Apply Now

CITIBANK BUSINESS LOAN

Citibank offers personal loans are designed to help entrepreneurs meet their capital requirements. The bank brings secured loans and unsecured business loans for customers. These business loans by  Citibank include MSME loans, working capital loans,short and long term loans, import and export finance and overdrafts. The Citibank business loan amount and interest charges depend on the requirements of an applicant as well as their profile. If you are planning to accentuate your business then you can consider the Citibank business loan to have your back on the financial needs. 

Citibank Business Loan Highlights

Loan Amount

Up to Rs 30 lakh

Interest Charges

As per the bank’s discretion

Processing Fees

2% of the loan amount + Applicable taxes

Tenure

Up to 5 years

Prepayment Charges

2% of the principal outstanding

Citibank Business Loan: Features and Benefits

Here are the features and benefits of Citibank business loan:

Loan for Business : Citibank brings business loans for various types of purposes to those who dream of starting their own business. You will find a selection of the important business loan products by Citibank. The bank offers MSME loan products like working capital loans, short term and long term loans, overdrafts, import and export finance that are tailored keeping in mind the specific needs of aspirants who wish to accentuate their business. 

Loan Amount : Citibank personal loans depend on the type of business you want the funds for. There are different types of business loan products such as short and long term loans, working capital loans, import and export finance that are designed to help different kinds of businesses get started.  

Interest Charges : Citibank business loan interest rates are charged at monthly rests. The interest rate on a business loan will be the rate applicable at the time of loan application. The interest rates can also be affected by factors like credit history, loan amount, tenure etc. 

Loan Tenure : You will get a flexible repayment tenure on your business loan. The Citibank business loan repayment tenure you can avail goes up to 5 years. 

Foreclosure : Citibank allows you to prepay your Citibank business loan. When you have sufficient funds to prepay your business loan, you need not pay installments every month. You can opt to foreclose the loan and save up on loan interest rates. The bank changes 2% of the principal outstanding as Citibank business loan pre-closure charges. 

Citibank Business Loan Eligibility

You have to match certain eligibility criteria for Citibank business loan in order to avail the loan. Citibank has some eligibility requirements that have to be met by the borrowers to be able to successfully get the loan. These eligibility requirements are based on the factors such as age, income etc. 

Here is the eligibility criteria for Citibank business loan:

  • Self employed, proprietors, partnership firms and private ltd. co. in manufacturing or trading services can apply for this loan. 
  • Individuals should be at least 21 years of age at the time of applying for the business loan.
  • The maximum age of the individuals should be 65 years when the tenure ends.

Documents Required for Citibank Business Loan

Here are the documents required for Citibank business loan:

Documents Self Employed Individuals
Identity Proof Aadhar Card, Passport, Driving Licence, Voter ID Card
Address Proof Passport, Voter ID Card,  Recent Utility Bill such as Electricity Bill, Water Bill, Telephone Bill
Income Proof IT returns, Bank Statements, Balance Sheet and Profit & Loss Account, Challans Showing Payment of Advance Income Tax
Other Required Documents Certified copy of Partnership Deed, Certified copy of Memorandum & Articles of Association, Passport-size Photographs, Application Form, Proof of Continuation

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%

RBL Bank Business Loan

10.65% to 16.25%

Indian Bank Business Loan

8.30%

How to calculate EMI of Citibank Business Loan

You can count on the SCB personal loan EMI calculator when you want to know the EMI which will be payable by you every month. Doing this will help you do your financial calculations and plannings accordingly

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 Apply for Citibank Business Loan

You can apply for the Citibank personal loan online. All you need to do is visit the official website of the bank to apply for the loan online. 

Here are the steps that you need to follow in order to apply for the Citibank business loan online:

  • Go to the official website of Citibank.
  • Click on the “Loans” menu.
  • Find and click on the “CitiBusiness” option.
  • Click on the “Apply Now” button.
  • Fill the necessary information that is required.
  • Hit the “Submit” button.

You can also apply for the Citibank business loan by visiting the nearest branch of the bank. Make sure you carry the necessary documents that are required for the business loan application. You can contact the Citibank customer service to enquire about the Citibank business loan application procedure.

Citibank Business Loan Customer Care

If you have any query, complaint or grievances regarding the Citibank business loan, then you can contact the Citibank customer service.

Here is the number which you can dial to reach out to the customer service:

  • Toll-free number: 1800 266 2400
  • Email Id: customercare@citi.com

FAQs On Citibank Business Loan

Q.1 What are the factors affecting Citibank business loans?

There are plenty of factors affecting the Citibank business loan interest rates. Track record of your business, the type of business you are into, turnover, profits, and not to mention, the credit score of the owner who are some major factors affecting the Citibank business loan interest rates.

Q.2 How can I repay my Citibank business loan?

You can use the payment modes mentioned below to repay your Citibank business loan:

  • Electronic Clearing Service 
  • Standing Instructions
  • Post Dated Cheques

Q.3 How to track the status of Citibank business loan application?

You can contact the customer service of Citibank and enquire about the status of your Citibank business loan status. You can also log into your NetBanking account and know the status of your Citibank loan. You can also use the bank’s mobile app to track the status of your Citibank business loan application. 

Q.4 How can I get a Citibank business loan at low interest rates?

The interest rates for Citibank business loans depend on the repayment tenure you choose, the loan amount and it is also affected by many crucial factors including the type of business you are running, your credit score and the turnover. You can try to keep the repayment tenure short and pay large installments to avoid the cost of interest rates. Apart from that, you can try to negotiate the rates with the bank.

Last Updated on : 06/Apr/2021

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