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CITIBANK BUSINESS LOAN 

About Citibank Business Loan :

Citibank is a multinational financial services company , was first founded in 1812 in New York. It began its operations in India way back in 1902. Started in Kolkata, it is one one of the biggest investor banks in the country today. It provides a wide range of financial products and offers to its customers.The Citibank IFSC Code  in India is CITI0000009. The business loan can be offered to any person who is running a legitimate business and good turnover. Different banks have different criteria and terms to validate a person's business. Citibank has over 35 branches in India where you can avail service.

Many people will have the vision of starting their own business or if one already has a business to expand it and build it into something better. Any Individual wanting to start a business or wanting to expand their business needs funds to do so. Are you the one of them who wants to increase their business but facing financial issues? So, don’t worry here Citibank has the best option for you i.e Citibank Business Loan.

Benefits of Citibank Business Loan :

1. Competitive Interest rate :

A competitive interest rate of Citibank business loan starts from 12% p.a. and the maximum interest rate is 16% p.a. Basically the rate of interest will be decided by the bank according to the customer age, employment type, overall profile and the most probably Cibil score. So, there will be a very good chance for the customer to get a business loan at an attractive and best interest rate.

 2. Fast and Convenient loan process :

It is possible to get a loan within 48 hours. With the Citibank business Loan option. It is a very easy and fast process of the business loan so customers don't wait so many times for the loan process.

3. Flexible tenure period :

The Citibank business loan can be repaid flexible repayment tenures ranging from minimum 12 months up to a maximum of 60 months. It should be the best and convenient loan tenure for the customers.

4. Minimal documentation :

Citibank business loan provides less and minimal documentation for the customers. It is not required to submit so many documents for a business loan. The process of documentation is very simple and short. The documents submitted by the customers are KYC, address proof and income proof with the loan application form.

Different forms of Citibank Business Loan :

1. Working Capital Management

  • Competitive London Interbank Offered Rate (LIBOR) helps in expanding business globally
  • Short-term loans available in Indian and foreign currency
  • Dropline overdraft feature available with a combination of Term loan and Overdraft
  • Cash credit loan available at competitive interest rates

2. Capital Expenditure

  • Loan amount to be used for the construction of warehouse, factory premises, branches, etc.
  • Term loans offered in foreign currency at attractive rates
  • Loans under Capital expenditure can also be used for the purchase of fixed assets
  • Loans against property is also available with stock and book debts as collateral
  • Loan-to-value (LTV) ratio is maximum up to 80% for property backed lines

3. Export Finance

  • Letter of Export of credit advising
  • Letter related to credit discounting and credit confirmation
  • In competitive LIBOR denominated rates, Pre- and post-shipment credit in local currency

4. Import Finance

  • Letter of credit
  • Import financing at LIBOR denominated rates
  • Guarantees on financials, performance and advance

Fee & Charges of Citibank Business Loan :

TYPE

CHARGES

Loan Amount 

Mini. 1 lakh to Max.Rs 30 lakh

Tenure

12 to 60 months

Interest rate

12% to 18%

Loan processing fee

Up to 2% of loan amount

Prepayments Fee

Until repayments of 12 EMI’s no prepayment permitted

3% to 4% of balance amount

Late EMI payment Charge

2% to 3% per month

Cheque dishonour charges

Rs.200 per instance

Eligibility Criteria for Citibank Business Loan :

  • Following people eligible for Citibank Business loan are Self-employed individuals, Proprietors, Private Ltd. Co., Partnership Firms

  • The business should have a at least turnover of Rs. 50 lakhs

  • With 5 years total business experience an Individuals who have been in the current business for a minimum of 3 years.

  • Cibil score is 750 or above.

  • At the time of applying for the loan the borrower should be at least 21 years, and should be no older than 65 years at the time of loan maturity

Documents Required for Citibank Business loan :

TYPE

Id Proof

Address proof

 

Income proof

Salaried

Aadhar card, pan card, passport, voter id

Electricity bill, registry, rental agreement, voter id, Aadhar card telephone bill

Last 6 month bank statement, salary slip last 3 month

Self-employed

Aadhar card, pan card, passport, voter id

Electricity bill, registry, rental agreement, voter id, Aadhar card telephone bill

Last 6 month bank statement, Form 16, Latest ITR along with Balance Sheet

Partnership Firms/private limited companies

Aadhar card, pan card, passport, voter id

Electricity bill, registry, rental agreement, voter id, Aadhar card telephone bill

