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
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based on $30,000 loan amount for 5 years
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Variable up to 17.99%
based on $30,000 loan amount for 5 years
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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.
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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.
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.
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.
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.
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.
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.
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 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
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 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.
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.
How long does it take to get a student personal loan?
Completing an online personal loan application can often take anywhere from 10 minutes to 1 hour. Depending on your lender, processing your personal loan application may take anywhere between 1 and 24 hours. If your personal loan application is approved, you may receive the money in your bank account the following business day, or, in some cases, the same day.
Can I get a $4000 personal loan if I’m unemployed or on Centrelink?
Before most providers of personal loans or medium amount loans will approve an application, they’ll want to know you can afford the loan’s repayments on your current income without ending up in financial stress. Several lenders don’t count Centrelink benefits when assessing a borrower’s income for this purpose, so these borrowers may find it more difficult to be approved for a loan.
If you’re unemployed, self-employed, or if more than 50% of your income come from Centrelink, consider contacting a potential lender before applying to find out whether they accept borrowers on Centrelink.
Can I get a self-employed personal loan with bad credit?
It may be much more difficult for a self-employed borrower to successfully apply for a personal loan if they also have bad credit. Many lenders already consider self-employed borrowers to be riskier than those in full-time employment, so some self-employed personal loans require borrowers to have excellent credit.
If you’re a self-employed borrower with a bad credit history, there may still be personal loan options available to you, such as securing your personal loan against a vehicle of equity in a property, though your interest rates may be higher than those of other borrowers. Consider contacting a lender before applying to discuss your options.
How can I improve my credit rating/score?
Your credit score will improve if you demonstrate that you’ve become more credit-worthy. You can do that by minimising loan applications, clearing up defaults and paying bills on time.
Another tip is to get the one free credit report you’re entitled to each year – that way, you’ll be able to identify and fix any errors.
If you want to fix an error, the first thing you should do is speak with the credit reporting body, which may take care of the problem or contact credit providers on your behalf.
The next step would be to contact your credit provider. If that doesn’t work, you can refer the matter to the credit provider’s independent dispute resolution scheme, which would be the Australian Financial Complaints Authority (AFCA).
AFCA provides consumers and small businesses with fair, free and independent dispute resolution for financial complaints.
If that doesn’t work, your final options are to contact the Privacy Commissioner and then the Office of the Information Commissioner.