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.
You’re probably eligible for an Citibank Personal Loan if you are
At least 21 years old
Less than 60 years old
Salaried or self-employed
with regular income
Earn more than the minimum
Your Citibank Personal Loan amount eligibility is based on these factors
Minimum income required
Maximum allowed personal loan is RM 150,000
Installments of other loans lower
Increase your eligible Citibank Personal Loan amount by these steps
Pay off your credit card bills
Choose longer tenure loan up to 5 years
Documentation needed to apply for CitiBank Personal Loan
- 1.Photocopy of My Kad
- 2. Application form
- 3. Documentation for salaried applicants:
- Latest EPF Statement OR Latest 2 months' salary slip
- 3 months bank statements OR Latest EA Form/BE form with tax receipt
- 4. Documentation for self Employed applicants:
- Photocopy of Business Registration Form
- Latest Form B with tax receipt OR 6 months bank statements
Citibank Personal Loan Interest RatesUpdated on 27 May 2017
|Interest Rate||7.90 %|
|Minimum Income||RM 4,000|
Citibank Personal Loan
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.
Features of Citibank Personal Loans
Some of the most important features of Citibank personal loans are mentioned in the section below.
- The tenure for Citibank personal loans is a maximum of 5 years
- A minimum annual income of RM48, 000 per annum is required in order to qualify for the Citibank personal loan.
- New-to-bank customers are eligible for a maximum personal loan of RM1, 20, 000 whereas existing customers can avail up to RM1, 50, 000 in the form of personal loan.
- This personal loan comes with a prepayment fee of RM200 or 3% of the outstanding personal loan amount that remains to be paid.
- Also applicable is a late payment fee which is calculated as 1% of the personal loan amount.
- Citibank personal loan is an unsecured loan and as such there is minimum formality and documentation required.
- Personal loan processing is extremely quick and the amount of loan depends partially on the credit history of the loan applicant.
- Citibank personal loan can be paid off in monthly installments which usually start on the first day of the month following the disbursement of loan.
- Minimum applicable age of the applicant is 21 years and maximum is 60 years
- Processing fee for Citibank personal loans is nil.
Citibank Personal Loan Interest rates
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.
Fees and charges of Citibank Personal Loan
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:
- The minimum age required is 21 years up to 60 years at the time of loan maturity.
- You must be a Malaysian citizen or Permanent Resident working in Malaysia.
- You must hold any bank’s credit card, personal loan, home loan, car loan, or overdraft for over 24 months.
- Income requirement is as follows:
|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|
How to Apply for Citibank Personal Loans
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.
- Latest EPF Statement or Latest 2 months' salary slip
or any of the following documents wherever required.
- Latest BE form with tax receipt
- 3 months bank statements
- Latest EA Form (dated within the last 12 months)
Self-employed loan applicants need to furnish proof of business registration form and latest tax document.
How to Calculate Loan Installment for Citibank Personal Loan
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.
- Desired personal loan amount
- Preferred loan tenure
- Applicable interest rate
The use of this online loan installment calculator saves the hassle of all the manual calculations that are required to figure out loan installments.
FAQs for Citibank Personal Loan
Q. Is there an early settlement fee for pre-closure of Citibank personal loan?
Yes. RM 200 or 3% of the outstanding loan amount is charged as pre-closure fee.
Q.Is the personal loan available for self-employed applicants?
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.
Q.How do I repay the Citibank personal loan?
Citibank personal loans can be repaid via equal monthly installments over a period of a fixed loan tenure.
Q.When is the first loan repayment installment made?
The first loan repayment installment is expected to be made exactly one month after the date of availing the personal loan.
Q.Do I need to pay a stamp duty to avail Citibank 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.
Q.What happens if I fail to make regular loan repayments?
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.
Q.Is a guarantor required to sign my personal loan application?
No. Citibank personal loan is a totally unsecured loan and does not require any guarantor.
Q.What contact do I reach out to in case of assistance or redress required?
Full details can be found at the Citibank Malaysia website. Also, CitiPhone numbers can be contacted for resolution of issues.