Citibank provides personal loans with interest rates as low as 9.99 percent per annum. With limited paperwork and a repayment period of up to 60 months, you can get a loan of up to Rs. 30 lakh to cover various personal financial expenses. Thus, during this COVID-19 Citibank Personal Loan offers loans at a low-interest rate.
Citibank Personal Loan Interest Rate
The interest rate on a Citibank personal loan starts at 9.99% per annum. However, the particular interest rate that applies to an applicant is determined by the person's applicant profile, which includes his or her credit score, type of jobs, loan size, and desired tenure, among other factors.
Citibank Interest Rate for different types of loans
Citibank provides personal loans with low-interest rates as low as 9.99% per annum. The interest rate that applies to a specific applicant, on the other hand, varies depending on the person's applicant profile, the loan amount and tenure required, and other factors. The table below shows the range of interest rates provided by Citibank for various forms of personal loans to individuals:
Personal Loan Type Interest Rate Range
Instant Personal Loan 9.99% p.a. onwards
Buy Now Pay Later 16% p.a. onwards
Personal Loan for Salaried 10.50% p.a. onwards
(Categorized as Corporate)
Balance Transfer 9.99% p.a. onwards
Citibank Personal Loan Balance Transfer Interest Rate
Citibank's balance transfer service allows you to transfer your current personal loan from another lender to Citibank. The balance transfer allows you to properly organize and control your finances, as well as benefit from a longer maturity period and lower interest rate. The interest rate on a Citibank personal loan balance transfer begins at 9.99 percent per annum.
Citibank Reducing Balance vs Flat Interest Rate Calculation
Interest is based on the entire loan principal sum over the loan period, without taking into account the portion of the principal that has already been charged, by using the flat rate/flat balance form.
Citibank ignores the fact that the unpaid loan principal is steadily reduced as monthly EMIs are charged.
The reducing balance form, on the other hand, only calculates interest on the unpaid loan principal per month.
As a result, the monthly interest payment decreases as the outstanding loan balance decreases.
As a result, although reducing balance interest rates are slightly higher than flat interest rates, they can help you save money on your loan's overall interest payment.
How to get Citibank Personal Loan at a low interest rate?
Here is the mentioned list that helps to secure Citibank Personal Loan interest rate:
Maintain a decent credit score as far as possible (750 or above)
Maintain a consistent work history.
Make timely payments on your EMIs and credit card balances.
Reduce the current debt.
The relationship with the bank/lender is already good.
Conclusion
The list of above information helps you to avail Citibank Personal loan at a low-interest rate, flexible repayment tenure, and maximum loan amount that you required. You can also check out the entire information related to the personal loan details. Apart from this, you can also visit Afinoz.com for more details and avail of a personal loan from Citibank.
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