India were as follows:
- Average rate (annualized) -Rs 9.6
- Fixed-rate -Rs 6.5
- Variable-rate -Rs 4.6
- Commercial banking in India offers various facilities including savings accounts, business loans, merchant cash advances, collection loans, travel credits, and credit cards.
- Most of the foreign currency trading takes place through credit cards. Online commercial banking in India is becoming very popular.
- The online option lets the borrower manage his bank account from the comfort of his office or home.
- According to the Reserve Bank of India (RBI), there was an inflow of Rs 16 billion in the fiscal year 2021.
- The outflow of funds is considerably less during the fiscal year ending March 2021 as compared to the flights from the home loan and overdraft facilities which were higher. Thus the total demand for foreign currency was higher during the fiscal year ending March 2021 as against the flights. This has resulted in an inflow of funds for both the domestic money lenders and the foreign money lenders in India.
There are numerous other reasons due to which the performance of the foreign banks in India is not impressive. However, the overall performance of the foreign banks in India is improving day by day.
There are many reasons due to which the performance of the foreign banks in India is not impressive. However, the overall performance of the foreign banks in India is improving day by day.