Citi Bank Loan On Credit Card

Loan On Citi Credit Card

✓ Fast Processing ✓ Great Discounts & Offers ✓ Easy EMI Facility | Apply for Credit Card from Citibank now!

Citi Credit Card Loan

Loan on Citi bank credit card or Citi Quick Cash is an exclusive facility that is offered to Citi credit cardholders. Such a loan can help in catering to planned and unplanned expenses, such as weddings, children’s education, and medical expenses. Depending on your eligibility you can opt to avail a loan on a Citi credit card. The loan amount and the interest rate will, however, vary depending on your relationship with the bank, your Citi credit card performance, and your overall profile.

How to Apply for a Loan on a Citi Credit Card?

Citi Quick Cash facility can be availed conveniently and quickly on your credit card, using any of three methods mentioned below-

1. Citibank Online (Net Banking)

  • Go to the Citibank Online page

  • Using your User ID and Password complete the login process

  • Select the ‘Loan on Credit Card’ option

Here, you can also opt to convert the outstanding balance on your card into easy EMIs

2. Citi Mobile app

  • Download and register on the Citi Mobile app

  • Using your User ID and Password complete the login process

  • Select the ‘Loan on Credit Card’ option

  • Select the repayment plan you prefer

  • Enter the loan amount you wish to avail and click on ‘apply’

Once the request is placed, the funds will be transferred to your bank account

3. Click2Call

  • Visit the ‘Citibank Loan on Phone’ page

  • Enter the details requested for

  • Click on ‘I authorise’ followed by ‘Talk to us Now’

Once the request is placed, a Citibank customer care representative will contact you to discuss your loan application.

Features and Benefits of Citi Credit Card Loan

The features and benefits of availing loan on a Citi credit card are listed below-

  1. The transfer of funds happens in an instant to your Citi Bank account. If the account is in another bank, the transfer is made by the next working day.

  2. The amount of money you can loan on your credit card can be within or above (subject to approval) the credit limit on your Citi credit card.

  3. Citi Credit card loan offers flexibility in the tenure. You can pick one ranging from 6 to 48 months and repay the Citi card loan on your terms.

  4. Getting a Citi credit card loan is a simple and hassle-free process, involving no paperwork.

  5. The loan on your Citi credit card does not involve a lock-in period, as a result, you can opt to foreclose your loan at any point in time.

Calculation of Interest on Citi Credit Card Loan

The interest amount calculation is done in two steps. It depends on the loan activation date.

1) Calculation of the initial amount of interest:

The initial interest charged on the loan on a Citi credit card can be calculated using the formula-

Loan Amount Availed x Interest rate% x (number of days /360 days)

The 'number of days' in the equation refers to the actual number of days since the loan has been issued/ disbursed/ encashed to the credit card’s immediate billing date for the initial interest amount.

Rate of Interest refers to the interest charges that would be levied on the loan amount. It is communicated when the loan is availed.

Example:

Loan amount

₹2,00,000

Disbursal/encashment date

01.03.2022

Tenure

24 months

Interest rate

18%

Immediate Billing Date

25.03.2022

Initial interest amount: 2,00,000 *18%*24/360 = ₹2400

This amount will be billed into the statement generated on the immediate billing date and will be a part of the minimum amount due.

2) Calculation of the EMI’s Interest component:

The Citi Credit Card loan EMI’s interest rate can be calculated using the formula-

Loan Amount Outstanding x Interest rate% x (number of days /360 days)

In the case of top-ups, the earlier loan will be closed, and the new interest rate communicated will be applicable to the consolidated loan amount.

Along with interest, a one-time transaction fee of 2.5 percent of the loan amount (or ₹300, whichever is higher) is charged on the loan.

Repayment Process of Citibank Credit Card Loan

In case of direct fund transfer, the first EMI on the loan amount, based on interest communicated, will be billed on the immediate billing date of your credit card.

For Demand Draft issued customers, however, the initial interest amount is billed post the encashment of the bank DD and the EMI amount will be billed on the billing dates, every month, throughout the repayment tenure. In case, the demand draft is not encashed within the first 90 days, it will be cancelled, and no charges will be levied.

If the DD is issued against any other bank apart from Citibank, the loan amount will be considered to have been availed from the date of issuance of the draft.

Modes of Disbursal of Citi Credit Card Loan

The loan on Citi credit card can be availed through either of the two ways

  • Direct fund transfer mode

  • Bank Demand Draft (DD)

As soon as the Telephonic Personal Identification Number (TPIN) /One-Time Password(OTP) in the case of Loan on Phone, and Internet Personal Identification Number (IPIN) /One-Time Password(OTP) in case of Loan on Citi online website is confirmed and validated, the loan amount will be directly transferred to the bank details provided at the time of placing the request.

In the case of availing DD, the Bank Demand Draft is valid for a duration of 90 days since its issuance.

Frequently Asked Questions about Citi Bank Credit Card Loan

  • ✔️Is a loan on a Citi Credit Card good?

    Availing loan on a Citi credit card is simple and easy. You can choose the repayment tenure based on your convenience, making repayments hassle-free.

  • ✔️Which Citi credit card is best for a loan?

    Instant loan facility is available on Citi credit cards- Citi Cash Back Credit Card, Citi Rewards Credit Card, Citibank PremierMiles Card, Citibank IndianOil Credit Card, etc.

  • ✔️What is Citi Card Flex Loan?

    A Citi Card Flex Loan is a simple and fast way to access funds leveraging your existing Citi credit card. As a result, there is no need for an application, origination fee, or credit inquiry. It has an affixed APR, which doesn’t change during the loan duration. You can select the tenure and the amount based on your eligibility.

  • ✔️Can I get a CitiBank loan against a credit card?

    Yes, you certainly can opt to avail a loan on a Citi credit card. However, the amount and the interest rate will differ depending on your association with the bank, your Citi credit card performance, and your overall profile.

  • ✔️How can I get an Instant loan from CitiBank?

    The Citi Credit Card loan is also called Citi Quick Cash, and you can get the loan amount in your Citi bank account instantly. In the case of accounts in other banks, it may take up to one business day for the funds to be transferred.