Citibank Personal Loan

 

  • Citibank Personal Loan financing amount starts from as low as RM5000 up to as high as RM150000
  • Yearly interest stays fixed at 9% per annum flat rate
  • The loan tenure starts from as low as 2 years up to as high as 5 years
  • This Citibank Personal Loan is available to all Malaysian citizens or permanent residents that are currently working in Malaysia
  • The minimum gross monthly salary requirement to apply for this Citibank Personal Loan is RM4000

 

You can use this Citibank Personal Loan to settle any financial debts that you have. The Citibank Personal Loan also offers low interest rates with 9% interest rate fixed at per annum, no charges on processing fees, and you do not need to provide a guarantor or any collateral. Citibank Personal Loan also offers a minimum financing amount of RM5000 up to as high as RM120000 to their New-to-Bank customers while the current customers of Citibank with an existing active card or active ready credit that is over 24 months are eligible to apply for a loan amount of up to as high as RM150000. The definition of New-to-Bank customers is customers who are new to the Citibank’s bank.

If you have a gross annual income of more than RM60000, you are able to apply for a loan amount that is up to 8 times of your gross annual income. If you have a gross annual income of less than RM60000, you are able to apply for a loan amount that is up to 6 times of your gross annual income.

 

Repayment

For loan repayments, you have to start making your repayment on the first day of the month based on the date you received the loan from the bank. You need to pay this amount every month until you have completed the total amount of the loan you have to repay. Citibank provides their current customers with loan repayment tenure options of 24, 36, 48 or 60 months while the bank’s New-to-Bank customers have to pay an effective rate range starting from 14.5% to 21% per annum. This directly equals to 7.9% to 12.5% per annum of the prescribed flat interest rate.

 

Fees

Citibank Personal Loan has no processing fees. However, you have to pay stamp duty fees which is 0.5% based of the total approved loan amount. If you want to pay off your personal loan early, there is an early payment penalty fee that you need to pay. The early payment penalty fee is RM200 or 3% based on the outstanding balance and you have to pay whichever amount that is greater. You will only need to pay this early payment penalty fee if you choose to pay off your personal loan repayment amount during the first 2 years or before reaching the half of the loan tenure that you choose. The bank will calculate based on whichever that is earlier. If you do not make your payments on time or late for your payments, Citibank will penalize you with an additional 1% per annum penalty on top of the prescribed rate by the bank daily based on the outstanding amount for that particular month.

 

Eligibility

Citibank Personal Loan is only open to all Malaysian citizens or Permanent Residents that are currently working in Malaysia. The age requirement is from 21 years old to 60 years old at the time when the loan tenure matures. Individuals that are holding any Citibank’s Credit Card, personal loan, car loan, home loan or overdraft for over 2 years can also apply for this Citibank Personal Loan. The loan applicant must earn a RM4000 monthly income if he or she is permanently employed or self-employed. Besides that, for self-employed individuals, they must have the business established for at least a minimum of 2 years. Citibank may also request from you for some required and supporting documentations for them to process your personal loan application.

 

Documentations

For salaried applicant

 

A photocopy of MyKad both sides, front and back

 

The latest EPF statement

 

or

 

The latest 2 months’ salary slips

 

And/or

 

Latest BE form with tax receipt attached

 

Latest 3 months personal bank statements

 

Latest EA form dated within the last

12 months

 

For Self-employed Applicant

 

A photocopy of MyKad both sides, front and back

 

A photocopy of the Business Registration

Form

 

And

 

The latest Form B with tax receipt attached

 

Pros

  • Citibank can approve this personal loan as fast as within 30 minutes

 

Cons

 

  • Compared to other personal loans offered by other banks in Malaysia, this Citibank
    Personal Loan has higher interest rates because it starts from 9% per annum
  • Not everyone in Malaysia is eligible for this personal loan because Citibank has a high minimum income requirement because it starts from RM4000 per month

 

About Citibank

Citibank is known as one of the top banks in the world and the bank has continuously won different prestigious awards including Best Consumer Internet Banks, Best Corporate and Institutional Bank, and Best Cash Management bank because it offers unique services at the local and global levels. Citibank has about 200 million customer accounts and operates in more than 160 countries worldwide. By combining their local and international expertise, Citibank can offer a wide range of services such as the Citibank Personal Loan scheme, which has the reputation of being one of the most customer friendly and one of the most affordable loans available in the market today.