Citi offers personal loans to serve all your personal needs, may it be decorating your house, travelling to your dream destination, pursuing education, arranging a wedding or anything.
Citi offers three types of personal loans:
|Interest Rate (p.a.)||7.9% p.a. to 12.5% p.a.|
|Loan Tenure||Upto 5 years|
|Min. monthly income||RM4,000|
|Max. Loan Amount||RM150,000|
The bank offers personal loan at flat interest rates as low as 7.9% p.a. to 12.5% p.a.
The fees and charges for the loan are:
|Charge Type||Charge Amount|
|Stamp Duty||0.5% of the loan amount approved|
|Late Payment Penalty||1% p.a. calculated on a daily basis until the due is fully settled|
|Early Settlement Charges (if settled within the first two years or within the first half of the tenure, whichever is earlier)||3% of the outstanding balance or RM200, whichever is higher|
|Charges on Cheque Issuance||RM2.12/cheque|
|Stamp Duty on Cheque Issuance||RM0.15/cheque|
|Processing Fee on Cheque Issuance||RM0.53/cheque|
Note: The fees and charges provided in the table above are indicative and may vary in reality. The charges include the goods and services tax of 6% p.a.
The eligibility criteria to apply for Citi Personal Loan are:
The documents required to apply for Citi Personal Loan are:
Citi offers you a loan amount of up to 10 times your monthly gross income. You can get this loan with no guarantor and no collateral.
You can apply for Citi Personal Loan online by filling the online application form available on the website and submit it along with the required supporting documents. Alternatively, you could also apply for the loan by visiting the nearest Citibank branch and request for the application.
You can calculate the monthly instalment for the personal loan you are planning to take. You can enter the loan amount you are willing to take and the repayment tenure in years. You can then get an estimate of the monthly instalment payable for the loan. The calculations are done keeping 16.40% p.a. as the effective interest rate and a flat interest rate of 9% p.a.
You can calculate the monthly repayments as well as the total repayment you have to make for a particular loan amount using the formula:
(P x R x T)/100
Here, P is the loan amount borrowed in RM, R is the interest rate in % p.a. and T is the loan tenure in years. The resultant of this is the total amount you have to pay as the interest component. Therefore, the sum of the loan amount and the total interest payable gives you the total repayment sum.
The total repayment sum divided by the number of months across your loan tenure gives you the monthly instalment payable.
Citi provides several modes to make your repayment process easier. A few of such modes are given below:
You can contact the bank representatives to get clarification on your queries regarding the personal loan. The numbers to reach the bank are given below:
You can also choose to chat with the bank’s representatives with the ‘Live Chat’ option available on the bank’s website.
Q. What is the minimum loan amount offered by Citi?
A. The minimum loan amount offered is RM5,000.
Q. When does the loan repayment start?
A. You can begin the repayment starting from the commencement of one month from the date of disbursement of the loan amount.
Q. Can I pay an amount higher than the designated monthly instalment?
A. If you pay an amount higher than the designated monthly instalment, the excess sum will not reduce the loan principal. Instead, the amount will be considered as a pre-payment for the following month’s instalment.
Q. What happens if I fail to pay a monthly instalment?
A. If you miss paying a monthly instalment, the bank charges a late payment fee on the outstanding instalment amount at 1% p.a. calculated daily until the amount is fully settled.
Q. Can the monthly instalment amount be varied?
A. You cannot increase or decrease the approved monthly instalment amount unless you get a written approval from the bank.