Citibank Quick Cash Loan Review (2024): Enjoy 0% Processing Fees

SingSaver team

SingSaver team

Last updated 15 April, 2024

Citi Quick Cash offers low-interest rates plus zero processing fees for new-to-bank customers.

Citi Quick Cash lives up to its name. It is possible that in just a minute, you’ll be able to convert your credit limit into a personal loan to be deposited into your account.

This could prove to be highly useful for those who might be facing emergency expenses, such as those of a medical or business nature; you'd also have the option to repay your loan for a tenure of up to five years. 

What the Citibank Quick Cash Loan can do for you

Citibank Quick Cash Loan product summary:

  • Interest rate: From 3.45% p.a (EIR 6.50% p.a)
  • Loan tenures: Choice of 1 to 5 years
  • Max. loan amount: up to 4x your monthly income or up to 8x your monthly income if your annual income is at least S$120,000
  • Min. income requirement: S$30,000 for Singaporeans and Singapore PRs; S$42,000 for foreigners
  • Max. credit limit: Up to 90% of your unused credit limit from your Citi Credit Card or Citibank Ready Credit Account
  • Min. loan amount: S$1,000
  • Approval Time: Instant for Citi accounts. 1 to 5 working days for non-Citi Accounts
Pros Cons
Enjoy 0% processing fees Early repayment fee of $100, or 3% of outstanding unbilled loan balance, whichever is higher
Low interest rate from 3.45% p.a (EIR 6.5% p.a), only applicable for new-to-Citibank customers Prerequisite of having a Citibank Ready Credit or Citi Credit Card account to be offered a Citi Quick Cash loan
Borrow up to 90% of your unused credit limit from your Citi Credit Card or Citibank Ready Credit Account  
Low min. loan amount of S$1,000  


⚡Flash Deal⚡: Get up to S$500 bonus e-capitaV cash vouchers on top of existing rewards when you take a min. loan of S$15,000. Remaining approved applicants will enjoy SingSaver’s Exclusive Offer. Valid till 24 May, 12nn to 6 June 2024. T&Cs apply.

Singsaver Exclusive Offer: Receive the following rewards when you apply for an SCB CashOne Personal Loan:

New Customers: Receive an Apple iPhone 15 128GB (worth S$1,311) or a Dyson Purifier Cool Air Purifier TP07 (worth S$909) or an Apple iPad 10th Gen 10.9 64 GB (worth S$691.60) or a Dyson V8 Slim Fluffy (worth S$509) or a Nintendo Switch Gen 2 (worth S$399) or up to S$1,040 Cash upon loan approval when you apply for a minimum loan of S$8,000. Valid till 30 June 2024.  T&Cs apply.

Existing Customers: Receive up to S$520 Cash via PayNow upon loan approval when you apply for a minimum loan of S$8,000 with a tenure of 3 to 5 years. Valid till 30 June 2024. T&Cs apply.

Plus, enjoy up to S$4,100 cashback when you apply for a min. loan of S$12,000 with a tenure of 3 to 5 years. Valid till 31 May 2024. T&Cs apply.


Why you should choose Citibank Quick Cash Loan

#1: Competitive interest rates

New-to-bank customers can enjoy competitive interest rates from as low as 3.45% p.a. (EIR 6.50%). Another money-saving perk? There are no processing fees you need to deal with.

#2: Get your cash the next working day

Customers already holding a Citibank account can get hold of the cash disbursement as quickly as a day. Otherwise, the approved loan amount will be credited to your choice of account within 3 to 5 working days.

#3: Get the most out of your credit card

The Citi Quick Cash loan can be drawn down from the available credit limit for existing Citibank credit card holders.

#4: Easy application via mobile app

No need to go out of your way to make a trip to a physical bank branch. To apply for a Citi Quick Cash Loan, you’d only have to log in to your Citi Mobile App and breeze through the process in a few steps. If you’ve got an existing Citibank account, you may have your funds disbursed instantly.

For whom is the Citibank Quick Cash Loan best?

With such easy mobile access to the loan, this could be a swift lifeline for those stonewalled by an immediate crisis.

Summary of interest rates

Based on loan amount of $20,000

Loan Tenure Flat Interest Rate (p.a) Effective Interest Rate (p.a) Processing Fee Monthly Instalments
1 year 3.56% 6.50% $0 S$1,725.93
2 years 3.46% 6.50% $0 S$890.93
3 years 3.45% 6.50% $0 S$612.98
4 years 3.46% 6.50% $0 S$474.30
5 years 3.48% 6.50% $0 S$391.32

What charges or fees should you look out for?

  • Processing fee: None
  • Cancellation fee: $100 or 3% of outstanding principal amount, whichever is higher
  • Overdue interest: Prevailing interest rate of 20.95% p.a applies
  • Late payment fee: If minimum amount payment is not received for two consecutive months, the loan will be terminated, and the outstanding amount will be billed in the next statement

Eligibility criteria

  • At least 21 years of age
  • Minimum annual income for Singapore citizens and PRs: $30,000
  • Minimum annual income for foreigners: $42,000

How to apply? 

Click on the ‘Apply Now’ button in this article and complete the application form on the SingSaver site. You might need to prepare the following documents for the application process:

  • Front and back of NRIC/Passport/Employment Pass
  • Salaried employees: Past 12 months CPF statement (Singaporean/PR) or latest Income Tax Notice of Assessment and latest original computerised payslip
  • Self-employed: Latest Income Tax Notice of Assessment and latest original computerised payslip

Read these next: 
Best Citibank Credit Cards In Singapore (2022)
Best Personal Loans With Instant Approval In Singapore (2022)
Best Personal Loans In Singapore With The Lowest Interest Rates (2022)
Top 6 Myths About Personal Loans, Busted
Best Personal Loan Promotions In Singapore 2022


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