Citibank personal loans are the most sought after due to their hassle-free service and amazing delivery. Citibank Malaysia is a part of the American financial giant Citigroup. Citigroup is the largest banking company in America in terms of the assets it holds. Citibank is a global player with branches in 36 countries across the world. The Malaysian division of the bank was started in the year 1959 with its first office in the capital city of Kuala Lumpur.
The rating agency of Malaysia has awarded AAA to Citibank after which it has become the first foreign bank in the country to receive such recognition. Here is a quick bit of information on Citibank personal loans.
At least 21 years old
Less than 60 years old
Salaried or self-employed
with regular income
Earn more than the minimum
Minimum income required
Maximum allowed personal loan is RM 150,000
Installments of other loans lower
Pay off your credit card bills
Choose longer tenure loan up to 5 years
|Interest Rate||7.90 %|
|Minimum Income||RM 4,000|
Citibank personal loan is an easy and quick way of generating money for your sudden or regular need. These loans require no processing fee and are sanctioned within 24 hours of applying for the same. Citibank personal loans do not require a guarantor and come with a low interest rate. The loan can be pursued for any amount up to a maximum of 8 times your fixed income.
These personal loans come with the guarantee of Citibank which is a renowned international player in the field of finance. Citibank has branches not just in Asia but around the entire world. It is one of the foremost banks to integrate technological innovations with the banking framework.
Some of the most important features of Citibank personal loans are mentioned in the section below.
The rate of interest on Citibank personal loans starts with 7.9% per annum. The rate may vary depending upon the employment type and income of the loan applicant.
For new-to-bank customers, the rate ranges from 14.5% to 21% per annum. Similarly, the effective flat rate of interest for new customers is 7.9% to 12.5% per annum.
Following are the fees and charges applicable for Citibank personal loan:
|Late payment charge||1% p.a. is charged daily on the past amount due.|
|Early settlement fee||RM200 or 3% of the outstanding balance, whichever is higher is charged if the loan is settled within the first 2 years or before it reaches half the tenure.|
|One-time stamp duty charge||0.5% of the approved loan amount.|
|Local manager's cheque||Issuance – P2.12 Stamp duty per cheque issuance – RM0.15 Processing fee per cheque issuance – RM0.53|
The rates mentioned above are inclusive of 6% GST. You need not pay GST for the stamp duty per cheque issuance.
To be able to apply for Citibank personal loan, you must meet the following criteria:
|Minimum annual income required||RM48,000 p.a.||RM48,000 p.a.|
You will have to submit the following documents along with your application form:
|Documents required||Photocopy of MyKad Either one of the following: Latest Form B with tax receipt Photocopy of Business Registration Form 6 months bank statement Business must be established for at least 2 years.||Copy of Mykad Either one of the following: Latest EPF Statement 2 months’ salary slip Latest BE form with tax receipt Latest EA Form 3 months bank statement|
Citibank personal loan can be applied for by both existing as well as new customers. The loan is available to both salaried as well as self-employed customers. Personal loan application can be made either by visiting any of the bank branches in Malaysia or via online form available on the Citibank Malaysia website. Once the application form is filled and submitted, executives from the bank will get back to you and guide you through the entire application process.
Following is the list of documents that are required for use in the application process.
Self-employed loan applicants need to furnish proof of business registration form and latest tax document.
Calculating your tentative personal loan installment before availing a personal loan is a clever strategy for choosing the right bank and the right mix of loan amount cum loan tenure. Bbazaar.my hosts the online personal loan installment calculator which can be used by customers to check their monthly personal loan installment. This calculator takes in the following parameters as input to process them and yield the corresponding installment amount.
The use of this online loan installment calculator saves the hassle of all the manual calculations that are required to figure out loan installments.
Yes. RM 200 or 3% of the outstanding loan amount is charged as pre-closure fee.
Yes. Citibank personal loan is available for self-employed customers too. Set of documents required in this case is different from those required from salaried individuals.
Citibank personal loans can be repaid via equal monthly installments over a period of a fixed loan tenure.
The first loan repayment installment is expected to be made exactly one month after the date of availing the personal loan.
Yes. A stamp duty charge of 0.5% of the personal loan amount is charged from customers who apply for Citibank personal loan.
In case of default in repayment, a late payment charge is levied by the bank. Alternatively, for long periods of non-payment, the bank has the right to set-off the loan amount from any of your other bank accounts and also the right to initiate legal action against you.
No. Citibank personal loan is a totally unsecured loan and does not require any guarantor.
Full details can be found at the Citibank Malaysia website. Also, CitiPhone numbers can be contacted for resolution of issues.