Best Citibank Personal Loans in Hong Kong 2020
As a globally-recognised bank, Citibank is one of the go-to banks in Hong Kong for those looking to borrow money from a legitimate source. Citibank offers a range of personal loans to suit diverse needs, including a tax loan and a debt consolidation loan.
Citibank Personal Loan
Max Repayment Period
Citibank Speedy Cash is the most customizable of all Citibank personal loans. You can borrow up to 12 times your monthly salary or HK$2,000,000 (whichever is lower, subject to approval) and choose a repayment term between 6 months up to 60 months.
It is open to full-time salaried employees earning HK$6,000 or above a month with at least 3 months of employment history with the current employer. Also, you must be a Hong Kong permanent resident aged 18 or above to be eligible for applying for this loan.
You can also get your loan approved on the same day, provided you successfully submit the required documents together with a filled-in application form before 12 noon on a working day.
MoneySmart Exclusive: New customer who successfully apply and drawdown Citi Speedy Cash Loan, can get up to HK$1,500 welcome offer + HK$3,000 MoneySmart offer = HK$4,500 cash voucher! Valid till 31 May 2020.
*Calculation based on a loan amount of HK$1,500,000 and a repayment period of 12 months; the actual APR may vary for individual customers.
Citibank Debt Consolidation Loan
Max Repayment Period
If you're struggling with credit card debt that exceeds half of your total monthly earnings, it makes financial sense to get the Citibank Card Debt Consolidation Loans.
This is a special type of loan where the bank clears your high-interest credit card debts on your behalf, while you focus on repaying your Citibank loan with a repayment plan that suits you.
You can borrow up to 21 times your monthly salary (capped at HK$1,200,000) and can take up to to 60 months to pay it back.
MoneySmart Exclusive: New customer who successfully apply and drawdown Citi Card Debt Consolidation Loan, can get up to HK$1,500 welcome offer + HK$3,000 MoneySmart offer = HK$4,500 cash voucher! Valid till 31 May 2020.
Note: The final loan amount approved by Citibank and the loan tenure is evaluated on a case by case basis. Please contact Citibank for details.
How to Apply for Citibank Personal Loan?
Choose Your Loan Product
Find a suitable loan product that best fits your financial needs. Make sure you read the fine print and understand the loan structure. Once selected, fill in the application form and submit all the required documents.
Wait for Your Loan Approval Result
Citibank Loan Specialist will then contact you within 1-2 working days to finalize the terms of the loan. If the loan is eventually approved, you will be required to visit a designated branch to go through the loan disbursement process.
Disbursement of Your Loan
If you are applying for Card Debt Consolidation Loans, you will be required to sign the drawdown letter so that Citibank can settle your card debt with other financial institutions. For other loan types, your loan will be disbursed instantly via cash, cheque or credit into your designated bank account
Citibank Loan Offers & Promotions
Like every other bank or money lender, Citibank sometimes offers seasonal promotions for their personal loan products, such as low APR rates, cash coupons, even gifts such as tablets. These sweeteners are no doubt appealing, but as a consumer, you should protect yourself by paying special attention to the fine print of these offers. Loan promotions that advertise low APR rates tend to be limited to specific loan amounts and repayment periods, and they may be modelled based on a different interest rate structure than what you're actually getting. Check that the promotional loan repayment structure is something you would be comfortable committing to first. Welcome gifts such as cash coupons are sometimes given with no strings attached, but in other cases, banks are able to "claw back" the gift if you do not fulfil certain requirements set out in the terms & conditions. Warning: You have to repay your loans. Don't pay any intermediaries.
Citibank Loan Application Supporting Documents
In addition to the eligibility criteria defined above, you're required to submit the following important documents before Citibank can approve your loan:
Proof of income
Citibank accepts several documents to prove your income. It's best to furnish official payroll slips (complete with company stamp/letterhead), but if this is not available, you can also submit your bank statement or account passbook showing your salary deposit record for at least the past three months.
This is any official letter or bill that proves that you are a real resident of the address you provided. It must clearly state both your name and residential address. You may submit your utility bill, mobile phone bill, bank statement, or letter from the government.
Citibank Loan Fees & Charges
APR (interest rate) may be the most prominent cost component of your personal loan, but it is by no means the only one! You should also be aware of the following fees that Citibank may charge in various scenarios.
Citibank advertises a 0% handling fee for their personal loans, but it is possible that this fee is simply absorbed into the APR. Do compare personal loans across banks to make sure you have the best rate.
Early Repayment Fee
Kudos to you for clearing your personal loan early, but there will be a fee for doing so. This is typically 1.5% of the principal loan amount but it varies a little depending on when exactly you make early repayment.
Change of Repayment Date
It is possible to extend your repayment date, but you will be charged a Daily Extension Fee at the same interest rate of your personal loan. The maximum extension Citibank will grant you is 45 days.
Citibank Loan Customer Service Hotline
Need to speak to someone at Citibank urgently regarding your loan? For loan-related inquiries and to follow up on your loan application, you can call Citibank's hotline at (852) 2963 6477. The hotline operates from Mondays to Fridays from 9am to 8pm, and on Saturdays from 9am to 6pm.
Frequently Asked Questions
How is interest rate calculated for Citibank personal loans?
- Take note that Citibank's advertised interest rate may not be exactly the same as the actual APR you are charged. This is because Citibank can choose to charge a higher or lower rate depending on the loan applicant's background and work status.
How long does Citibank take to approve a loan?
- For Citibank Speedy Cash, it is possible to get same-day approval, provided you successfully submit all required documents together with a complete application form before noon on a working day. With other Citibank loan types, it may take longer for the bank to verify all your documents.
Can I get a loan for my Citibank credit card?
- If you're facing trouble paying off a Citibank credit card, Citibank also has loan services specific to their cards. For example, certain cards are eligible for a flexi-instalment programme, which allows you to repay your credit card balance in manageable instalments.
Does Citibank have an automatic repayment function for their personal loans?
- Yes, a good way to avoid being hit by late repayment fees and the like is to set up an AutoPay instruction to settle your monthly instalments. Citibank's All-In-One AutoPay can be used to repay loans (as well as other recurring charges like utility and phone bills). The monthly repayments are automatically debited from your bank account whenever they are due.