Must-Read Details on Citibank Personal Loan
Personal loans are your financial lifelines.
Living in the Philippines, most Filipinos get loans for various purposes. It could be for medical emergencies, education, or your long awaited vacation with the whole family.
Utang is part of our culture. And this is why there is a vast type of loans offered by banks and money lenders. Also, Citibank does not hold back when it comes to loan services too.
Citibank has been here with us since July 1902. Today, Citi Philippines stands as one of the country’s largest foreign commercial banks, serving top-tier Filipino corporates and common Filipinos. It has been offering retail loans, lifestyle convenience products, and consumer branch services for years.
Of course, it has personal loans too. However, just like any other loans, you need to take the time to know if this is the right option for you. Let’s learn more about Citi PH personal loan.
Citibank Personal Loan
Who can apply for the Citibank Personal Loan?
Citibank offers personal loans to both Filipinos and local resident foreigners who are 21 to 65 years old. They just have to prove that their address can be supported by a valid proof of billing.
Naturally, you need to have a regular source of income with a minimum annual salary of P250,000. Another thing you will need to be eligible is a credit card. Unlike other personal loans, Citibank requires the borrower to have a principal credit card for at least a year prior the loan application. If you have a Citi Card then the bank will consider your application even if you just have it for the last six months.
Having a credit card, the bank can easily review your credit history to know your creditworthiness. Also, this gives the bank an assurance that you have enough credit report to evaluate. That’s why you can also consider the Citi card personal loan.
Citibank Personal Loan Requirements
So, do you think you are eligible? Then, you have to prepare the requirements:
- One (1) valid government-issued ID complete with photo and signature.
- If you are employed, you’ll need one of these:
- Income Tax Return (ITR)
- BIR 2316
- pay slips for the past three (3) months
- If you are self-employed, you must provide your latest ITR and Audited Financial Statements (AFS).
- Do not forget that you also need to submit the duly accomplished application form. You can either fill it out online or download the form.
Citibank Personal Loan Calculator Philippines
Why do you need a Citi loan calculator?
Loan calculators can help you decide how much to borrow, how long you will pay for it and the monthly installments you have to pay.
With these details, you can easily consider how much you handle to pay every month without sacrificing your needs.
Citibank offers personal loans of P20,000 up to P2,000,000. Take note that you must borrow only what you need to avoid having problems with repayments. If you just need cash lower than P20,000, then consider other options.
Citibank Loan Interest Rate
Yes, we all know that most Filipinos will take note of the loans’ interest rates. They compare interest rates to choose the best possible loans. However, this is not the only thing to consider.
Various factors can affect personal loans, which will depend upon the bank’s discretion. The Average Annual Contractual Rate is 26.9%. If you are a non-Citi customer, you can still apply for a personal loan. But the annual Citi personal loan interest rate is 30.9%.
Citibank Personal Loan Fees
- The Disbursement Fee is P1,750 for each disbursement.
- Documentary Stamp Tax (DST) is P1 for every P200 of the principal loan amount.
- Effective Interest Rate will be charged on the total amount of the principal loan, disbursement fee, and the DST.
- Monthly Late Charge – In case you fail to pay the monthly installment on time, you will be charged P500 or 6% of the Overdue Amount.
- Closure Handling Fee – If you want to settle the loan earlier, you need to pay 4% of the remaining balance.
- Returned Check Fee – The mode of payment is through post-dated checks. In case your check bounces, you will be charged P1,500
Mode of Disbursement
How will you get your borrowed Citibank cash loan? You can get it through branch pick-up, Managers Check to your billing address, or you can have it credited directly to your bank account.
Facts to Take Note:
- You must have a credit card that is active for a year.
- The mode of payment is only through Post Dated Checks. If there is not enough cash in the bank account where the check will be credited, it will bounce. Bounced checks are subject to penalties.
- Citibank personal loan has high disbursement fee. Other banks and money lenders do not have a disbursement fee.
If you need a fast cash loan with more flexible payment options, you can get it from Cash Mart with ease. Cash Mart offers short term personal loans with the online process.
Get the loan you need wherever you are, without even leaving your home. Call Cash Mart today at (02) 829-0000.