Citibank Credit Card Loan

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A personal loan is not always a viable option during urgent financial requirements since it involves detailed documentation and an approval process, which is much more time-consuming. As a credit cardholder, you can apply for a loan against your Citibank credit card and bypass the lengthy approval process to acquire instant loans. Along with world-class banking products, Citibank offers a wide range of accounts, loan and credit cards services. As the crowning stroke, a Citibank credit card not only provides impeccable shopping benefits but also allows you to acquire quick and convenient loans during emergencies.

Further, Citibank credit card loans are affordable with low-interest rates offering flexible tenure for easy repayments. Additionally, you can get the funds transferred into your Citibank account or another bank account without any approval requirement. 

Lost in the whats, whys and hows of Citibank credit card loans? Worry not, and just read the article below that throws light on various Citibank credit card loans, their application process, and various repayment methods, and get answers to all your questions.   

What is a Citibank Credit Card Loan?

Unlike a personal loan in the UAE, a Citibank credit card loan is pre-approved lending requiring no loan issuance documentation. Besides, Citibank credit card provides a host of shopping, lifestyle, travel and entertainment benefits. In addition, these cards also offer various types of credit card loans within and beyond your credit limit. However, it would help if you had a decent credit Score for acquiring a Citibank credit card loan beyond your card limit. 

Furthermore, using a Citibank credit card, you can apply for instant loans through Citibank online with simple steps. And the funds are transferred into your bank account, and you can repay the loan amount in convenient monthly instalments of up to 48 months. However, for loans above your credit limit, the bank offers a maximum fund of AED 36,500. 

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Types of Citibank Credit Card Loans in UAE

With a Citibank cashback credit card, you can acquire instant cash loans within and beyond your credit limit. As the cherry on the top, the bank offers easy payment plans, instant cash, balance transfers and cash advance through ATMs. To know more details of various types of Citibank credit card loans, read below: 

CitiBank Instant Cash Loans

With Citibank, you can acquire instant cash loans without documentation and approval using your Citibank credit cards. On top of it, the bank transfers your borrowed amount directly into the Citibank bank account or the checking account. However, in case you don't have a Citibank saving or current account, you can request the bank to transfer the funds to any other account in local currency. Further, the loan application process is quick, paperless and you can conveniently apply using Citibank online banking or mobile app. Additionally, the maximum loan amount you can retrieve depends on your credit limit and credit history. Over and beyond, the significant benefit of Citibank is that Citibank offers low-interest rates on credit card instant cash loans. At the same time, you can repay your borrowed amount in flexible instalments of up to 48 months. The following table depicts various details of Citibank's instant cash loans. 

Particulars

Citibank Instant Cash loan details 

Eligibility

An individual with a Citibank credit card in the UAE

Documents Required

No documents are required for a Citibank credit cardholder

Maximum Loan Amount

Up to the cardholder's credit limit

Loan Tenure

Flexible tenure of up to 48 months

Rate of Interest

Up to 35.88% per annum at reducing balance basis

Processing Fee

Up to 4% of the principal loan amount

Disbursal Time

Up to 48 hours for fund transfer to Citibank account through NEFT

Early Settlement Processing Fee

1% of the outstanding loan amount

Citibank Easy Instalment Plans

Sometimes you may need to purchase expensive items, and payment for such products at once can be exorbitant as well as inconvenient. Luckily, Citibank credit cards resolve this issue with easy installment plans. Using the feature, you can buy costlier products and convert your payments into easy and manageable installments. However, you need to repay your loan installments every month within the due date. Furthermore, the Citibank credit card offers as low as 0% interest rates on your purchase across various participating merchants. You can visit the bank's official website to know more about the participating merchants, outlets, brands and related offers across various shopping categories. Following are the details of Citibank's easy installment plans. 

