Citibank Quick Cash personal loan: Interest rates, calculator and application, Lifestyle News

If you’re pondering of taking out a personal mortgage to go on vacation, please shut that browser window and slowly step away from the pc. Personal loans aren’t meant to be a quick-fix to your cashflow points and ought to by no means be used to pay for something that isn’t an emergency or necessity.

However, if you’re dealing with one thing that counts as an emergency — say, a medical emergency, or an pressing house restore, and actually don’t have the money for it, a personal mortgage is usually a lower-interest different to bank card debt.

So, let’s take a look at the Citi Quick Cash Personal Loan to see what it entails, and what elements it’s worthwhile to take into account, together with rates of interest, repayments and so on.

By the best way, that is only a evaluate, not an advert, so it’s best to at all times examine personal loans throughout the assorted banks comparable to the favored DBS and POSB personal mortgage, OCBC personal mortgage, and UOB personal mortgage earlier than deciding which one to join.

Citibank personal mortgage software standards

Citi Quick Cash is a bit totally different out of your run-of-the-mill personal mortgage. It is supposed for individuals who have a Citi Credit Card or Citi Ready Credit account and who haven’t used up all the cash inside their credit score restrict. Citi Quick Cash lets them convert this obtainable credit score restrict into money, at extra beneficial rates of interest.

If you don’t have already got a Citi Credit Card or Citibank Ready Credit, you’ll have to first get one or the opposite earlier than you possibly can entry Citi Quick Cash.

In addition, it’s worthwhile to fulfill the next annual earnings necessities to qualify for Quick Cash:

Singapore Citizens and PRs: $30,000
Foreigners: $42,000

Citi personal mortgage software & approval time

Before you apply, you possibly can examine your potential month-to-month repayments on the Citi Quick Cash Loan web site. On the mortgage calculator, you may also choose the explanation for which you’re borrowing the cash. (If you chose “branded luxurious” or “trip”, please do your self a favour and neglect about taking out the mortgage.)

You can even use the MoneySmart personal mortgage comparability web page to get a citation and on the identical time examine with different banks.

To apply for Quick Cash, current Citibank prospects can undergo the Citibank cellular app. 

For non-Citibank cardholders, it’s worthwhile to first join a bank card. If that’s the case, I counsel you apply to your card on MoneySmart to benefit from our unique promotions.

Existing Citi Credit Card holders and Ready Credit Account Holders don’t must furnish any paperwork.

For new-to-Citibank prospects making use of for a bank card or Ready Credit, you possibly can apply on-line with the next paperwork:

NRIC or Passport
Past 12 months’ CPF assertion submitted through CPF web site OR newest Income Tax Notice of Assessment and newest computerised payslip (for salaried staff and all foreigners)
Last two years’ Income Tax Notice of Assessment and final three months’ financial institution statements (for self-employed)
Employment Pass (foreigners solely)

For current Citibank prospects submitting an software by means of the Citibank cellular app, approval is on the spot.

For new-to-Citibank prospects, approval can take three to 5 working days.

ALSO READ: Citi to promote Southeast Asia retail enterprise in $5 billion deal to Singapore’s UOB

Citibank QuickCash personal mortgage rate of interest (2022)

Citibank doesn’t publish their rates of interest transparently on their website, which is a significant flip off.

You can solely see the precise rate of interest you’ll be getting whenever you apply for the mortgage.

The web site does say that charges go as little as 3.45per cent each year, which works out to an Effective Interest Rate (EIR) of 6.5 per cent. But these lowest rates of interest are often reserved for richer prospects, comparable to these with an annual earnings of a minimum of $120,000.

Citibank personal mortgage vs DBS, POSB, OCBC, UOB personal mortgage rates of interest

For the needs of evaluating the Citibank mortgage with these from the three native banks, let’s use the hypothetical instance of somebody who’s taking out a $10,000 mortgage, to be repaid over three years.

Assuming this individual is a Singaporean or PR who’s incomes $2,500 monthly, right here’s what the rates of interest might seem like:

Interest price
Monthly installment
Total quantity payable

3.45 per cent
6.5 per cent

3.88 per cent
7.9 per cent

5.43 per cent
11.47 per cent

3.4 per cent
6.42 per cent

As you possibly can see, on this specific instance, Citi Quick Cash is definitely fairly aggressive in comparison with the three native banks, with solely UOB being verrrry barely cheaper.

Citibank Quick Cash personal mortgage promotions

In the spirit of sharing lobangs, listed here are the continued Citibank promotions to look out for:

MoneySmart promotion: New Quick Cash mortgage prospects get $150 + $400 money through PayNow once they apply for Citi Quick Cash by means of MoneySmart. Valid until April 30, 2022.
Citibank cellular app promotion: Get $50, $150 or $450 GrabFood vouchers. Valid until May 31, 2022.

Be cautious with personal loans

In spite of what banks’ advertising slogans may lead you to consider, personal loans are NOT a handy bandaid to all of your cash woes, making it doable to afford all the vacations and buying sprees you need.

In reality, personal loans are greatest averted until you completely must spend that cash and your solely different possibility is falling into bank card debt. Here are some examples of wants: Emergency medical remedy, your child/mother or father/pet falling sick, your window or entrance door being damaged, or your fridge breaking down.

For anything that’s much less pressing or much less essential, give your self time to avoid wasting up moderately than get into debt over it.

ALSO READ: Citi, Fave, convertCASH: New BNPL gamers enter the Singapore market (July 2021)

This article was first revealed in MoneySmart.

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