| Frequently Asked Questions |
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What is a Personal Loan?
How much can I get through this loan?
For how long can I get this loan?
Who can apply for a personal loan?
Can I qualify for a higher loan amount?
Will I be charged with any pre-payment penalty? If yes, how much?
How is a Personal Loan disbursed if approved?
What do I need to do if I have to apply for a personal loan?
What is a Personal Loan?
Personal Loan is easy and convenient CASH, with no equity. The utilization of a personal loan is at the discretion of the person taking the loan subject to certain regulatory specifications in such regard. Unlike a home or a Car Financing loan its utilization is not bound for a specific purpose.
How much can I get through this loan?
You can qualify for a Personal Loan facility ranging between Rs.25,000 and Rs.1,000,000. Certain restrictions may apply on the maximum loan amount of Rs.1,000,000. The final authority for rejecting and accepting the facility rests with the bank.
For how long can I get this loan?
Your financing period can vary from 1 year to 5 year. Certain restrictions may apply on the 5 year financing period. The bank may determine in its discretion a different period for repayment of the loan irrespective of the tenor requested by you in the loan application.
Who can apply for a personal loan?
Salaried applicants over 21 years and self-employed applicants over 25 years of age residing in Karachi, Lahore, Multan, Rawalpindi, Islamabad, Hyderabad, Sialkot, Faisalabad or Gujranwala may avail this facility. Minimum income requirement for salaried employees is Rs.12,000/- whereas self-employed applicants will have to give their bank statements for the last six months in order to apply. You have to be a permanent employee with your organization.
Government employees of grade 18 and above and officers in the Armed forces (bearing the rank of Major or above) or equivalent in Navy and Airforce are eligible to apply for Personal loans.
Personal Loan application will be subject to approval pursuant to the bank's credit policies and procedures.
Can I qualify for a higher loan amount?
Customers qualifying for a loan amount lesser than what they had applied for may qualify for a higher amount by clubbing their income with their spouses.
Will I be charged with any pre-payment penalty? If yes, how much?
An amount of Rs.5000/- or 10% of the outstanding amount of balance in respect of your Personal Loan amount (whichever is higher) will have to be paid.
How is a Personal Loan disbursed if approved?
Personal loans are disbursed through a Citibank cheque. Withdrawal of cash and/or the realization of the proceeds of the Citibank cheque shall also constitute acknowledgment by the customer of his/her obligation to pay the purchase price to Citibank in accordance with the Repayment Schedule provided along with the Citibank cheque.
What do I need to do if I have to apply for a personal loan?
Just call CitiPhone Banking on 111-222-222 at any time day or night & our professional CitiPhone Bankers will assist you in such regard.
Or
SMS “Loan (space)Name” on 2484 (for Mobilink, Ufone, Warid and Telenor subcribers only)
Or
Just leave a message by clicking on the icon given below
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