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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 for business loans. 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. Citibank with its CitiBusiness services provides financial solutions to micro-to-small enterprises to help them maximize their business growth. Citibank offers a customized premium banking service around the business. This bank will always have a solution for your banking needs.
Institution Type: Bank
Minimum Loan Amount: ₹ 1,000,000
Maximum Loan Amount: ₹ 15,000,000
Minimum Tenure: 12 months
Maximum Tenure: 120 months
APR: 13.50% - 20.75%
Fees & Charges: Up to 2% + GST as applicable
Citibank offers 5 different solutions for the business finance requirements.
The Overdraft facility provides the businesses to withdraw/utilize more money than it is available in their account. This allows businesses to tackle short-term urgent cash requirements, which are more than what is available.
Features & Benefits
Citibank facilitates the financing of the trade, both domestic and international. The bank will provide the importer with the extended credit to be able to honour the payment while paying the exporter the credit settlement. The interest charged is according to the LIBOR to allow the business transactions to operate at global standards.
Features & Benefits
The Short-term Demand Loans facility by the Citibank allows businesses to avail short-term loans with an open-ended tenure during and to repay on demand in full. This is great facility for businesses to avail short-term loans.
Features & Benefits
The Dropline Overdraft facility by the Citibank is a unique combination of the Term Loan and Overdraft facility. The dropline overdraft facility allows the businesses to overdraw the current account up to a pre-decided limit. This limit decreases by a certain fixed amount every month. The borrower then can repay any portion of the used amount anytime. The bank will charge only on the amount overdrawn on the fluctuating outstanding balance. But, the interest will be charged only at the end of each month.
Features & Benefits
These are the loans against a collateral for a fixed tenure. As such, the loan amount always depends on the value of the asset being pledged, in this case up to the 80%. The assets eligible to be used as collateral can be property, stocks or equities or the book debt.
Features & Benefits
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.
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.
Feature |
Charge |
Interest Rates |
13.50% - 20.75%. |
Processing Fee |
Up to 2% + GST as applicable |
Prepayment Charges |
Allowed after 12 EMIs |
Foreclosure Charges |
Allowed after 12 EMIs plus 4% prepayment charges are applicable |
Service Charges:
Service |
Charge |
Booking Fee: |
Up to 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 |
Recurring Annual Service Fee on the Credit: |
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 |
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