Last 3 month bank statement, latest ITR, Registered Lease Document with other utility bills,

Sales Tax or VAT Certificate,

Shop & Establishment Act Certificate

Compare other bank business loan interest rate :

BANKS 

INTEREST RATE

HDFC Bank Business Loan

15.65% to 21.20%

Yes Bank Business Loan

16.25% to 19.99%

Citi Bank Business Loan

12% to 16%

RBL Bank Business Loan

10.65% to 16.25%

Indian Bank Business Loan

8.30%

 Other products of Citibank :

  1. Citibank Home loan

  2. Citibank Personal Loan

  3. Citibank Credit Card

How to apply for Citibank Business Loans :

There are 2 options by which one can apply for a business loan.

  • Offline : Visit to Branch

  • Online :

    • In online method go to Citibank website

    • Now go to “CitiBusiness Solution”

    • Now click on “apply now”

  • Fill the application form and submit it with attaching all mandatory documents

  • Bank associate will let you know in few minutes that you are eligible or not for the loan

  • After getting approval visit to Citibank branch for further proceedings

Financials products offered by banks :

BUSINESS LOAN

CAR LOAN

COMMERCIAL LOAN 

EDUCATION LOAN

GOLD LOAN

HOLIDAY LOAN 

HOME LOAN

LOAN AGAINST PROPERTIES

LOAN AGAINST SECURITIES

PERSONAL LOAN

PROFESSIONAL LOAN

TWO WHEELER LOAN

How to calculate EMI of Citibank Business Loan : 

With the following formula we can calculate EMI of Citibank business loan

EMI = [P x R x (1+R)^N]/[(1+R)^N-1]

where, 

EMI stands for Equated Monthly Installments

P stands for the loan amount.

R stands for the interest rate per month.

N is the time period given by the bank for repayment.

How to contact with Citibank :

1. By customer care number : 18602102484 / 18002662400 

2. By customer care email id : customercare@citi.com

Citibank Business loan Frequently Asked Questions :

1. What is the minimum loan amount that I can borrow?

The minimum loan amount that you can borrow is Rs.30 lakh

2. How much interest rate is charged by a Citibank Business loan?

The interest rate charged by Citibank business loan is 12% to 16% p.a.

3. Will Citibank check my CIBIL score before approving my business loan application?

Yes, the lender will check your CIBIL score since it is an indicator of your creditworthiness and repayment ability. If you are looking to borrow a business loan at a reasonable rate of interest, it is advisable to maintain a credit score of 750 or above..

4. What is the minimum turnover required for a Citibank business loan?

The minimum turnover required for Citibank business loan is Rs.50 lakh.

Last Updated on : 30/Jul/2020

Know More About

Citi Bank Business Loan

You're eligible for a Citi Bank Business Loan if you:


Are legally adult enough to handle it


Have still got it


Get a regular pay check


Make more than a basic buck

Your eligibility depends on:


Earn more than minimum income required


Maximum allowed Business Loans is Rs. 10K to Rs. 45 lakhs


EMIs of other loans loweryour eligibility

Boost your eligibility by:


Pay off your credit card bills


Choose longer tenure loan up to 5 years

Nothing gets done without that paperwork (which we'll happily carry over to the bank for you, no sweat). Here's what you'll need:

  • 1. Photo ID and age proof
  • 2. Signed application form with photograph
  • 3. Residence proof
  • 4. Last 6 months bank statement
  • 5. Documentation for salaried applicants:
    • Last 3 months salary - slips
    • Form 16 or Income Tax Returns
  • 6. Documentation for self-employed applicants:
    • Last 3 years Income Tax Returns with computation of Income
    • Last 3 years CA Certified / Audited Balance Sheet and Profit & Loss Account

Citi Bank Business Loan Interest Rates

Updated on 25 Nov 2017

Citi Bank Business Loan Details
Interest Rate (Monthly reducing balance) 12% - 18%
Processing Fees Up to 2% of the loan amount
Loan Tenure 1 year to 5 years
Pre-closure Charges Varies with bank
Guarantor Requirement Varies with bank

Business Loans EMI Calculator

Loan Amount

|
1L
|
50L
|
100L
|
150L
|
2Cr

Interest Rate

%
|
5
|
10
|
12.5
|
17.5

Loan Tenure

|
1
|
10
|
20
|
25
|
0
|
120
|
240
|
300


Your Monthly Loan EMI


₹24,959