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.
Up to Rs 30 lakh
As per the bank’s discretion
2% of the loan amount + Applicable taxes
Up to 5 years
2% of the principal outstanding
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.
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:
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:
15.65% to 21.20%
16.25% to 19.99%
10.65% to 16.25%
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]
EMI stands for Equated Monthly Installments
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:
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.
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:
FAQs On Citibank Business Loan
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.
You can use the payment modes mentioned below to repay your Citibank business loan:
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.
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
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