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Why should We Choose Citibank Personal Loan?

Citi Quick Cash
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The Citibank personal loan in Singapore offers competitive rates for individuals seeking a small, short-term loan for personal loans. These loans are known as Citi Quick Cash and have one of the lowest interest rates for personal loans.

Good for Bad for
  • New-to-bank customers
  • Borrowers seeking personal loans with tenures from 1year to 3 years
  • Borrowers seeking long-term loans
  • Existing Citibank credit card or personal loan customers

Features and Benefits

The Citibank personal loan (or Citi quick cash) offers one of the most competitive interest rates for those seeking a short-term, quick cash loan here in Singapore. Also, they allow borrowing of lower loan amounts compared to other banks and institutions like SingSaver Pte Ltd.

Your min loan amount can be as low as SGD 1000, a significantly lesser min loan amount than the SGD 5000 minimum for other personal loans, and still have a low effective interest rate. However, this offer of low-interest rates is exclusive for new to bank customers.

It is the perfect offer for those who do not have a Citibank account yet and need a small amount of money to supplement their financial needs.

Rates and Fees

A summary of the loan tenure, interest rate, and processing fees you can expect of a Citibank Quick Cash personal loan (Citibank ready credit quick cash loan) is presented below. Make sure to consider these rates carefully and draft a comprehensive repayment plan to avoid getting charged with hefty fines in the future:

Interest Rate 0% p.a.
Processing Fee 3.5%
Loan Tenure 12 months
Effective Interest Rate 7.85%

For a limited time only, new Citi Credit Card or Citibank Ready Credit account holders can enjoy a rate of 0% p.a. with 3.5% processing fee (E.I.R 7.85% p.a.) for a 12 month loan tenor. Click here to view Citi Quick Cash Terms and Conditions.

However, a cancellation fee of SGD 100 or 3% of the outstanding unbilled principal amount, (100) whichever is higher, can be charged. Make sure that you follow closely the terms and conditions of the personal loan to avoid paying hefty fines.

The Citibank personal loan in Singapore is good for new-to-bank customers as their competitive interest rates are only offered to these individuals.

Their loans are also a good fit for those looking for personal loans with a short tenure (about 1 year to 3 years). On the other hand, borrowers seeking long loan tenures and presently owning a Citibank credit card account can find this loan unfavorable.

To highlight these points, you may refer to the following table that summarizes the interest rates for all tenures that Citibank offers with personal loans.

Tenure New Customers (with income > SGD 20,000) New Customers Existing Citibank Credit Card or Personal Loan Customers
1 year 7.5% 9.0% 9.5%
2 years 7.5% 9.0% 9.0%
3 years 7.5% 8.5% 8.5%
4 years 7.5% 10.5% 10.5%
5 years 7.5% 10.5% 10.5%

How Does Citibank’s Loan Compare to Other Banks?

You can also use this table to see how Citibank fares compared to other banks in terms of their loan offer:

Bank Loanable Amount Interest rate Monthly repayment Processing Fee
OCBC Up to 6x monthly salary 8.2%p.a. – 13.1%p.a. Lowest at S$238 2% of the loan amount or S$200
DBS-POSB Up to 10x monthly salary 3.88%p.a. Lowest at S$199 1% of the loan amount
Bank of China Up to 95% of your credit limit 6.52%p.a. S$332 3% of the loan amount or S$150
Standard Chartered Up to 4x monthly salary 3.48%p.a. (if you qualify) S$391 SGD 199 for the first year
Citibank Up to 4x monthly salary 4.94%p.a. – 7.79%p.a. Lowest at S$214.92 3.5% of the loan amount
HSBC Up to 8x monthly salary 3.7% Lowest at S$149.88 S$88

What Makes Citibank Stand Out From Other Banks?

What makes their offer stand out from other banks is the competitive interest rate that is available for new-to-bank customers.

As seen in the table above, this rate is significantly lower than others, although you should take note that it is only applicable to those who currently do not have an account in the institution.

Citibank also has a couple of other personal loan offers that you can choose from aside from their Quick Cash personal loan.

Choose whichever option works best for you in terms of the processing fee, loan amount, credit limit options, number of working day processing, and the like.

Type Rate Tenures Loan Amount Fee
Citi Personal Loan 7.5% for new customers 1 – 5 years SGD 1,000 – 4x monthly salary, whichever is higher N/A
Citibank Quick Cash 8.5% 1 – 5 years 4x monthly salary N/A
The Citi debt consolidation plan Varies per individual, set by Citibank 3 – 7 years 5% more than total debt N/A

Eligibility and Requirements

All residents of Singapore, regardless of nationality, can apply for the personal loan offered by Citibank. The following list of eligibility criteria and the requirements can help you make your application for the Citibank personal loan smooth.

  • At least 21 years old to 65 years old
  • Have at least SGD 30,000 annual income (Singapore and permanent residents) or SGD 42,000 annual income if a foreign borrower

Required documents:

  • Front and back copy of NRIC, Passport/Employee Pass (if it applies)
  • For salaried employees:
  • Electronic payslip for the past 3 months
  • Latest 6 months’ CPF statement (for Singaporeans and Permanent Residents)
  • The latest income tax notice
  • For self-employed individuals:
  • Latest 1-year CPF statement
  • Latest income tax notice for the past 24 months

How to Apply

The bank has a dedicated phone banking tool in its mobile app to process your application at your own pace through self-service.

There are two ways to apply for the Citibank personal loan.

For existing customers of the Citibank Credit Card or Ready Credit account holder (the bank’s designated credit cards):

  1. Apply for the Citibank account Quick Cash Loan using the Citibank mobile banking app or Citibank Online
  2. Wait for approval and the loan will be disbursed in your account

For new customers:

  1. Apply online with your documents for personal loans.
  2. Open either a Citibank Ready Credit or Citibank credit card account to get the loan.

After submitting your application in either of the two ways (whichever applies), you have to wait for the staff to approve your request (not longer than 5 working days), and you can expect the loan amount to be disbursed in your account immediately.

Overall, the application down to the approval should not take more than 5 working days, similar to other institutions.


Singapore is home to many different personal loan offers, and the options can get overwhelming quickly, especially for those who do not have a background in finance.

Doing the research on which deals to look out for that can help solve your financial issues is challenging. And, you would most likely end up unsure of whether or not your findings are accurate and up-to-date.

If you would like to easily see the best rate for personal loan, you can go to Loan Advisor, a loan comparison site that can send you up to three loan quotes from top licensed moneylenders in Singapore.

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