With flat interest rates starting at 5.88% p.a. (equivalent to an effective interest rate of 10.9% p.a.) and repayment tenures ranging from 24 to 60 months, the Citibank Personal Loan can be a good option if you’re looking for some urgent cash to address any requirement.
Read on as we lay out in detail the various facets of the Citibank Personal Loan. Go through them and see whether it works out to be a good option for you. And if you indeed like it, you can apply for it, right here on BBazaar Malaysia, and get a free gift on loan disbursal (scroll to the bottom of the blog to apply).
What you get with the Citibank Personal Loan
- Funds up to 10 times your gross monthly income
- A loan amount ranging from RM5,000 to RM150,000 (loan amount up to RM120,000 for new-to-Citibank customers)
- Flat interest rates starting from 5.88% p.a. to 9.80% p.a. (equivalent to effective interest rate range of 10.9% p.a. to 16.9% p.a.)
- Loan repayment tenures from 24 months to 60 months
- No processing fee or collateral/guarantor required
What you will need to apply
- Minimum age of 21 years (to a maximum of 60 years)
- Minimum annual income of RM48,000 (both for salaried employees and self-employed)
- Documents required for applicants who are salaried employees: Copy of MyKad (both sides), latest EPF statement or latest 2 months’ salary slip, and/or latest BE form with the tax receipt, 3 months bank statement and latest EA form (dated within the last 12 months)
- Documents required for applicants who are self-employed: Copy of MyKad (both sides), a copy of Business Registration Form and latest Form B (with the tax receipt) or 6 months’ bank statements
- The business must be established for at least 3 years for the self-employed applicants
The major elements of the Citibank Personal Loan
The maximum obtainable loan amount may vary from individual to individual. The minimum amount you can get through the facility is RM5,000 while the maximum limit is different for new and existing customers of the bank. If you are a new Citibank customer, the maximum loan amount you can obtain is RM120,000, whereas the maximum loan amount obtainable for existing customers is RM150,000.
Citibank customers holding an active Citibank credit card and/or Citibank ready credit for more than 24 months are considered existing customers and are entitled to a loan amount of up to RM150,000. Even “new-to-Citibank customers” need to hold any bank’s credit card/home loan/personal loan/car loan/overdraft for more than 24 months to apply for a maximum loan amount of RM120,000.
Also, only Malaysians and permanent residents aged between 21-60 years and working in Malaysia with a monthly income of RM4,000 and above are eligible for this loan facility. That being said, the final loan approval, amount and rate are subject to Citibank’s assessment and review.
The different repayment tenures available with this loan facility are:
- 24 months
- 36 months
- 48 months, and
- 60 months
Fees and charges
Major fees and charges associated with the loan are as follows:
- One time stamp duty: 0.5% of the approved loan amount
- Late payment charges: 1% of the due instalment amount charged on a daily basis
- Early settlement fee: RM200 or 3% of outstanding balance, whichever higher, if the loan is settled within first 2 years or before reaching half the tenure, whichever earlier
Disbursement of the loan
- If your approved loan amount is between 70% to 100% of the amount applied for, Citibank will directly transfer the loan amount into your account. In such cases, you will receive a notification through an SMS informing about the disbursement of the loan.
- If your approvable loan amount is less than 70% of the amount applied for, Citibank will contact you via a phone call before disbursing the loan to re-confirm whether you really want to go ahead with the loan
Be it to renovate your home or consolidate your high-interest debt or to fund an educational course to upgrade your professional skills, the best thing about a personal loan is that it comes to the urgent rescue of the cash-strapped to fund any requirement. But be sure that you have complete clarity on the effective interest rate applicable to you, and you can afford to repay the instalments every month without straining your budget for essentials.
That being said, the competitive interest rates, flexible tenures and a loan amount range of up to RM150,000 make the Citibank Personal Loan a good option to consider.
CLICK HERE to apply for Citibank Personal Loan, right here on BBazaar Malaysia, and get a Free TESCO voucher worth RM50 from us on loan disbursal. T&Cs apply.
You may also like our helpful guides about personal loans:
- VIDEO: How to Apply for a Personal Loan on BBazaar Malaysia in Easy Steps
- 6 Scenarios When Getting a Personal Loan May Not Be a Good Idea
- 5 Common Personal Loan Myths Busted: What’s True and What’s Not
- 4 Common Reasons Why Personal Loan Applications Get Rejected
All information provided in this article/blog, published on this website is strictly for general information purpose only. BBazaar does not provide any warranty about the authenticity and accuracy of such information. BBazaar will not be held responsible for any loss and/or damage that arises or is incurred by use of such information. Please visit the websites of respective banks/financial institutions for more details about products.