Finding it hard to keep up with your mounting monthly repayments? You are not alone and there are many banks and financial institutions out there that may be more than willing to help you.
Citibank is one of the diversified financial institutions offering a wide range of products and services that could help you with debt consolidation. The bank offers personal loans that you can avail for a number of purposes, including consolidating your multiple debts.
When Should You Consider Debt Consolidation?
Debt consolidation works well for some people, but it is not always the best option for everyone.
You should consider consolidating your debts when you face trouble keeping up with your monthly payments. In this instance, debt consolidation will help you reduce the number of payments and your debts will be more manageable.
When you have large amount of high-interest debts and a bad credit rating, a debt consolidation loan can help you take control of your finances.
By combining your multiple debts in a single consolidation loan, you will have to make only a fixed single monthly payment. This will allow you to save some money on the interest that you pay for your other debts.
To get a predictable monthly payment and merge all your debts, you can consider a personal loan at affordable rate from Citibank.
Other than paying off your high-interest debts, you can also use the personal loan amount to make home repairs or fund a large purchase.
The bank offers personal loans from $2,000 to $5,000 with the security of a fixed interest rate and monthly payments. Once approved, you will get the loan amount as a lump sum payout, and you can make the repayments over 12, 24, 36, 48 or 60 months.
Citibank Personal Loan Requirements
There are certain requirements to qualify for a personal loan from Citibank.
- First of all, at the time of the submission of your loan application, you should have at least one month tenure on a linked Citibank mortgage, Citibank deposit account or a Citi credit card.
- Secondly, you should have a positive balance in a Citibank deposit account. If you do not have a positive balance, you should have made some deposit into your Citibank deposit account within the last three months prior to the date of your loan application.
- Thirdly, you should not have a current personal loan account with the bank that was opened within the past three months. Lastly, you should have a yearly income of at least $10,500.
The bank provides fast and easy loan application and approval process, and once approved, you will received a check for the approved loan amount through mail within 5 working days.
You can qualify for even lower interest rate by simply using Citibank’s Auto Deduct service. With Auto Deduct service, your monthly payments on Citibank loans or lines of credit will be automatically deducted from your desired savings, checking or money market account.
You can get a fixed rate on your personal loan ranging from 10.74% APR to 22.24% APR.
You can call 1-877-362-9100 or visit a branch to apply for all loans up to $50,000.
You can also use Citibank debt consolidation calculator to find out the reduction in your monthly repayments that you may achieve by consolidating your other debts.
Enter information about your current loan balances, monthly payments and interest rates to find out the monthly payment difference with a consolidation loan. You can find this calculator on the Citibank’s official website.