Cash woes? A personal loan to the rescue!
Personal Loan BYTES FROM OUR KITCHEN

Citi Debt Consolidation Loan

The Citi Debt Consolidation Loan is a fixed rate unsecured personal term loan that helps in consolidating your existing unsecured debts like credit cards debts and personal loans with other banks into a single payment at an affordable rate of interest to help you pay off your loans faster.

Features

Interest Rate From 6.4% to 7.2% p.a. (flat rate)
Effective Rate From 11.90% p.a. to 12.90% p.a.
Minimum Loan Amount RM5,000
Maximum Loan Amount
  • Up to RM120,000 (for new customers)
  • Up to RM150,000 (for existing customers)
Loan Tenure Up to 60 months
Islamic/Conventional Conventional
Approval Duration NA

Interest Rates

  • For New Customers:
Loan Tenures Processing Fee Minimum Income Interest Rate Principal Loan Amount
24, 36, 48 or 60 months NA RM48,000 Effective interest rate range of 11.90% to 12.90% p.a. Up to RM120,000

*Final approval, rates, and loan amount as per the bank’s discretion.

  • For Existing Customers:
Loan Tenures Processing Fee Minimum Income Interest Rate Principal Loan Amount
24, 36, 48 or 60 months NA RM48,000 Effective interest rate range of 11.90% to 12.90% p.a. Up to RM150,000

*Final approval, rates, and loan amount as per the bank’s discretion.

Benefits

  • Enjoy loan up to 10x of your monthly gross income.
  • A new customer can obtain a loan amount of up to RM120,000 and an existing customer can borrow up to RM150,000.
  • Enjoy repayment tenures of 24, 36, 48, or 60 months, as per your convenience.
  • Comes with competitive interest rates.
  • Obtain the loan through an easy application procedure with minimal documentation.
  • Cash Out option is available.
  • Malaysian citizens as well as permanent residents can apply for this loan facility.
  • Guarantor or collateral is not required.

Eligibility

Nationality Criteria Malaysian citizen or permanent resident
Age Requirement
  • Minimum age: 21 years
  • Maximum age: 60 years (at the time of maturity of the loan scheme)
Annual Income Requirement Minimum RM48,000
Guarantor or Collateral Requirement Not required
Other Requirement/s You should be holding any bank’s credit card, home loan, personal loan, car loan, or overdraft for more than 24 months

Fees and Charges

Stamp Duty Charges One-time stamp duty of 0.5% of approved loan amount (as per the Stamp Duty Act 1949 (revised in 1989))
Processing Fee NA
Statement Request Fee (interim) RM5 for every copy

Penalties

Early Settlement Charges Whichever is higher between RM200 or 3% of your outstanding balance (if your loan is settled within first 2 years or before completing half the tenure, whichever is earlier)
Late Payment Fee 1% p.a. charged daily on your past unpaid amount

Documents Required

For Salaried Applicants For Self-Employed Applicants
  • A copy of MyKad (both sides)
  • Latest EPF statement or
  • Latest salary slips (for 2 months) and/or
  • Latest BE Form with a valid tax payment receipt (if applicable)
  • Bank statements (for 3 months)(if applicable)
  • Latest EA Form (date within the last 12 months) (if applicable)
  • Latest redemption statement or
  • Latest closure quotation of personal loan and/or
  • Latest statement of credit card
  • A copy of MyKad (both sides)
  • A copy of Business Registration Certificate
  • Latest Form B with tax receipt or
  • Bank statements (for 6 months)
  • Latest redemption statement or
  • Latest closure quotation of personal loan and/or
  • Latest statement of credit card

Loan Calculator

  • You can calculate your monthly repayment for the debt consolidation plan via the calculator available on the bank’s official website.
  • In this loan calculator tool, you need to provide details about your outstanding balances with other financial institutions. You can add up to 5 personal loan or credit card accounts here.
  • In the next step, you need to provide the tenure for your loan.
  • Hit on ‘Calculate Now’ and get an estimate of your monthly repayments on your debt consolidation plan.

How to Apply for Citi Debt Consolidation Loan?

Online Application
  • Visit the official website of Citibank Malaysia.
  • Fill in all mandatory fields with required information (name, email ID, mobile number, etc.).
  • Select your monthly income group.
  • Complete the form.
  • Submit the application.
  • The bank officials will contact you within 2 working days.
Offline Application
  • Visit any nearest branch of Citibank.
  • Collect an application form for the product.
  • Fill in the form with all compulsory details.
  • Attach the set of necessary documents, if required.
  • Submit the application form to the bank officials.

Loan Application Process

The application process for this loan plan is hassle-free and quick. You can apply online directly through the Citibank Malaysia’s website or you can also opt for the offline application method. In both cases, minimal paperwork is required and you can complete the application process quickly.

Loan for Foreigners

Along with the eligible Malaysian citizens, permanent residents who are working in the country can also apply for this loan facility.

Customer Care

You can reach to the bank officials on the following numbers for any additional assistance about the product:

Regions CitiPhone Contact Numbers
Kuala Lumpur 03 2383 0000
Penang 04 296 0000
Johor Bahru 07 268 0000
Sabah and Sarawak 1800 82 1010

FAQs

Q. How many accounts can I consolidate with the Citibank personal loan scheme?

A. You can consolidate a maximum of up to 5 credit cards or loan accounts with the Citibank Personal Loan plan.

Q. Is GST applicable for this loan scheme?

A. Effective from 1 June 2018, the standard GST (Goods and Services Tax) has been revised to 0% from the earlier 6%.

Q. What should I do if my contact details are changed?

A. You need to inform the bank officials immediately in case of any change in your contact details. The updated contact information is essential to ensure that all communication reaches you in a timely manner.

Q. How will the bank set-off the credit balance if I fail to do so?

A. The bank has a right to set-off any credit balance in any of your accounts maintained with the bank against any outstanding balance on your loan account. In this case, the bank will give you a 7-day prior notice.

Q. Do I have to keep anything as a security for this loan plan?

A. This is an unsecured personal term loan and you do not have to provide any collateral or guarantor for it.

You can consider the Citi Debt Consolidation Loan plan if you want to consolidate your loans or dues for other banks and credit cards to one single Citibank account. The Debt Consolidation Loan from Citi offers competitive interest rates and flexible tenures on this debt consolidation plan to help clear your unsecured debt faster.

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