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Citibank Quick Cash

Low interest rates with instant pre-approval and welcome gift of S$100

Pros:

  • Low interest rate from 3.99% p.a (EIR 7.5% p.a) for short term tenure
  • No processing fees or annual fees
  • Instant Pre-approval decision ONLY at SingSaver

Cons:

  • Low interest rate is only for loan amount of S$20,000 and above
  • Low interest rate is only applicable for New to Citibank customers
Summary of Product
Interest Rate: From as low as 3.99% p.a (EIR 7.5% p.a)
Loan Tenures: Choice of 1 year to 5 years
Max. Credit Limit: Up to 4x of monthly income
Min. Loan Amount: S$1,000
Turnaround Time: Instant pre-approval & cash disbursement as fast as next working day
SingSaver Exclusive: S$100 worth of NTUC Fairprice vouchers upon approval. T&C apply.

Table of Content

Why should you choose Citibank Quick Cash?

Get instant pre-approval ONLY at SingSaver and enjoy zero processing fee

When you make an application via SingSaver, you will be able to get an instant pre-approval decision on your loan application within three simple steps. Your credit limit will also be reflected so you know the maximum loan amount that you are eligible for. Furthermore, you will not be charged for any upfront processing fee when your loan is approved. Citibank is the only bank that offers this feature and it is not a promotion.

Competitive interest rates for short-term loan tenures

For a minimum loan amount of S$20,000, new to Citibank Ready Credit Paylite customers can enjoy an effective interest rate of 7.5% p.a across all tenures. This makes it one of the cheapest loans available for loan tenures of 1 - 2 years. So if you are looking for large sum with short repayment period, you should consider Citibank.

However, if you are taking a loan amount of less than S$20,000 or an existing customer, Citi Ready Credit Paylite may be an expensive option as other banks such as Standard Chartered and HSBC offer loans at lower effective interest rates of < 9% p.a.

Get cash the next working day

If you would like to deposit the cash to your existing Citibank account, you can enjoy the benefit of having the cash in your account the next working day. Else, the approved loan amount will be credited to your choice of account within 3-5 working days.

Exclusive offer on SingSaver

Here’s why you should apply through SingSaver - be rewarded with S$100 NTUC Fairprice vouchers when you get your loan approved! This promotion is valid till 30 April 2019. Terms and Conditions apply.

Who can apply?

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

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 SingSaver site.

Here’s what you will need during the application process:
  • Front and back of NRIC//Passport/Employment Pass
  • For salaried employees,
    • Past 12 months' CPF statement (if Singaporean/PR); OR
    • Latest Income Tax Notice of Assessment and latest original computerised payslip
  • For self-employed,
    • Latest Income Tax Notice of Assessment and latest original computerised payslip

Other Personal Loans for your consideration

If Citibank Quick Cash does not work for you, you may consider the following personal loans that may be better for you:

  • OCBC is offering you a promotional rate of 5.8% p.a (EIR from 12.11% p.a).
  • HSBC is currently offering rate from 4% 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 4.11% 7.5% $0 $1,735.17
    2 years 4.0% 7.5% $0 $900.00
    3 years 3.99% 7.5% $0 $622.06
    4 years 4.01% 7.5% $0 $483.50
    5 years 4.05% 7.5% $0 $400.83
    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 4.94% 9.0% $0 $874.50
    2 years 4.82% 9.0% $0 $456.83
    3 years 4.55% 8.5% $0 $315.69
    4 years 5.72% 10.5% $0 $256.00
    5 years 5.79% 10.5% $0 $214.92
    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 2019.