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Citibank Quick Cash Loan Review (2020)

Cheapest loan for 12-month loan tenures for new-to-bank customers

Pros:

  • Enjoy 0% interest rate for 12-month tenures
  • Low interest rate from 3.99% p.a (EIR 7.5% p.a) for longer tenures, with min. loan amount of S$20,000
  • No processing fee
  • Borrow up to 4X your monthly salary
  • Low min. loan amount of S$1,000

Cons:

  • Low interest rate is 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
  • Early repayment fee of S$100, or 3% of outstanding unbilled loan balance, whichever is higher
Summary of Product
Interest Rate: From 3.99% p.a (EIR 7.5% p.a), or 0% p.a (EIR 7.85% p.a) for 12-month tenures
Loan Tenures: Choice of 1 year to 5 years
Max. Credit Limit: Up to 4X of monthly salary
Min. Loan Amount: S$1,000
Turnaround Time: 1 to 5 working days

Table of Content

Why should you choose Citibank Quick Cash Loan?

Competitive interest rates for short-term loan tenures
A short-term personal loan that stands tall with 0% interest rate and 3.5% processing fee for 12-month tenures. Longer tenures start at 3.99% p.a (EIR 7.5% p.a) with S$0 processing fee. Applicable for new-to-bank customers.
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.
Get the most out of your credit card
The Citi Quick Cash loan can be drawn down from the available credit limit for existing credit card holders.

Who can apply?

Age Requirement 21 - 65 years old
Annual Income Requirement Singaporeans/PRs: S$30,000 Foreigners: S$42,000

What charges or fees should you look out for?

Processing fee S$0
Cancellation fee S$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 2 consecutive months, the loan will be terminated and the outstanding amount will be billed in the next statement

How to apply?

Once you have decided to take up for this loan, click on the “Apply Now” button and complete the application form on Standard Chartered’s page. Note that you will need to prepare the following documents. Here’s what you will need during the application process:
Salaried employees Past 12 months' CPF statement (if 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
All Applicants Front and back of NRIC/Passport/Employment Pass

Other Personal Loans for your consideration

Citibank Quick Cash Loan not the right fit? You may consider the following personal loans:
  • OCBC is offering you a promotional rate of 5.8% p.a (EIR from 12.11% p.a).
  • HSBC is currently offering rate from 3.7% p.a (EIR from 7% p.a).
  • Standard Chartered which offers 3.88% p.a (EIR from 7.63% p.a) for all loan amount and tenures.

Appendix: Summary of Interest Rates for all tenures

For New Customers with loan amount of S$20,000 and above
Loan Tenure Flat Interest Rate (p.a) Effective Interest Rate (p.a) Processing Fee Monthly Instalments
1 year 0% 7.85% 3.5% $1,667
2 years 4.0% 7.5% $0 $900
3 years 3.99% 7.5% $0 $622
4 years 4.01% 7.5% $0 $484
5 years 4.05% 7.5% $0 $401
For New Customers with loan amount of less than S$20,000
Loan Tenure Flat Interest Rate (p.a) Effective Interest Rate (p.a) Processing Fee Monthly Instalments (Loan of S$10,000)
1 year 0% 7.85% 3.5% $833
2 years 4.82% 9.0% $0 $457
3 years 4.55% 8.5% $0 $316
4 years 5.72% 10.5% $0 $256
5 years 5.79% 10.5% $0 $215
For Existing Customers
Loan Tenure Flat Interest Rate (p.a) Effective Interest Rate (p.a) Processing Fee Monthly Instalments
1 year 5.22% 9.5% $0 $1,753.67
2 years 4.82% 9.0% $0 $913.67
3 years 4.55% 8.5% $0 $631.39
4 years 5.72% 10.5% $0 $512.00
5 years 5.79% 10.5% $0 $429.83
*Note that the above monthly repayment is based on the calculation of S$20,000 loan amount, unless otherwise stated.
Looking for other personal loans? Check out the Best Personal Loans in Singapore 2020.