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Citibank Business Loan

Whether you are in need of a fast track loan approval or a secured term loan, Citibank is considered as the best in this industry.  Apart from the great offers and low interest rates, the professional service and assistance is appreciated by almost each and every customer. Without any doubt, it is sure that if you are a customer to Citibank in any manner, it is equal to having an asset with you. This bank will always have a solution for your banking needs.

Features & Benefits of Citibank Business Loan

  • Minimum and maximum amount for business loan is INR 1 million to INR 15 million.
  • With the Citibank business Loan option it is possible to get loan within 48 hours.
  • Requires minimum documentation & has simple free processing.
  • The flexible loan tenure is up to 10 years.
  • Pre-payment charges are 4%.
  • No guarantor required.
  • Conditional pre-closure and part payment options are available after 12 months.
  • Door step service is offered.
  • Top-up loan availability option is made available.
  • E-approval and balance transfer are add-ons.
  • Comparatively low business Loan Interest Rates.

Why should you choose Citibank Business Loan?

Many would be wondering why Citibank for business loan instead of any other bank that is out there. The answer is simple it is mainly because of its accessibility and convenience, multiple loan options for the same individual, low interest rates and maximum tax benefits.  The above mentioned points are the main reasons why Citibank business loan is the best.

Accessibility is a very important factor and this bank offer a platform for regular conversations, easy withdrawals and quick depositing option. Being a regular customer for many years with Citibank, the customers are so inclined to it and are not willing you try other banks due to the benefits and reliable features.

Citibank promote various programs and schemes that will encourage entrepreneurs to make use for additional benefits. The actual earnings for this bank are from the interest rate charged on loans. Few other benefits offered are term loans, standard business loans, etc.

Rate of interest in Citibank is low as compared other banks and lending agencies and also lower than some finance instruments like the credit card and so on.

Businesses taking bank loan from Citibank can enjoy maximum tax benefits; this bank helps the applicant to choose a loan type that reaps maximum benefits through exemption from tax calculations.

How to apply online for Citibank Business Loan?

Finance Buddha is a personal loan comparison site, and also everyone can apply for a loan with banks directly. In this website the applicant just have to update personal details such as present company, salary, existing EMI amount, Salary account bank, loan amount required and tenure, and the application will auto-calculate the amount that should be paid per each bank’s interest rates, its processing fees, etc. More details are provided below.

If you want to directly apply for the personal loan, all you need to do is just visit Finance Buddha personal loan tab, give details of loan amount, company name you are employed at, salary account bank name, take home salary and any existing EMI amount. Ever you have worry about high rate of interest in banks or not getting desired loan amount make use of this this website to compare and find the best.  

Interest Rates:

As you already know, the interest rates at different banks will be different. Also within the bank the rate can differ from person to person, this is the very reason they give an interest range instead of a particular. As an individual who is looking to apply for a personal, the first thing to be kept is how to apply for a loan with less interest rate. Though it is not at banks discretion, there are few things that a an individual can do to decrease the interest rate; the first one is –having a good CIBIL score: by this the probability of getting a loan faster will increase also with the consideration of past records only less interest will be charged. The lower you score is, the higher will be the interest.

Check Eligibility:

Though not many websites offer such a facility, this is a good option before apply for a loan from bank. Getting rejected from a bank or NBFC is also a factor that can affect your CIBIL, thus applying at many places without knowing the eligibility and CIBIL score is not a great move. At Finance Buddha, you just have to give information about your net take home salary, existing EMI amount and company name. With these your loan eligibility with banks list will be immediately shows, which includes the bank name and maximum amount you are eligible to get a personal loan.

Use application for to apply:

Through Finance Buddha applying for a personal loan is quite simple, all you need to do is fill the application form available in the site with all credentials and look for the bank options that are available for you. Compare and consider the best one from this and simple apply through Finance Buddha. The concerned bank will contact you directly within and day or two to take the request to the next level. 

Citibank Business Loan Eligibility Criteria

  • Age at least 26 and less than 60 for Salaried
  • Age at least 21 and less than 65 for Self-Employed
  • Minimum Monthly Income INR 30,000

Documents Required for Citibank Business Loan

  1. Application Form: Complete loan application form with one passport size photograph
  2. Valid Proof of Applicant's Identity: Passport, Photo PAN card, Voter’s identity card ,  Driving license and MAPIN card
  3. Proof of Residence: Ration card Tel/ Lease agreement/ Electricity Bill/ Passport/Trade license /Sales Tax certificate
  4. Proof of Age: Passport, Photo PAN card, Voter’s identity card
  5. Financial Documents: Copies of IT returns for the last two years along with the latest Bank statements for 6 months and P & L and balance sheet for last two years audited by a C.A.
  1. Self Employed (Private Ltd. Co. and Partnership Firms): Copies of IT returns for the last two years and P & L and balance sheet for last two years audited by a chartered accountant
  2. Self Employed Individuals: Copies of IT returns for the last two years and Bank statements for last 6 months and – Professionals: P & L and balance sheet for last two years audited by a chartered accountant
  3. Self Employed Individuals - Non Professionals: P & L and balance sheet for last two years audited by a chartered accountant and Copies of IT returns for the last two years and Bank statements 

