Cheapest loan for 12-month loan tenures for new-to-bank customers.
Citi Quick Cash lives up to its naming. It is possible that in just a minute, you’ll be able to convert your credit limit into a personal Loan to be deposited into your account. This could prove to be highly useful for those who might be facing emergency expenses, such as those of a medical or business nature; although you have the option to repay your loan for a tenure of up to five years, 12-month loans will let you enjoy 0% interest rate.
What the Citibank Quick Cash Loan can do for you
Citibank Quick Cash Loan product summary:
- Interest rate: From 3.99% p.a (EIR 7.5% p.a), or 0% p.a (EIR 7.85% p.a) for 12-month tenures
- Loan tenures: Choice of 1 to 5 years
- Max. credit limit: Up to 4X of monthly salary
- Min. loan amount: $1,000
- Approval Time: 1 to 5 working days
| Pros | Cons |
| Enjoy 0% interest rate for 12-month tenures | Low interest rate is only applicable for new-to-Citibank customers |
| Low interest rate from 3.99% p.a (EIR 7.5% p.a) for longer tenures | Prerequisite of having a Citibank Ready Credit or Citi Credit Card account to be offered a Citi Quick Cash loan |
| No processing fee | Early repayment fee of $100, or 3% of outstanding unbilled loan balance, whichever is higher |
| Borrow up to 4X your monthly salary | |
| Low min. loan amount of $1,000 |
Why you should choose Citibank Quick Cash Loan
#1: Competitive interest rates for short-term loan tenures
A short-term personal loan that stands tall with 0% interest rate and 3.5% processing fee for 12-month tenures. Longer tenures start at 3.99% p.a (EIR 7.5% p.a) with zero processing fee. Applicable for new-to-bank customers.
#2: Get your cash the next working day
Customers already holding a Citibank account can get hold of the cash disbursement as quickly as a day. Otherwise, the approved loan amount will be credited to your choice of account within 3 to 5 working days.
#3: Get the most out of your credit card
The Citi Quick Cash loan can be drawn down from the available credit limit for existing Citibank credit card holders.
#4: Easy application via mobile app
No need to go out of your way to make a trip to a physical bank branch. To apply for a Citi Quick Cash Loan, you’d only have to log in to your Citi Mobile App and breeze through the process in a few steps. If you’ve got an existing Citibank account, you may have your funds disbursed instantly.
Citibank promotion: Enjoy up to $400 GrabFood Voucher when you apply. Valid till 31 October 2020.
SingSaver promotion: Enjoy interest rate from 3.99% p.a (EIR 7.5% p.a) with minimum loan of $20,000
For whom is the Citibank Quick Cash Loan best for?
With such easy mobile access to the loan, this could be a swift lifeline for those stonewalled by an immediate crisis.
Summary of interest rates
Based on loan amount of $20,000
| Loan Tenure | Flat Interest Rate (p.a) | Effective Interest Rate (p.a) | Processing Fee | Monthly Instalments |
| 1 year | 0% | 7.85% | 3.5% | $1,667 |
| 2 years | 4.0% | 7.5% | $0 | $900 |
| 3 years | 3.99% | 7.5% | $0 | $622 |
| 4 years | 4.01% | 7.5% | $0 | $484 |
| 5 years | 4.05% | 7.5% | $0 | $401 |
What charges or fees should you look out for?
- Processing fee: None (for tenures of 2 to 5 years)
- Cancellation fee: $100 or 3% of outstanding principal amount, whichever is higher
- Overdue interest: Prevailing interest rate of 20.95% p.a applies
- Late payment fee: If minimum amount payment is not received for two consecutive months, the loan will be terminated and the outstanding amount will be billed in the next statement
Eligibility criteria
- At least 21 years of age
- Minimum annual income for Singapore citizens and PRs: $30,000
- Minimum annual income for foreigners: $42,000
How to apply?
Click on the ‘Apply Now’ button in this article and complete the application form on SingSaver site. You might need to prepare the following documents for the application process:
- Front and back of NRIC/Passport/Employment Pass
- Salaried employees: Past 12 months CPF statement (Singaporean/PR) or latest Income Tax Notice of Assessment and latest original computerised payslip
- Self-employed: Latest Income Tax Notice of Assessment and latest original computerised payslip
Read these next:
Best Citibank Credit Cards In Singapore (2020)
Best Personal Loans With Instant Approval In Singapore (2020)
Best Personal Loans In Singapore With The Lowest Interest Rates (2020)
Top 6 Myths About Personal Loans, Busted
Best Personal Loan Promotions In Singapore 2020
The post Citibank Quick Cash Loan Review (2020) appeared first on SingSaver Blog - We Compare, You Save.
