Why Get a Citibank Personal Loans Singapore?
Abrupt expenditures are sometimes inevitable and can ruin your budget. No matter how careful we are in managing our finances, unexpected spendings keep coming our way.
What if you’re unable to prepare for emergencies and get caught by these “sudden uncertainties?” It’s a real pain.
We should always accept the fact that there are things beyond human control. And emergencies are one of them. What we should do is find ways on how we can resolve our financial burdens.
Don’t get too much pressure. One solution to help your money problems is by seeking financial help from banks by getting personal loans.
A personal loan can temporarily assist individuals in times of tight budgets. If you don’t have any extra to settle and an obligation, it can help you.
A myriad of financial entities lies within Singapore. You might get overwhelmed in choosing which bank you should go to.
Don’t get worried because we found a bank that can instantly help you – Citibank!
Citibank is worth considering. It is now offering quick cash loan services in which new-to-bank customers will enjoy a 0% for a 12-month loan tenure.
Read up and get to know more about Citibank’s personal loans.
What to know about Citibank Quick Cash Loans?
Get a personal loan by converting your credit limit in no time! It is what Citibank Quick Cash Loan can do to you. That means you need to have a Citi Credit Card or a Citibank Ready Credit to get your quick cash loan.
Interest Rates of the Loan
Citibank offers interest rates ranging from 3.99% up to 4.05% per annum. Incurred also is the effective interest rate (EIF) or 7.5% per annum.
For new-to-bank customers who gets a personal loan with a 12-month tenor will enjoy a 0% per annum, with an EIF or 7.85%
Fees and Loan Tenors
You can choose a loan tenor in Citibank from one (1) up to five (5) years. That depending on your capacity to settle your obligation.
If you choose a one-year loan tenor, you will be charged a 3.5% processing fee.
But for two (2) to five (5) loan tenors.
Citibank’s Quick Cash Loan Approval
With Citi’s quick cash loan, you can get approval as fast as 24 hours!
It is one of the best features that Citibank Quick Cash Loan has. After approval, your loan proceeds will be credited through your Citibank Credit Card or any Citi account. The cash disbursement could take three to five days.
Am I Eligible to Get a Personal Loan?
For you to be eligible, you must be a Singaporean Citizen or a Permanent Resident. Also, you need to earn an annual income of at least S$30,000. There is also an age limit requirement for applicants that is from 21 up to 65 years old.
Citibank also welcomes foreign applicants. If you’re an ex-pat, you should have total earnings of S$42,000 in a year. It’s the least income requirement that a foreign applicant should meet.
How to apply for Citi Personal Loans?
There are two ways we can share how to apply for a Citi Personal Loan. It is either used through Citi Mobile App or their website. Choose what you think is more accessible and convenient.
Applying through the use of Citi Mobile App
Applying for a personal loan in Citibank is hassle-free. There’s no need for you to leave your home to apply for banking accounts.
It is one great advantage of digital banking. People can now apply conveniently through Citi Mobile App.
It’s easier to do it by using the app. Download the Citi Mobile App from PlayStore (Android) or App Store (iOS) and apply for a loan effortlessly!
All you need to do is to log in and key into your credit card account. Swipe left and go to “Quick Cash.” Click the “Get Started” button and type in your desired loan amount. After that, click the “Next” button and select what account you prefer to use to receive your loan proceeds.
If you prefer to use another bank, you need to provide the essential details about it. Then you tap the “Confirm” button.
Wait till you receive your funds into your Citibank account. For those non-Citi account holders, it will take up to five (5) working days to receive your fund.
Applying through the use Citibank Website
If you choose to apply through Citi’s website, go to “Loans” and click “Personal Loans.” Once you’re on its page, click the “Get it now” button. Right then, you can commence your loan application.
Be sure to provide accurate information once you apply for a personal loan. This way, you will get a high chance of getting approval.
Citibank Requirements Needed To Comply
You need to submit a clear front and back photocopy of your NRIC/Passport/Employment Pass when getting a loan.
For Salaried Employees:
You need to present the past 12 months’ CPF statement or the latest Income Tax Notice of Assessment. Add to that is the original computerized payslip if you are a salaried employee.
For Self-employed Individuals:
Present your latest Income Tax Notice of Assessment and the latest original computerized payslip.
Other Frequently Asked Questions on Citibank Personal Loans
Where can I use my personal loan?
You can use the loan for any urgent expenses. It could be medical bills, business expenses, unexpected repairs, and many more.
How much will be the instalment loan amount if I get a personal loan from Citibank?
Your monthly instalment will depend on how much loan you’re going to borrow. If you’re unsure how much you want to apply for, you can try out Citibank’s personal loan calculator.
Indicate your desired loan amount there and choose your preferred loan tenure. By clicking the “calculate” button, you’ll know how much will be the monthly instalment.
What are the other fees if I get a personal loan in Citibank?
Yes, there are! That includes the cancellation fee, an overdue interest, and a late payment fee.
The cancellation fee would cost $100 or 3% of your outstanding balance, whichever is higher. An overdue interest of 20.95% per annum will apply if you fail to pay the interest on its payment date.
A late payment fee is when the minimum payment wasn’t received in two consecutive months. That will result in loan termination. What will happen is your debt’s outstanding loan will be billed in the following statement.
Instant cash is what we look for in times of urgency. And with Citi’s Quick Cash Loan services, we can get what we need in time! As long as you meet what Citibank requires you, you can get hold of the cash you need.
But what if you fail to meet their requirements?
Aside from banks, other financial entities provide online loan services like licensed moneylenders. It’s one of the best alternatives to do if you fail to meet the bank’s requirements. Cash Mart is one of the trusted licensed moneylenders you can find in Singapore. You can get your loan in Cash Mart with fewer requirements and enjoy a low interest rate! Visit www.cashmart.com.sg to learn more.