What is Citi Quick Cash?

Citi Quick Cash is the name of Citibank’s personal loan product. It is not to be confused with Citi Ready Credit, which is Citibank’s credit link facility. With Ready Credit, you will need to repay the full amount you borrow as soon as possible, because the interest rate is very high at over 20% p.a. Citi Quick Cash offers a lower interest rate, but you need to commit to monthly repayments for at least 12 months.

What can I use for Citi Quick Cash for?

Most people who apply for a Citibank Personal Loan are in need of cash to pay urgent expenses such as medical bills and unexpected expenses. Others use the money to fund big-ticket expenses such as weddings, education and home renovations, although do note that lower interest loans may be available for some of these (e.g. renovation loan). If you have a lot of outstanding credit card debt, you may wish to consolidate them with a Citibank Personal Loan at a much lower interest rate.

How can I get a personal loan from Citibank?

To get a Citibank Personal Loan, you need to apply for either a Citibank Ready Credit account or a Citibank credit card. Citi Quick Cash is converted from your unutilised credit limit under either account. If you already have Citibank Ready Credit or a Citi credit card, you can apply for Citi Quick Cash using the mobile app or Citibank Online.

How long does Citibank take to approve a loan?

If you already have a Citibank Ready Credit or a Citi credit card, you would already have an in-principle pre-approved loan amount - your credit limit - and can expect instant loan approval. If you are applying as a new customer, it may take several days for Citibank to review and approve your loan request. If you have a Citibank deposit account, you will receive the cash the next working day after approval; otherwise, expect the funds to take 1 to 5 working days to appear.

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Citibank Personal Loan Interest Rates & Fees

PARTICULARS	SINGAPORE / PR	FOREIGNER
Interest Rate	From 3.45% p.a.	From 3.45% p.a.
Effective Interest Rate (E.I.R)	From 6.5% p.a.	From 6.5% p.a.
Processing Fee	$0	$0
Maximum loan amount	4X your monthly salary	4X your monthly salary
Minimum Annual Income	$30,000	$42,000
Loan Tenure	1 - 5 Years	1 - 5 Years
Lead Time	Upon approval, funds are deposited by next working day (Citibank account) or 1 - 5 working days (non-Citibank account)	Upon approval, funds are deposited by next working day (Citibank account) or 1 - 5 working days (non-Citibank account)
Late payment charge	If payment is overdue by 2 months, the loan will be terminated and any outstanding loan amount will be charged	If payment is overdue by 2 months, the loan will be terminated and any outstanding loan amount will be charged
Early settlement penalty	3% of outstanding unbilled principal amount or S$100 whichever is higher	3% of outstanding unbilled principal amount or S$100 whichever is higher
Promotion	3.45% p.a. interest rate for new CItibank customers (min. $20,000 loan, 3 years).	3.45% p.a. interest rate for new CItibank customers (min. $20,000 loan, 3 years).

Citibank Personal Loan Eligibility

To be eligible for a Citibank Personal Loan, applicants must be at least 21 years old and not more than 65 years old. Both Singaporeans/PRs and foreigners can apply for Citi Quick Cash. For Singaporeans/PRs, the minimum annual income requirement is $30,000. For foreigners, you need to be earning $42,000 and above a year. If you are already a Citibank Credit Card or Ready Credit customer, you can apply for a Citi Personal Loan via the Citibank mobile banking app or Citibank Online. If you are new to Citibank, you can apply online with your NRIC/passport and income documents. You will have to open either a Citibank Ready Credit or Citibank credit card account.

Citibank Personal Loan Interest Rates

Right now, the lowest Citibank Personal Loan interest rate is 3.45% p.a. (Effective Interest Rate or EIR: 6.5% p.a.). The EIR is higher because it takes into account the loan tenure, processing fees, administrative fees and other charges, and is a more accurate reflection of all the costs. Take note, though, that this attractive interest rate is strictly for new Citibank customers who borrow at least $20,000 for 3 years. If you borrow less or for a shorter tenure, you may get a higher interest rate - but you will still end up paying less interest to Citibank. You can use the Citibank Personal Loan Calculator to get an idea of interest rates for your loan amount and tenure, as well as your projected monthly repayments.

Citibank Personal Loan Hotline

To contact Citibank about Citi Personal Loans, you can call the 24-hour Citibank hotline at +65 6225 5225 to speak to a CitiPhone Officer. This self-service phone banking hotline is available in English and Chinese.

Citibank Personal Loan Frequently Asked Questions

What is Citi Quick Cash?: Citi Quick Cash is the name of Citibank’s personal loan product. It is not to be confused with Citi Ready Credit, which is Citibank’s credit link facility. With Ready Credit, you will need to repay the full amount you borrow as soon as possible, because the interest rate is very high at over 20% p.a. Citi Quick Cash offers a lower interest rate, but you need to commit to monthly repayments for at least 12 months.
What can I use for Citi Quick Cash for?: Most people who apply for a Citibank Personal Loan are in need of cash to pay urgent expenses such as medical bills and unexpected expenses. Others use the money to fund big-ticket expenses such as weddings, education and home renovations, although do note that lower interest loans may be available for some of these (e.g. renovation loan). If you have a lot of outstanding credit card debt, you may wish to consolidate them with a Citibank Personal Loan at a much lower interest rate.
How can I get a personal loan from Citibank?: To get a Citibank Personal Loan, you need to apply for either a Citibank Ready Credit account or a Citibank credit card. Citi Quick Cash is converted from your unutilised credit limit under either account. If you already have Citibank Ready Credit or a Citi credit card, you can apply for Citi Quick Cash using the mobile app or Citibank Online.
How long does Citibank take to approve a loan?: If you already have a Citibank Ready Credit or a Citi credit card, you would already have an in-principle pre-approved loan amount - your credit limit - and can expect instant loan approval. If you are applying as a new customer, it may take several days for Citibank to review and approve your loan request. If you have a Citibank deposit account, you will receive the cash the next working day after approval; otherwise, expect the funds to take 1 to 5 working days to appear.

Personal Loan Calculator - Note to Borrowers

MoneySmart lists Personal Loan products that range between a minimum of 1 to a maximum of 7 years. The effective interest rate (EIR) of loan products on our site range from 8.5% p.a. to up to 20.0% p.a. The EIR of your loan will be dependent on the loan you apply for as well as your personal financial needs. For example, you would need to pay S$316/month for an S$10,000 Personal Loan with a loan tenure of 3 years. This would equate to a total payment of S$11,376 over 3 years. Please view each Personal Loan product in detail for a full breakdown of the interest rate chargeable, minimum and maximum loan tenure as well as processing fees (if applicable).