Best Citibank Personal Loans in Hong Kong
As a globally-recognised bank, Citibank is one of the go-to banks in Hong Kong for those looking to borrow money from a legitimate source. Citibank offers a range of personal loans to suit diverse needs, including a tax loan and a debt consolidation loan.
Which Citibank Loan is Best for You?
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Citibank Tax Loan
Citi Tax Season Loan
- APR*
- 1.78%
- Total Amount Payable
- HK$203,840
- Total Interest Payable
- HK$3,840
- Monthly Payment
- HK$8,493
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The dreaded tax season is one of the toughest times of the year for managing your cash flow. To help you cope, the Citibank Tax Season Loan lets you borrow money at a relatively low interest rate.
Unlike some other tax loans which are fairly short-term, Citibank lets you repay the loan for up to 60 months.
In order to qualify for Citibank Tax loan, you must be a Hong Kong permanent resident who is at least 18 years old. You have to be a full-time employee at your current workplace for at least 3 months, with a monthly salary of at least HK$6,000, to qualify.
You can also get your Citibank Tax Season loan approved on the same day, provided you successfully submit the required documents together with a filled-in application form before 12 noon on a working day.
Citibank Debt Consolidation Loan
Citi Card Debt Consolidation Loans
- APR*
- 9.57%
- Total Amount Payable
- HK$220,160
- Total Interest Payable
- HK$20,160
- Monthly Payment
- HK$9,173
【💵Tax Season Extra Treats!】Apply to get up to HK$18,199 Rewards!
New customers who successfully apply for the Citi Tax Season Loan / Citi Card Debt Consolidation Loan on or before 30 November 2024 and successfully draw down on or before 31 December 2024 would be eligible for MoneySmart exclusive gift up to HK$10,000 Apple Store Gift Card / PARKnSHOP supermarket vouchers!
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If you're struggling with credit card debt that exceeds half of your total monthly earnings, it makes financial sense to get the Citibank Card Debt Consolidation Loans.
This is a special type of loan where the bank clears your high-interest credit card debts on your behalf, while you focus on repaying your Citibank loan with a repayment plan that suits you.
You can borrow up to 21 times your monthly salary (capped at HK$1,200,000) and can take up to to 60 months to pay it back.
Note: The final loan amount approved by Citibank and the loan tenure is evaluated on a case by case basis. Please contact Citibank for details.
*APR as low as 2.91% (calculation based on the monthly flat rate 0.13% with loan amount of HK$1,200,000 and repayment period of 12 months); the actual APR may vary for individual customers.
How to Apply for Citibank Personal Loan?
Choose Your Loan Product
Find a suitable loan product that best fits your financial needs. Make sure you read the fine print and understand the loan structure. Once selected, fill in the application form and submit all the required documents.
Wait for Your Loan Approval Result
Citibank Loan Specialist will then contact you within 1-2 working days to finalize the terms of the loan. If the loan is eventually approved, you will be required to visit a designated branch to go through the loan disbursement process.
Disbursement of Your Loan
If you are applying for Card Debt Consolidation Loans, you will be required to sign the drawdown letter so that Citibank can settle your card debt with other financial institutions. For other loan types, your loan will be disbursed instantly via cash, cheque or credit into your designated bank account
Citibank Loan Offers & Promotions
Citibank Loan Application Supporting Documents
In addition to the eligibility criteria defined above, you're required to submit the following important documents before Citibank can approve your loan:
Proof of income
Residential proof
Citibank Loan Fees & Charges
APR (interest rate) may be the most prominent cost component of your personal loan, but it is by no means the only one! You should also be aware of the following fees that Citibank may charge in various scenarios.
Handling Fee
Citibank advertises a 0% handling fee for their personal loans, but it is possible that this fee is simply absorbed into the APR. Do compare personal loans across banks to make sure you have the best rate.
Early Repayment Fee
Kudos to you for clearing your personal loan early, but there will be a fee for doing so. This is typically 1.5% of the principal loan amount but it varies a little depending on when exactly you make early repayment.
Change of Repayment Date
It is possible to extend your repayment date, but you will be charged a Daily Extension Fee at the same interest rate of your personal loan. The maximum extension Citibank will grant you is 45 days.
Citibank Loan Customer Service Hotline
Frequently Asked Questions
How is interest rate calculated for Citibank personal loans?
- Take note that Citibank's advertised interest rate may not be exactly the same as the actual APR you are charged. This is because Citibank can choose to charge a higher or lower rate depending on the loan applicant's background and work status.
How long does Citibank take to approve a loan?
- For Citibank Speedy Cash, it is possible to get same-day approval, provided you successfully submit all required documents together with a complete application form before noon on a working day. With other Citibank loan types, it may take longer for the bank to verify all your documents.
Can I get a loan for my Citibank credit card?
- If you're facing trouble paying off a Citibank credit card, Citibank also has loan services specific to their cards. For example, certain cards are eligible for a flexi-instalment programme, which allows you to repay your credit card balance in manageable instalments.
Does Citibank have an automatic repayment function for their personal loans?
- Yes, a good way to avoid being hit by late repayment fees and the like is to set up an AutoPay instruction to settle your monthly instalments. Citibank's All-In-One AutoPay can be used to repay loans (as well as other recurring charges like utility and phone bills). The monthly repayments are automatically debited from your bank account whenever they are due.
