Moneymax Reviews: What to Know About Citi Personal Loan
By: Venus Zoleta
Published on: November 5, 2020 . Last updated: November 23, 2020 Category: Personal Loan
Here’s another edition of Moneymax Reviews! This time, we take a closer look at one of the better-known bank loans in the Philippines: the Citi personal loan. You might have come across it while you’re searching for options to borrow money online. If you’re considering it, you’ve come to the right Citi personal loan review.
You probably have some questions in mind about the Citibank personal loan. Is it good? Is it easy to secure? How does it stack up against other personal loans in the Philippines? This Citi personal loan review will look into these and more.
Table of Contents
- Citi Personal Loan Key Features
- Why Should I Get a Citi Personal Loan?
- Citi Personal Loan Alternatives
- Final Thoughts
Citi Personal Loan Key Features
Before we dig deeper into this Citi personal loan review, you first have to know if the Citibank personal loan is the right fit for you. Take a look at its features, fees, and charges below:
- Loan amount: PHP 100,000 to PHP 2 million
- Loan terms: 1 to 5 years
- Monthly interest rate: 2.42%
- Average annual contractual rate: 26.9%
- Disbursement fee: PHP 1,750
- Documentary Stamp Tax (DST): PHP 1.50 per PHP 200 of the loan amount
- Effective annual interest rate: 32.05% for a loan worth PHP 200,000 at 36 monthly repayments (inclusive of monthly interest charge, disbursement fee, and DST)
- Monthly late charge: PHP 500 or 6% of the overdue amount, whichever is higher
- Closure handling fee: 4% of the unbilled principal component of the loan that is prepaid
Why Should I Get a Citi Personal Loan?
Convenient Online Personal Loan Application
Citibank makes it quick and easy for borrowers to apply for a personal loan online. In just a few minutes, you can complete the Citi personal loan online application process without leaving your home. No waiting in line at the bank or going back and forth for your paperwork.
To apply for a Citi personal loan online, simply visit the Citibank website to fill out an application form. You’ll then undergo a verification process through a phone call with a Citi sales officer and submit all the required documents via email.
24-Hour Personal Loan Approval
Citibank processes a personal loan application in as fast as 24 hours upon submission of complete documents. Other banks take much longer to approve a personal loan, with processing times ranging from five days to three weeks.
The release of Citi personal loan proceeds is just as quick. You can have your loan amount credited to your bank account or sent as a manager’s check to your address. Your loan proceeds will be released after you submit a signed Loan Disclosure Statement and post-dated checks for your monthly loan repayments.
When you’re in urgent need of cash, a fast loan approval process certainly helps. You don’t even have to stress yourself out making numerous follow-ups on the status of your personal loan application.
Low Interest Rate
Citibank has one of the lowest personal loan rates in the Philippines. With a low interest rate, you pay less interest on your Citi personal loan. This will save you money throughout your loan term.
No Collateral Loan
No collateral or guarantor is required to be able to access cash through the Citi personal loan.
High Loan Amount to Cover Big Expenses
You can borrow as much as PHP 2 million from Citibank to pay for a major expense, such as home renovation, vehicle purchase, hospital bills, capital for business, or college tuition.
Flexible Payment Terms of Up to 5 Years
Borrowers can choose to repay their Citi personal loan in 12, 24, 36, 48, or 60 monthly installments. Among personal loan providers in the Philippines, Citibank offers the longest maximum repayment period of five years. Most banks allow only up to 36 monthly repayments on personal loans.
Having an option to pay off your personal loan for a longer period is ideal if you want to lower your monthly amortization due to budget restraints. To find out the most favorable loan repayment period for you, use the Citi personal loan amortization calculator. This online calculator shows how much monthly installment you’ll pay based on the loan amount and term you choose. Doing so lets you know which loan term will result in the most affordable monthly installment for you.
Citi Personal Loan Alternatives
Some borrowers may not be eligible for a Citi personal loan because of a few specific requirements like credit card ownership.
To qualify for a Citi personal loan, you must have a principal credit card for at least six months if it’s from Citibank or at least one year if it’s from another bank. Also, your gross annual income should be at least PHP 250,000 (or PHP 20,833.33 gross monthly income).
If you don’t meet one or both requirements stated in this Citi personal loan review, you won’t be allowed to proceed with your Citi personal loan application. In such a case, here are some alternatives with almost similar features as the Citi personal loan that you might want to consider:
SB Finance Personal Loan
Through SB Finance (a subsidiary of Security Bank), you can borrow up to PHP 2 million and pay it off for up to three years. SB Finance’s requirements are easier to meet than those of Citibank’s. No collateral and credit card are required to get an SB Finance personal loan. But the required minimum annual income for those interested in getting a loan from SB Finance (PHP 360,000) is higher than that of Citi personal loan.
BPI Personal Loan
Unlike Citibank, BPI doesn’t charge a fee when you fully repay your loan earlier than its maturity period. The annual contractual rate on the BPI personal loan is also slightly lower at 25.60%, making it one of the low-interest personal loans in the Philippines.
Tala Cash Loan
Tala Philippines offers a fast 24-hour loan approval, just like the Citi personal loan. However, it’s a lot easier to qualify for a Tala loan—no collateral, credit card, bank account, or proof of income is required. The Tala personal loan is ideal for quick cash needs (such as for groceries, minor emergencies, and other short-term needs) of up to PHP 15,000.
Read more articles about personal loans:
- Do You Have Bad Credit? What to Know When Applying for a Loan
- What Happens If You Stop Making Loan Payments?
Did this Citi personal loan review convince you to apply for a Citi loan? Considering its features and benefits, the Citibank personal loan is currently one of the best bank loans in the Philippines. It’s the perfect loan for those who want to get approved fast and pay lower monthly installments within a longer repayment period.
Before you start with your online loan application, read the terms and conditions first and call the Citibank hotline (8995-9999) to ask questions. Be smart when it comes to borrowing. Until the next Moneymax Reviews!
Venus is the Head of Content at Moneymax, with 15+ years of experience in digital marketing, corporate communications, PR, and journalism. She invests in stocks, mutual funds, VUL, and Pag-IBIG MP2. Outside of work, she’s crazy about cats and Korean dramas. Follow Venus on LinkedIn.