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.
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
2. Capital Expenditure
3. Export Finance
4. Import Finance
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 |
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
TYPE |
Id 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 |
BANKS |
INTEREST RATE |
15.65% to 21.20% |
|
16.25% to 19.99% |
|
12% to 16% |
|
10.65% to 16.25% |
|
8.30% |
Other products of Citibank :
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 :
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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
The minimum loan amount that you can borrow is Rs.30 lakh
The interest rate charged by Citibank business loan is 12% to 16% p.a.
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..
The minimum turnover required for Citibank business loan is Rs.50 lakh.
Last Updated on : 30/Jul/2020Know More About
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
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