Particulars

Citibank Instant Cash loan details 

Eligibility

An individual with a Citibank credit card in the UAE

Documents Required

No documents are required for a Citibank credit cardholder

Loan Amount

Up to the cardholder's credit limit

Loan Tenure

Flexible tenures of 3, 6, 9 and 12 months

Rate of Interest

Up to 35.88% per annum at reducing balance basis

Processing Fee

Up to 4% of the borrowed amount

Disbursal Time

Instantly pay at the point of sale, outlet or the participating merchant

Early Settlement Processing Fee

1% of the outstanding loan amount

Citibank Balance Transfer 

The Citibank balance transfer feature is a viable option when you have a large credit card debt whose repayment is getting out of your hands. So, using the facility, you can transfer outstanding balances from other banks' credit cards to your Citibank credit card and enjoy low-interest rates and an extended repayment period. However, you can not transfer outstanding balances from a different Citibank credit card. Moreover, the maximum amount you can avail of as a balance transfer depends on your credit limit. Following are the details of the Citibank balance transfer loans. 

Particulars

Citibank Instant Cash loan details 

Eligibility

An individual with a Citibank credit card in the UAE

Documents Required

No documents are required for a Citibank credit cardholder

Loan Amount

Up to the cardholder's credit limit

Loan Tenure

Flexible tenure of up to 48 months

Rate of Interest

Up to 21.37% per annum at reducing balance basis

Citibank Cash Advance Facility

With a Citibank cash advance facility, you can withdraw cash against your credit card from any Citibank ATM or CCDM across the country. Further, the bank charges a processing fee and a monthly interest rate on the amount withdrawn. So, you need to consider various charges and use the facility only during emergencies. Following are the details of the Citibank cash advance feature.

Particulars

Citibank Instant Cash loan details 

Eligibility

An individual with a Citibank credit card in the UAE

Documents Required

No documents are required for a Citibank credit cardholder

Loan Amount

Up to the cardholder's credit limit

Loan Tenure

Flexible tenure of up to 12 months

Rate of Interest

Up to 3.25% per month

Processing Fee

3% of the withdrawal amount or AED 99, whichever is higher

Disbursal Time

Instantly withdraw from an ATM or CCDM in the UAE

Citibank Cash Loans Beyond Credit Limit

Citibank is one of those banks in the UAE that offers credit card loans beyond your credit limit. However, the loan approval depends majorly on your credit history and repayment pattern. Apart from that, using your credit card online account, you can apply for additional cash and get it transferred into your Citibank account anywhere at any time. Also, you can request a fund transfer into a non-Citibank account in local currency in the UAE. The details of Citibank cash loans beyond the credit limit are given below. 

Particulars

Citibank Instant Cash loan details 

Eligibility

An Individual with a Citibank credit card in the UAE

Documents Required

An up to date Income Proof and an Identity Proof

Loan Amount

From AED 2000 to AED 36,500

Loan Tenure

Flexible tenure of up to 48 months

Rate of Interest

Up to 35.88% per annum at reducing balance basis

Disbursal Time

Up to 48 hours for fund transfer to Citibank account through NEFT

Processing Fee

AED 100

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How to Apply for Citibank Credit Card Loans?

With a Citibank credit card account, you can conveniently apply for a loan using the Citibank online or Citibank Mobile application. Additionally, you can contact the bank via phone call and request a credit card loan. Want to apply for a Citibank credit card loan in the UAE? Just have a look at the following steps:

  • Citibank credit card loan application via Citibank Online - Using the online bank account, you can apply for a Citibank credit card loan with a few simple steps. Foremost, you simply need to visit the card services section, choose the type of loan you need and submit your application right there. 
  • Citibank credit card loan application via Citi Mobile application - The application process for credit card loans through Citibank mobile application is similar to an online application. So, using the mobile app, you need to visit the credit card services section and select the type of loan you require. Next, the bank will approve your loan and transfer it to your account within 2 business days. 
  • Citibank credit card loans application through a phone call - As a cardholder, you can contact the bank through a phone call or SMS and request a loan against your Citibank credit card. Once your loan is approved, the bank credits the amount into your bank account.

