Citibank is the local arm of global financial services company Citigroup. It has had a presence in the Australian banking space since 1985.
Citibank provides a range of personal loans for different purposes, including renovations, holidays, and educational expenses. Its other products include home loans, insurance, transaction accounts and wealth management services.
The lender can be contacted via phone, email or by stepping into a branch in metropolitan parts of Australia.
Citi personal loan repayment calculator
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Pros and cons
- No application fees
- No ongoing fees
- No early exit fees
- Can apply online
- Cannot apply in branch
- No fixed-rate loans available
Citi personal loans rates
based on $30,000 loan amount for 5 years at 8.40%
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Variable up to 17.99%
based on $30,000 loan amount for 5 years at 9.99%
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Features of a Citibank personal loan
Borrowers can apply to borrow amounts anywhere from $5,000 to $75,000 over a loan term between three and five years. Citibank personal loans are on variable rates and the rate is personalised to the borrower's financial situation and credit history.
Borrowers have the flexibility to make additional repayments without penalty and may be able to pay out the loan early without penalty. Citibank personal loans do not charge establishment fees or ongoing monthly fees. All loans come with a linked debit card.
The loan amount will be assigned based on your creditworthiness and may be lower than what you applied for if approved.
Citibank personal loans can be used for a range of different purposes including:
- Student loans
- Renovations and home improvement
- Travel and holidays
- Weddings and other occasions
Citibank personal loans – customer service
Citibank customers can contact the bank online, via email or on the phone 24 hours a day, seven days a week. There are also branches across NSW, VIC, WA and QLD. Borrowers can also contact customer service via:
- Online banking
- 24/7 phone
Who is eligible for a Citibank personal loan?
To be eligible for a Citibank personal loan, borrowers must meet the following criteria:
- Be at least 18 years old
- Be an Australian citizen or permanent resident
- Provide details of income and employment
- Earn more than $40,000 a year
How to apply for a Citibank personal loan?
Applications for a Citibank personal loan can be made online. The process is simple and involves the following steps:
- Once you’ve compared your personal loan options, click ‘apply now’ on the website
- Enter your details into the Citi Loan Estimator which will tell you how much you can borrow
- Complete your application online
- Citibank will review your application and confirm your interest rate
- Upon final approval, the funds will be credited to your nominated account
Citibank personal loans review
Citi’s personal loans are available for many purposes, including paying for special occasions and holidays. Borrowers can apply to borrow amounts anywhere from $5,000 to $75,000 on variable interest rates. Loan terms are between three and five years.
Citibank personal loans offer personalised interest rates, which means interest rates will vary depending on your credit history, credit score, employment status, cash flow and loan amount.
Citibank personal loans come with access to an ongoing reusable credit facility, which gives the ability to redraw funds as often as you like without the hassle of reapplying for the loan.
Borrowers have the flexibility to make additional repayments without penalty and can choose to pay out the loan before its term without charge. Customers can also choose between weekly, fortnightly and monthly loan repayments.
Before signing up for any personal loan, it is best to compare your personal loan options to find one that's right for you.
Learn more about personal loans
Where can I get a personal loan?
The Australian personal loans market contains dozens of lenders offering several hundred different products. Personal loans are available through a range of institutions, including:
- The big four banks (ANZ, Commonwealth Bank, NAB and Westpac)
- Smaller banks (such as Bank of Queensland, Bendigo Bank and MyState)
- Mutual banks (such as Heritage Bank, Greater Bank and Newcastle Permanent)
- Credit unions (such as People’s Choice Credit Union, BCU and Community First Credit Union)
- Non-bank lenders (such as Pepper Money, Liberty and RACV)
- Peer-to-peer marketplaces (such as Harmoney, SocietyOne and RateSetter)
There are three main ways to access personal loans. You can go through a comparison website, such as RateCity. You can use a finance broker. Or you can directly contact the lender.
Can you refinance a $5000 personal loan?
Much like home loans, many personal loans can be refinanced. This is where you replace your current personal loan with another personal loan, often from another lender and at a lower interest rate. Switching personal loans may let you enjoy more affordable repayments, or useful features and benefits.
If you have a $5000 personal loan as well as other debts, you may be able to use a debt consolidations personal loan to combine these debts into one, potentially saving you money and simplifying your repayments.
How much can you borrow with a bad credit personal loan?
Borrowers who take out bad credit personal loans don’t just pay higher interest rates than on regular personal loans, they also get loaned less money. Each lender has its own policies and loan limits, but you’ll find it hard to get approved for a bad credit personal loan above $50,000.
What is a bad credit personal loan?
A bad credit personal loan is a personal loan designed for somebody with a bad credit history. This type of personal loan has higher interest rates than regular personal loans as well as higher fees.
Should I get a fixed or variable personal loan?
Fixed personal loans keep your interest rate the same for the full loan term, while interest rates on variable personal loans may be raised or lowered during your loan term.
