In our daily routines, we get worried about financial crises and have no idea what to do. In this situation, the best solution is to take Citibank Personal Loans. Such loans are helpful to fulfill basic finance requirements. But, the important question is about which bank is suitable for getting a personal loan. You will know a great bank with all of its details here in Emirates Loan. The company makes sure you will get a loan as per your need.
The bank that offers the most impressive finance services is Citibank. Citibank Personal Loans are amazing to easily manage all of your financial problems quickly. You will get instant cash when your application got approved. The specialty of this bank is that all of its procedure is easier to understand.
Before applying, you have to know about the details of a Citibank loan. The loan amount is from AED 7,340.00 to AED 110,193.75. This sort of loan never exceeds AED 110,190.00. The tenure months will depend on you. You have a maximum tenure time of sixty months. But, if you want to repay the amount rapidly, the minimum tenure is six months.
Another crucial factor that you must consider is the interest rate. Otherwise, it becomes tough for you to return the amount with high-interest rates. Citibank personal loan interest rate is between 10.50% – 17.99%.
One of the excellent features is that the Citibank cash loan facility is also available for everyone. There is no guarantor required. Only you have to meet the criteria that we mention below. You also need to submit all of your documents that will demand at the time of applying.
If there will not any fault in the application and you are eligible, your application’s approval time is only a day. Thereby, it is necessary to carefully fill out the form so there is less chance of rejection.
You have the greatest option of balance transfer. With this feature, you will also get help from other top loans. There is no fee for part payment.
Numerous benefits of personal loans from this bank make it more unique as compared to others. For online service, they will offer service at the doorstep. If you are an employee of a big company, Citibank will provide the best schemes & discounts to you. Many customers give positive feedback on its financial services of it. Overall, Citibank has numerous branches in different places. Therefore, everyone goes to the near branch and avails the personal loans.
The declining ratio of applicants for personal loans is much higher. However, the process of approval or rejection of applications depends on some factors. Every lender has their specific requirements for eligibility criteria. But the good point of Citibank is that it will keep all of your documents safe.
Age is a common factor for every salaried & self-employed person. A person between the ages of 23-58 years has the option to get this loan. If your age is also from 23-58 years, you can apply for it. It gives you surety that your application will never reject on an age basis.
Your income is an essential factor in deciding your eligibility. Just like other banks, Citibank also set a level of minimum income for whoever wants to apply. Borrowers must have a stable annual income of 38,567.50 AED.
The criteria for a salaried person are a little different from a self-employed one. The salaried individual must have proof of three years working in a company. If you changed your company, you also have a working proof of one month in that new company. Your job stability enhances the chance of your application’s approval.
The self-employed person must have a permanent address of office or home. Besides job stability, the profession also matters. Moreover, consider your minimum net income and then go for further procedure. With a good minimum income, the chances of successful application status become higher.
Another impactful factor of eligibility is credit history. It affects a lot on the application’s approval or rejection. This bank ensures that every person with a good credit history will get a personal loan. There is no particular score set by Citibank. But, the score should be decent and above 750.
The bank offers you loan amounts from AED 7,340.00 to AED 110,193.75. But, everyone gets loans according to their income. Always try to apply for those loan amounts which is affordable. Thus, you will easily repay the amount and make your financial life more comfortable.
The steps to Citi personal loan apply online are much simpler. For online, the best way is to go to the bank’s website and fill out the application form. If you do have not much time of applying directly, you can apply through Emirates Loan. This company will make all the procedures not only easier but also faster. Even, you will get your personal loan in just a few days.
The general points that you will follow if you want to apply online are the following:
Before starting to fill out the form, once read the complete form. So, there will be no confusion at any part when you start filling. This step requires your account as well. You can only fill out the form after your signing into the account. The duration for your bank’s deposit account must be above 12 months. Otherwise, you will not be eligible.
After the approval of the application, the next step is to finalize the amount. At this stage, there is a need of sending more documents. The purpose of all of these documents is to verify a person’s identity. You have also the option of selecting the repayment month’s duration.
After finalizing the loan, the next process of distribution of funds will start. The time for deposits and checks is not the same. If you want direct deposits, just one business day will require. On the other hand, the bank will need 5 business days to deliver the check to you.
The last step is to set a reminder for monthly payments after receiving the funds. Remember the first repayment and then mark the months and dates accordingly. So, you will never miss any repayment.
Its interest rate is fixed for everyone. It is from ten to seventeen percent. On the other side, the processing fee is between 2% to 3%. Moreover, the GST is also applicable to the fee.
You can pay repayment charges after six monthly payments. From 2-5 monthly payments, you can pay with NIL extra charges. Its advantage is that you will not get too burdened.
Same as repayment charges, the foreclosure charges will be allowed after six monthly payments. In this scenario, four percent repayment charges will applicable.
Different documents are required that make sure you are a valid applicant. For your identification, there must be proof of your passport and driving license. These documents also identify your exact age. In addition, residence proof is also compulsory. For a salaried person, submit your salary slip for three months.
Another document that will require is the bank statement. This statement is from the previous six months. And if you are self-employed, give proof of address of your office through documents, bills, etc. Also, your business must not be new; you work for more than three years. Lastly, the income proof step is only acceptable through the income tax document of the last two years.
Citibank is an ideal option for all those individuals who want personal loans for their needs. This bank is suitable to easily get approval on your application if you meet the requirements of eligibility. Take this step and make your life untroubled by financial demands.