Citibank Quick Cash Personal Loan: Interest Rates, Calculator and App, Lifestyle News
If you are considering taking out a personal loan to go on vacation, please close this browser window and slowly walk away from the computer. Personal loans are not meant to be a quick fix for your cash flow problems and should never be used to pay for anything that is not an emergency or a necessity.
However, if you’re dealing with something that counts as an emergency – for example, a medical emergency or an urgent home repair, and really don’t have the money for it, a personal loan can be a good idea. low interest alternative to credit card debt.
So, let’s take a look at the Citi Quick Cash personal loan to see what it entails and what factors you need to consider, including interest rates, repayments, and more.
Incidentally, it’s just a test, not an ad, you should always compare personal loans through various banks such as DBS and POSB popular personal loan, personal loan OCBC and UOB Personal Loan before deciding which of subscribe to.
Citibank Personal Loan Application Criteria
Citi Quick Cash is a little different from your regular personal loan. It is for people who have a Citi credit card or Citi Ready Credit account and did not use all the money in their credit limit. Citi Quick Cash allows them to convert the available credit limit in cash at cheaper interest rates.
If you do not already have a Citi Credit Card or Citibank Ready Credit, you will need to obtain one or the other first before you can access Citi Quick Cash.
Additionally, you must meet the following annual income requirements to qualify for Quick Cash:
- Singapore citizens and PR: $30,000
- Foreigners: $ 42,000
Citi Personal Loan Application and Approval Time
Before making your request, you can check your potential monthly repayments on the Citi Web Site Quick Cash Loan. On the Loan Calculator, you can also select the reason you are borrowing money. (If you selected “branded luxury” or “vacation,” do yourself a favor and forget about taking out the loan.)
You can also use the MoneySmart Personal Loan Comparison Page to get a quote and at the same time compare with other banks.
To request Quick Cash, existing Citibank customers can go through the Citibank mobile app.
For non-Citibank cardholders, you must first register for a credit card. If so, I suggest applying for your card at MoneySmart to take advantage of our exclusive promotions.
Current holders of Citi credit card and account holders Ready Credit do not need to provide documents.
For new Citibank customers applying for a Credit Card or Ready Credit, you can apply online with the following documents:
- NRIC or Passport
- CPF statement for the last 12 months submitted via the CPF website OR last tax notice and last computerized payslip (for employees and all foreigners)
- tax assessment on income from two years and bank statements for the last three months (for self)
- Employment Pass (foreigners only)
For Citibank existing customers who apply via mobile Citibank, approval is instant.
For new Citibank customers, approval may take three to five business days.
READ ALSO : Citi will sell its retail business in Southeast Asia as part of an agreement of 5 billion to Singapore UOB
Citibank QuickCash Personal Loan Interest Rate (2022)
Citibank does not publish its interest rate seamlessly on its site, which is a major inconvenience.
You can only see the actual interest rate you will get when you apply for the loan.
The website states that the rates down as low as 3.45% per year, equivalent to an effective interest rate (EIR) of 6.5%. But these lower interest rates are usually reserved for the wealthiest clients, such as those whose annual income is at least $ 120,000.
Citibank Personal Loan vs DBS, POSB, OCBC, UOB Personal Loan Interest Rates
For purposes of comparing the Citibank loan with those of the three local banks, consider the hypothetical example of a person taking out a $10,000 loan, repayable over three years.
Assuming that person to be a Singaporean or PR who earns $ 2,500 a month, here’s what might look like interest rates:
|Interest rate||EIR||Monthly payment||Total amount to pay|
|Citibank||3.45 percent||6.5 percent||$307||$11035|
|DBS / POSB||3.88 percent||7.9 percent||$310||$11164|
|OCBC||5.43 percent||11.47 percent||$323||$11,629|
|UOB||3.4 percent||6.42 percent||$306||$11,020|
As you can see, in this particular example, Citi Quick Cash is actually quite competitive against the three local banks, with only UOB being slightly cheaper.
Citibank Quick Cash personal loan promotions
In the spirit of sharing the lobangs, here are the current Citibank promotions to watch:
- MoneySmart Promotion: New Quick Cash loan customers receive $150 + $400 cash through PayNow when they apply for Citi Quick Cash via MoneySmart. Valid until 30 April 2022.
- Citibank mobile app promotion: Get $ 50, $ 150 or $ 450 GrabFood coupons. Valid until 31 May 2022.
Be careful with personal loans
Despite what banks’ marketing slogans might lead you to believe, personal loans are not a practical band-aid to all your money troubles, allowing you to afford all the vacations and shopping sprees you desire.
In fact, it’s best to avoid personal loans unless you absolutely need to spend the money and your only other option is to go into credit card debt. Some examples of needs are: emergency medical care, your child/relative/pet becomes ill, your window or front door is broken, or your refrigerator breaks down.
For something less urgent or less necessary, give you time to save rather than into debt.
READ ALSO : Citi, Fave, convertCASH: New BNPL Players Enter Singapore Market (July 2021)
This article was first published in MoneySmart.