CitiBank Personal Loan Balance Transfer 2022

If you have an unpaid personal loan, you can always move it to Citibank to take advantage of lower interest rates and longer repayment periods. The bank's representatives will assist you in converting your current loan balance to a Citibank personal loan account.

You may apply for a Citibank balance transfer on the bank's official website. Simply enter your profession, monthly take-home wage, PAN, city of residence, mobile number, and full name in the fields given. A bank representative will contact you and clarify the procedure for moving your personal loan balance.

The following methods are available for moving the balance from your existing personal loan to a Citibank personal loan account:

• Pay a visit to the Citibank branch closest to you.
• Apply via the bank's official website.
• SMS "PL" to 52484 to reach the customer service department.

• Citibank offers an interest rate as low as 10%.99 percent. When you sign the loan agreement, the bank will remind you of the current interest rate.
• Flexible repayment terms of up to 60 months are available from the bank.
• You can pay low EMIs on your loan because it has a low-interest rate and a long term.
• The EMIs can be paid through Citibank's National Automated Clearing House (NACH) or Standing Instructions (SI).
• The bank's services include online banking, mobile banking, and mobile alerts.
• You don't need to submit proof of address or income to find out if you're eligible with Citibank.
• You can get a top-up loan after you transfer the balance and begin using the bank's services.

After you submit your basic occupation, income, and other information online, bank representatives will contact you to determine whether you are eligible for the loan.

Some of the general eligibility requirements are listed below:

• You must be over the age of 18 and under the age of 65.
• You should have at least three years of work experience, which is usually three years for salaried employees and one year for self-employed employees.
• Depending on whether you are salaried or self-employed, the bank will also set a specific income requirement. In most cases, your EMI payment must be less than 60% of your monthly income.
• A high credit score, such as 700 or higher.

• PAN, Aadhaar, Driver's License, Voter ID, and other forms of identification
• Passport, PAN, birth certificate, school leaving certificate, college certificate, tax return with DOB, etc. are all acceptable forms of proof of age.
• PAN, driver's license, utility bill, lease deed/rent copy/property registration document, bank account statement, etc. are examples of proof of residence.
• Salary slips, Form 16, IT Returns, Balance Sheet, Audit Report, Bank Statements, etc. are all examples of proof of occupation and income.
• Proof of work experiences, such as a letter from the employer or previous pay stubs.
• Ownership documents, lease deed/rent copy, previous three years bank statements, utility bills, and tax returns are all examples of proof of business continuity for self-employed individuals.
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• Low-interest rates: With the personal loan balance transfer option, you can refinance your current personal loan at a lower interest rate. As a result, you will still reduce the burden of a current personal loan, even though you previously took out one with a higher interest rate.
• Flexible repayment period: The balance transfer feature on personal loans not only allows you to get a lower interest rate, but it also allows you to restructure your repayment period. Since the EMI is spread out over a number of years, you can easily reduce your personal loan burden by extending the loan repayment period. Similarly, by shortening the loan term, you will pay off your personal loan faster.
• Top-up service: The personal loan balance transfer option comes with a top-up facility, which allows you to have your loan amount increased if you need more credit. If you use the balance transfer option, you can get a top-up loan at a discounted rate from a variety of personal loan lenders.
• Minimal documentation: Since the personal loan balance transfer and the top-up facility includes an existing loan, minimal documentation is needed. This is because the previous lender had already completed the KYC and paperwork verification.