Citibank Business Loan Interest Rates, Fees & Charges

               
Interest Rates, Fees & Charges 
Interest Rates Starting as low as 13.49% to 20.75%.
Lowest EMI INR 2,035 per INR 100,000.
Processing Fee Up to 2%
Prepayment Charges Allowed after 12 EMIs
Foreclosure Charges Allowed after 12 EMIs plus 4% prepayment charges are applicable

Service Charges:         

Booking Fee: 

Upto 1% of loan amount sanctioned is charged as fee. The fee is taken at the time of documentation of the loan or it is directly deducted from disbursal amount

There is a recurring annual service fee on the Credit: 

This annual renewal fee will be almost 1% of the sanctioned amount

Penal Interest Rate:

Interest on delayed payments is levied if there is non-payment of monthly payment. This amount is charged at a rate of more than 2% prevailing to the interest rate on outstanding loan amount for defaulted period.

Bounce Charges: 

SI Bounce/ Cheque/ECS is charged for INR 500.

Loan Pre-closure Charges: 

About 4% of outstanding

Frequently Asked Questions

What is the tenure for business loan from Citibank?

Tenure - minimum of 12 months to maximum of 48 months.

What the best possible rate of interest I can expect from Citibank?

Anything between from min 13 (percentage) to 20 (percentage) is considered as a good deal.

What the best possible rate of interest I can expect from Citibank?

Anything between from min 13 (percentage) to 20 (percentage) is considered as a good deal.

What should be my CIBIL score for applying for a business loan?

The credit score should be minimum 750+ to be eligible for a business loan at Citibank.

How fast can I expect the business loan from Citibank?

If all documents are submitted on time and if all eligibility criteria are met, loan can be availed within 6-8 days.

How important in credit worthiness in loan approval?

It is advisable to not apply for too many loans, limit yourself according to the necessity. Credit score will go down as and when you apply for more and more loan.

What are the business needs for which business loan can be used?

Outstanding debts and huge purchases will definitely impact loan approval, thus try to avoid it. The interest rate high if the credit rating is low for the individual.

What is the easy way to get business loan?

Make use of the option in Finance Buddha by giving few basic details like name, contact details, loan amount, type of business and income from business will give you a list of banks that can offer business loan, use this information to compare and apply. The application will be processed by banks and will contact you to the request to next level of processing.

How important is the performance of business considered for business loan?

The revenue pattern, years of operation, credit worthiness is evaluated for an existing business before considering for loan processing. Company credit score is associated with tax ID number as well as the incorporated name.

What are the factors considered by Citibank to calculate the interest rate?

Factors mainly considered are the age, income, credit scoring, outstanding liabilities, residence location, company an individual is working for and so on.

What should be the minimum operation period for the loan?

Irrespective of the type of business, the minimum prior operation tenure is two years or more. Longer the business is in existence, greater is the benefit.

What is collateral and why is it needed for a business loan?

It is the security that is pledged with a bank to avail loan, the more the collateral value is, the benefits are more. This gives a security for the banks to offer bigger amount of loans the risk is low.

What is the minimum processing time for a business loan by Citibank if I have an existing loan?

There are applications who have received top up loan amount on the same day. As all documents are readily available, they will simple recheck the CIBIL score and business performance and will approve the loan amount.

Reviews   4.9 stars, based on 10 reviews

With simple documentation my loan was approved within 5 days. Extremely fast service

 5/5

This is my first experience through Finance Buddha and the overall experience was very great. Among the options offered, Citibank was the one that gave best offers at competitive prices.

 5/5

I took a smart decision to avail my business loan from Citibank. Though an just 25 years old, I got a huge amount as loan with just 15% as rate of interest.

 5/5

I got a business loan for 16% rate of interest and the processing fee was 2%. As the pre-closure charges are NIL, I feel it’s a very good deal.

 5/5

It was like a cake walk experience getting a business loan from Citibank. I will suggest this for my friends and colleagues.

 5/5

Thanks to Citibank for processing my business loan so quickly and for playing a major funding part for my new start up. The memories and good experience will be always cherished.

 5/5

A glad the service offered to my referrals were equally good as to what was offered to me by Citibank

 5/5

Got a business loan in 10 days and there was very minimal processing charges as am a regular saving bank customer to Citibank.

 4/5

I took a loan for my business, the overall experience was great and interest rate was low as compared to other banks.

 5/5

One of the best banks that I have come across with good offers and fast processing. I rely on this bank for all banking and funding needs.

 5/5