Citibank Quick Cash Personal Loan Review

Citibank Quick Cash Personal Loan Review

Competitive interest rates for new-to-bank customers and those seeking short-term financing.

Good for

  • New-to-Bank Customers
  • Borrowers seeking personal loans tenures of 1 - 3 years

Bad for

  • Borrowers seeking long-term loans
  • Existing Citibank credit card or personal loan customers

Editor's Rating

4.5/5.0

Citibank's Quick Cash Personal Loan is a great option for individuals seeking a small, short-term personal loan. The loan offers the competitive interest rates for 1-3 year loans, with effective interest rates (EIR) from 7.5% for new customers and 8.5% for existing customers.

Summary of the Citibank Quick Cash Personal Loan
Competitive short-term interest rates: from 7.5% EIR
No processing fee
Low minimum loan amount: S$1,000
Promotion: New customers receive lower interest rates 7.5 - 10.5% EIR

Table of Contents

What Makes the Citibank Quick Cash Personal Loan Stand Out to Borrowers

Citibank's Quick Cash Loan (formerly known as Ready Credit PayLite) is a great financing option for individuals seeking a short-term personal loan. Citibank charges competitive effective interest rates for loans of 1 to 3-year loans (from 7.5%), making it a great option for your short-term personal loan needs. Additionally, Citibank's minimum loan amount of S$1,000 is lower than other banks that tend to require minimum loans of at least S$5,000.

Loan TenureAnnual RateFeeEffective Interest RateMonthly Instalment*Total Cost*
1 year4.94%0%9.0%S$874.50S$494
2 years4.82%0%9.0%S$456.83S$984
3 years4.55%0%8.5%S$315.69S$1,365
4 years5.72%0%10.5%S$256.00S$2,288
5 years5.79%0%10.5%S$214.92S$2,895
*Assuming new-to-bank customer, loan of S$20,000
Loan TenureAnnual RateFeeEffective Interest RateMonthly Instalment*Total Cost*
1 year4.11%0%7.5%S$1,735S$411
2 years4.00%0%7.5%S$900S$800
3 years3.99%0%7.5%S$622S$1,197
4 years4.01%0%7.5%S$484S$1,604
5 years4.05%0%7.5%S$401S$2,025
*Assuming new-to-bank customer, loan of S$10,000

Some of the most prominent downsides to the CitiBank Personal Loan are that it features more expensive long-term interest rates for most loans and is more expensive for existing customers. For example, aside from new-to-bank customers applying for loans of at least S$20,000, Citibank Quick Cash charges effective interest rates of 10.5% for 4 and 5 year loans, compared to HSBC which charges 7% EIR.

Consider this if you require a small, 1-year loan

Eligibility S$30,000 of annual income (S$42,000 for foreigners)
Max. Loan Amount 4x Monthly Income (or S$150,000)
Min. Loan Amount S$1,000
Processing Fee 3.5%
Approval Time 1 hour (before 5pm)

Citibank also offers a 0% interest Quick Cash loan, which functions as a cash-on-instalment loan. This allows borrowers to draw funds based on their available credit limit, using a Citi Credit Card or Citi Ready Credit line of credit. The Quick Cash 0% interest loan costs an effective interest rate of 7.87%, which is the cheapest small (less than S$5,000) 1-year loan available in Singapore.

Loan Details
Interest Rate0% p.a.
Processing Fee3.5%
Tenure12 Months
Effective Interest Rate7.5%

Who Can Apply: Eligibility Criteria

Consider this if you require a small, short-term personal loan

Eligibility S$30,000 of annual income (S$42,000 for foreigners)
Max. Loan Amount 4x monthly salary
Min. Loan Amount S$1,000
Processing Fee None
Approval Time 1 hour (before 5pm)

Singaporeans and Singapore Permanent Residents below age 62 with annual incomes of at least S$30,000 are eligible for the Citibank Personal Loan. Citibank's best rates are offered exclusively to new customers. Existing Citibank credit card or personal loan holders are charged higher interest rates for short-term loans, making it a less attractive option for these borrowers. While these rates are still competitive to offers from other banks, they are not always the best rates available.

TenureNew Customers (S$20K+)New CustomersExisting Citibank Credit Card or Personal Loan Holders
1 year7.5%9.0%9.5%
2 years7.5%9.0%9.0%
3 years7.5%8.5%8.5%
4 years7.5%10.5%10.5%
5 years7.5%10.5%10.5%

Other Charges and Fees

The Citibank Personal Loan does not charge a processing fee, which helps keep the total cost of borrowing competitive. However, Citibank does charge a cancellation fee of S$100 or 3% of the outstanding unbilled principal amount, whichever is higher. This fee is quite similar to those charged by other banks.

How to Apply: Application Process

Citibank's personal loan application process requires that you provide your personal contact, financial and employment information. Citibank's Personal Loan offers 1 hour loan approval. Cash is disbursed within 3 to 5 days of approval; either at a branch location or directly into your preferred bank account. Existing banking customers will receive cash within one working day.

  • Completed and signed Letter of Instruction
  • Photocopy of NRIC (front and back)
  • CPF statement (past 12 months) or Latest Income Tax Notice of Assessment
  • 2 years' Income Tax Notice of Assessment and last 3 months' bank statements (Self-employed)
William Hofmann

William is a Product Manager at ValueChampion Singapore, focusing on banking and SMEs. He previously was an Economic Consultant at Industrial Economics Inc.

Comments and Questions

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