A fixed rate personal loan keeps your repayments consistent, which can help keep your budgeting consistent. You won't have to worry about higher repayments if your rates were to rise. However, on a fixed loan you’ll also potentially miss out on more affordable repayments if variable rates were to fall.
What is the average interest rate on personal loans for single parents?
Like other types of personal loans, the average interest rate for personal loans for single parents changes regularly, as lenders add, remove, and vary their loan offers. The interest rate you’ll receive may depend on a range of different factors, including your loan amount, loan term, security, income, and credit score.
What is a personal loan?
A personal loan sits somewhere between a home loan and a credit card loan. Unlike with a credit card, you need to sign a formal contract to access a personal loan. However, the process is easier and faster than taking out a mortgage.
Loan sizes typically range from several hundred dollars to tens of thousands of dollars, while loan terms usually run from one to five years. Personal loans are generally used to consolidate debts, pay emergency bills or fund one-off expenses like holidays.
Do student personal loans require security?
While some personal loans can be secured by the value of an asset, such as a car or equity in a property, student personal loans are often unsecured, which typically have higher interest rates.
Some lenders also offer guarantor personal loans to students. These loans have lower interest rates, as a guarantor (usually a relative of the borrower with good credit) will fully or partially guarantee the loan, taking on the financial responsibility if the borrower defaults.
What are the Westpac personal loan eligibility criteria?
The process to apply for a personal loan from Westpac is simple and can be done online. To be eligible for a Westpac Bank personal loan, you must meet the eligibility criteria. These include:
- You should be over 18 years old
- You must be a permanent resident or hold a valid visa with confirmed employment in Australia
- You should earn a regular and permanent income of at least $35,000 before taxes
If you feel you meet these eligibility criteria, you can apply for a personal loan with Westpac. With your application form, you’ll also have to submit the following documents:
- Personal details including name, contact information, and residential address
- Proof of identity such as drivers licence or passport details
- If you’re self-employed, you’ll need a list of assets, savings, investments, and liabilities as well as your most recent tax return information
- If you’re an employee you’ll need to submit information related to your employment and finances like bank statements and payslips
Westpac Australia personal loans are available for amounts from $4,000 up to $50,000 and loan terms of up to seven years.
What do single parents need for a personal loan application?
Much like applying for other personal loans, applying for personal loans for single parents will likely require the following:
- Proof of identity
- Proof of residence
- Proof of income
- Details of assets (e.g. car, home)
- Details of liabilities (e.g. credit cards, other loans)
- Loan amount
- Loan term
Can unemployed single parents get personal loans?
It can be more difficult for unemployed borrowers to successfully apply for a personal loan. Most lenders require borrowers to have a regular income available to cover the cost of loan repayments.
If you’re self-employed, or if less than half of your income comes from Centrelink, you may not be eligible for some personal loan options. Consider contacting the lender before applying.
Can single mothers get personal loans online?
Many lenders offer online applications for personal loans, which can be convenient for borrowers who have busy lives. If you’re not confident your personal loan application will be approved, you may want to consider contacting the lender by email, live chat, phone, or by visiting a branch, to discuss your situation before applying.
How can I get a $3000 loan approved?
Responsible lenders don’t have guaranteed approval for personal loans and medium amount loans, as the lender will want to check that you can afford the loan repayments on your current income without ending up in financial hardship.
Having a good credit score can increase the likelihood of your personal loan application being approved. Bad credit borrowers who opt for a medium amount loan with no credit checks may need to prove they can afford the repayments on their current income. Centrelink payments may not count, so you should check with the lender prior to making an application.
Is a personal loan a variable or fixed-rate loan?
Depending on the personal loan lender, you may be able to choose between a fixed and a variable interest rate. But, there are a few distinct differences between the two, so it’s important to weigh up the pros and cons before deciding on what’s right for you.
A fixed interest rate loan gets you the convenience of knowing exactly how much you need to repay each fortnight or month. On the other hand, you generally won’t be able to make lump sum or advanced payments to close your personal loan early - or at least not without a penalty.
With a variable interest rate personal loan, you may be able to get a longer loan repayment term, with the option of paying off the loan early. You typically won’t need to pay any additional charges for an early full repayment either. The potential disadvantage with an interest rate that can change is that your repayment is not entirely predictable, as it can fluctuate with the market. However, you’ll likely have more options as more lenders offer a variable interest rate personal loan.
Can I merge my personal loan with my home loan?
Yes, you can refinance your home loan and, in the process, merge or consolidate your personal loan and home loan. By doing so, you can lower the number of debts you have, and you may also reduce the total interest you have to pay.
However, you should consult a financial advisor or a mortgage broker to confirm that you are decreasing your total outstanding debt, including interest payments. The repayment term for a home loan can be much longer than that for a personal loan, and by merging the two, you could be repaying a higher amount over the full term.