Modes of CitiBank Credit Card Loan Disbursal

Citibank offers numerous modes of credit card loan disbursal depending on the type of loan. As a cardholder, you can get your funds disbursed into your bank account or request the bank to issue a banker's cheque. Following are the various modes of Citibank credit card loan disbursal. 

  • Loan Disbursal through Account Transfer - With an account transfer option, you can get your funds credited into your Citibank savings or current account. In addition, Non-Citibank accountholders can also request account transfers by registering their savings or current account with Citibank
  • Loan Disbursal through Banker's Cheque - Apart from account transfer, you can access Citibank credit card loans through a banker's cheque. When applying for a credit card loan, you need to choose the cheque option instead of account transfer. However, note that the bank charges a fee of AED 25 for issuing a banker's cheque against your credit card loan.
  • Cash Withdrawal through ATMs and CCMDs - For instant loan access, you can withdraw cash through ATMs and CCDMs using your Citibank credit card across the UAE. However, you need to pay a withdrawal fee along with the monthly interest rate. 

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How to Repay CitiBank Credit Card loans?

After receiving your loan, the installment amount is billed along with other outstanding balances on your credit card every month. Simply, you need to pay these installments within the due date in every billing cycle. Furthermore, Citibank provides numerous online and offline channels for credit card loan repayment. Let's look at the following ways of Citibank credit card loan repayments. 

  • Online Citibank Credit Card Loan Repayments - By using the online banking facility, you can pay your credit card bills conveniently anywhere and at any time. To pay your bills, you need to log into your Citibank credit card account, verify the installment amount and pay using the net-banking or debit card option. Subsequently, you need to enter your online banking credentials and repay your credit card loan. Or, you can use the Citibank mobile app to pay your card bills similarly. 
  • Citibank Credit Card Loan Repayment via Exchange Houses - Various exchange houses in the UAE are affiliated with Citibank. So, you can visit the nearest exchange house and repay your Citibank credit card loan through cash or cheque. Along with that, you need to pay an additional fee for paying your bills through exchange houses. Since the fund transfer takes place through NEFT, the payment process can take 2-3 business days.
  • Citibank Credit Card Loan Repayment through Bank Branch - Another way of repaying credit card loans via cheque or cash is by visiting the nearest bank branch. In this way, all you need is to fill out a credit card bill payment form providing your card details and deposit the cash or cheque.

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FAQ's

Q1. Can I acquire loans against my Citibank credit card?

Ans. Yes, Citibank offers pre-approved loans against credit cards within and beyond your credit limit. Therefore, to acquire a Citibank credit card loan, you can apply through various online and offline modes offered by the bank.

 

Q2. What is the maximum loan I can acquire using my Citibank credit card in the UAE?

Ans. With your Citibank credit card, you can obtain a loan of up to 100% of your credit limit. 

 

Q3. How much cash loan can I acquire through Citibank credit card?

Ans. Using your Citibank credit card, you can get instant cash loans of up to 100% of your credit limits.

Q4. Do I need to pay a processing fee for acquiring a Citibank credit card loan?

Ans. While applying for a Citibank credit card loan, you need to pay a processing fee of up to 4% of your loan amount.

Q5. What are the charges for withdrawing cash through ATMs using the Citibank credit card?

Ans. You need to pay a processing fee of 3% of the principal amount while withdrawing cash loans from the ATMs.

Q6. Can I apply for a Citibank credit card loan beyond my credit limit?

Ans. Yes, you can apply for a Citibank credit card loan even after depleting your credit limit. However, you can get a maximum loan of AED 36,500, and you also need to submit an updated income certificate and personal identity.

Q7. What is the maximum tenure for Citibank credit card loans in the UAE?

With a Citibank credit card loan, you get a flexible loan repayment period of up to 48 months. Also, for Citibank's easy instalment plans, you get a repayment period of up to 12 months.

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