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Citibank Quick Cash Personal Loan Review

Citibank Quick Cash Personal Loan Review


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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 6.5% for new customers.

Summary of the Citibank Quick Cash Personal Loan
Competitive short-term and long-term interest rates: from 6.5% EIR
Low minimum loan amount: S$1,000

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 (EIR of 6.50%), 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 Interest RateFeeEffective Interest RateMonthly Instalment*Total Cost*
1 year loan3.56%0%6.50%S$863.00S$356.00
2 years loan3.46%0%6.50%S$445.50S$692.00
3 years loan3.45%0%6.50%S$306.53S$1,035.00
4 years loan3.46%0%6.50%S$237.17S$1,384.00
5 years loan3.48%0%6.50%S$195.67S$1,740.00
*Assuming new-to-bank customer, loan of S$10,000
Loan TenureAnnual Interest RateFeeEffective Interest RateMonthly Instalment*Total Cost*
1 year loan3.56%0%6.50%S$862.96S$355.50
2 years loan3.46%0%6.50%S$445.46S$691.00
3 years loan3.45%0%6.50%S$306.6S$1,038.00
4 years loan3.46%0%6.50%S$237.16S$1,384.00
5 years loan3.48%0%6.50%S$195.66S$1,740.00
*Assuming new-to-bank customer, loan of S$10,000

CitiBank Personal Loan used to feature some of the more expensive long-term interest rates. However, they have since been offering some of the lowest rates for 3-5 year loans at 3.45% - 3.48% interest. With EIR of 6.50% for all of their loans, Citibank compares well to HSBC which charges 7% EIR.

Who Can Apply: Eligibility Criteria

Consider this if you require a small, short-term personal loan
  • Eligibility
    • S$30,000 of annual income
    • Max. Loan Amount
      • 4x Monthly Income (or S$150,000)
      • Min. Loan Amount
        • S$1,000
        • Processing Fee
          • 0%
          • 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 year7.85%7.85%9.50%
            2 years7.50%9.00%9.00%
            3 years7.50%8.50%8.50%
            4 years7.50%10.50%10.50%
            5 years7.50%10.50%10.50%

            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)

            Consumers who wants to find out more about other personal loans before making a decision can read our other guides to find the best personal loan in Singapore in 2022 that fits your needs.

            Read Also:

            Stephen Lee

            Stephen Lee is a Senior Research Analyst at ValueChampion, specializing in insurance. He holds a Bachelor of Arts degree in International Studies from the University of Washington, and his prior work experience include risk management and underwriting for professional liability and specialty insurance at Victor Insurance. Additionally, Stephen is a former US Peace Corps Volunteer in Myanmar (serving between 2018-2020), where he continues to provide business development consulting services to HR companies in Asia Pacific.

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