CITI Bank Business Loan Eligibility, Interest Rates, Required Document

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Citibank Business Loan

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. This is where entrepreneurs and individuals take loans at a previously agreed rate of interest and time. Be it MNCs everyone will have need of funds at one point of time or another. Lenders like Citibank provide Business loans just for that purpose.

Different forms of Citibank Business Loan

  • 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

  • Capital Expenditure

    • Term loans offered in foreign currency at attractive rates

    • Loan amount to be used for the construction of warehouse, factory premises, branches, etc.

    • 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

  • 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

  • Import Finance

  • Letter of credit

  • Import financing at LIBOR denominated rates

  • Guarantees on financials, performance and advance

Citibank Business Loan Features and Benefits

  • Min. and max. Amount for business loan is ? 1 lakh to ? 15 lakh

  • It is possible to get loan within 48 hours With the Citibank business Loan option.

  • Has simple free processing with requires minimum documentation 

  • Pre-payment charges are 4%.

  • No guarantor required.

  • Conditional part payment and pre-closure options are available after 12 months.

  • Door step service is offered.

  • E-approval and balance transfer are add-ons.

  • Comparatively low business Loan Interest Rates.

other banks business loan

 

Banks interest Rate
HDFC Bank Business Loan                                     15.65%                       
Yes Bank Business Loan 16.25%
RBL Bank Business Loan 16.25%
CITI Bank Business Loan 12% to 18% 
India Bank Business Loan 8.30%


Citibank Business loan interest rate, Fee & Charges

Loan Amount 

Max. Rs 30 lakh

Tenure

12 to 60 months

Interest rate

12% to 18%

Loan processing charge

Up to 2% of loan amount

Prepayments

Until repayments of 12EMI’s no prepayment permitted

Prepayments Fee

3% to 4% of balance amount

Late EMI payment Charge

2% to 3% per month

Citibank Business loan Eligibility Criteria 

  • Following people eligible for HDFC Bank Business Growth loan

    • Self-employed individuals

    • Proprietors

    • Private Ltd. Co.

    • Partnership Firms

  • The business should have a at least turnover of Rs. 40 lakhs

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

  • Those whose business has been good track record for the previous 2 years

  • The business should have a ITR of Rs. 1.5 lakhs per annum

  • 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

Required Documents 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 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 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

       


There are 2 options by which one can apply for a business loan.How to apply for Citibank Business Loans

  • Visit to Branch

  • Online

    • In online method go to YES Bank 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 HDFC bank branch for further proceedings

Last Updated on : 18/Jun/2020

Know More How To Apply ??

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) 16.99% - 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