Citibank India has decreased its car loan interest rates by 0.20%, or 20 basis points with effect from Tuesday, January 07, 2020. This interest rate cut will reduce the cost of funds for those people who want to avail auto loans for buying their new cars.
New Delhi (Delhi, India), January 28, 2020
The Citibank N.A. India has decreased its new car loan interest rates by 0.20 percent, or 20 basis points with effect from Tuesday, January 07, 2020.
Citibank India has revised its minimum new car loan interest rate from 11.00 percent to 10.80 percent per annum for up to 60 months loan tenure and minimum used car loan interest rate from 13.95 percent to 13.75 percent per annum for up to 60 months loan tenure.
Citibank N.A. India’s current interest rate cut will reduce the cost of funds for those people who want to avail auto loans for buying their new or used cars.
Citibank India New Car Loan Interest Rate for Women: 10.80% Per Annum
Citibank India New Car Loan Interest Rate for Men: 10.80% Per Annum
Citibank India New Car Loan Interest Rate for HUF, Partnership Firms, Trusts, Societies and Companies: 10.80% Per Annum
Citibank India New Car Loan Rate of Interest is Floating or Fixed: Fixed Interest Rate
Citibank India New Car Loan Interest Amount Calculation Method: Monthly reducing balance
Citibank India New Car Loan Processing Fee: 1.00% of the Loan Amount (Minimum ₹1,000 plus GST Maximum ₹10,000 plus GST)
Citibank India New Car Loan Documentation Charges: ₹500 inclusive of GST
Minimum Tenure for the Citibank India New Car Loan: Minimum Tenure for Citibank India New Car Loan is 12 Months
Maximum Tenure for the Citibank India New Car Loan: Maximum Tenure for Citibank India New Car Loan is 60 Months
Minimum Age Limit for Getting the Citibank India New Car Loan Sanctioned: Minimum Age 21 Years for Salaried Applicants and Self-Employed Applicants at the Time of New Car Loan Commencement
Maximum Age Limit for Getting the Citibank India New Car Loan Sanctioned: Maximum Age 58 Years for Salaried Applicants and 65 Years for Self-Employed Applicants at the Time of New Car Loan Maturity
Citibank India New Car Loans Minimum Income Eligibility Criteria for Salaried Individuals: (1) Minimum Net Annual Salary of ₹96,000 based on Latest Salary Slip and Form 16, and (2) Minimum of 1 Year of Continuous Employment
Citibank India New Car Loans Minimum Income Eligibility Criteria for Self-Employed Individuals: (1) Minimum Net Annual Business Income of ₹120,000 based on Latest 2 Years Income Tax Returns, Audited Financials and Computation of Income, and (2) Minimum 3 Years of Employment in the Same Line of Business
Citibank India New Car Loans Minimum Borrowing Amount: Citibank India’s Minimum New Car Loan Amount is ₹1,00,000
Maximum Quantum of Citibank India New Car Loan: Up to 90% of the Ex-Showroom Value or Up to 85% of the On-Road Price of Vehicle (Maximum New Car Loan Amount is ₹2,00,00,000)
Different Options for Making Citibank India New Car Loan EMI Payments: The three options for making EMI payments are Standing Instruction (SI), Electronic Clearing Service (ECS), or Post-Dated Cheques (PDCs)
Citibank India New Car Loan Foreclosure or Pre Closure Charges: 5% of the Principal Outstanding plus GST (After 180 Days from Date of Disbursement)
Citibank India New Car Loan Part Payment or Prepayment Penalty: 5% of the Part Payment Amount plus GST (Minimum Amount Equal to One EMI and Maximum Amount 25% of the Balance Principal in One Year)
Charges for Citibank India New Car Loan EMI Late Payment: Minimum 2% Per Month of the Citibank India New Car Loan EMI Outstanding Amount (Minimum ₹500 Maximum ₹5,000 plus GST)
Citibank India New Car Loan EMI Cheque, SI, or ECS Bounce Charges: ₹500 plus GST
Citibank India New Car Loan Security Requirement: Hypothecation of New Car to be Purchased out of Loan is Compulsory
Citibank India New Car Loan Guarantor Requirement: No Guarantor is Required
Citibank India Used Car Loan Interest Rate for Up to 3 Years Tenure: 13.75% Per Annum
Citibank India Used Car Loan Interest Rate for Above 3 Years Tenure: 13.75% Per Annum
Citibank India Certified Pre-Owned Car Loan Interest Rate for Up to 5 Years Tenure: 13.75% Per Annum
Citibank India Used Car Loan Rate of Interest is Floating or Fixed: Fixed Interest Rate
Citibank India Used Car Loan Interest Amount Calculation Method: Monthly reducing balance
Citibank India Used Car Loan Processing Fee: 1.00% of the Loan Amount (Minimum ₹1,000 plus GST Maximum ₹10,000 plus GST)
Citibank India Used Car Loan Documentation Charges: ₹500 inclusive of GST
Minimum Tenure for the Citibank India Used Car Loan: Minimum Tenure for Citibank India Used Car Loan is 12 Months
Maximum Tenure for the Citibank India Used Car Loan: Maximum Tenure for Citibank India Used Car Loan is 60 Months
Minimum Age Limit for Getting the Citibank India Used Car Loan Sanctioned: Minimum Age 21 Years for Salaried Applicants and Self-Employed Applicants at the Time of Used Car Loan Commencement
Maximum Age Limit for Getting the Citibank India Used Car Loan Sanctioned: Maximum Age 58 Years for Salaried Applicants and 65 Years for Self-Employed Applicants at the Time of Used Car Loan Maturity
Citibank India Used Car Loans Minimum Income Eligibility Criteria for Salaried Individuals: (1) Minimum Net Annual Salary of ₹96,000 based on Latest Salary Slip and Form 16, and (2) Minimum of 1 Year of Continuous Employment
Citibank India Used Car Loans Minimum Income Eligibility Criteria for Self-Employed Individuals: (1) Minimum Net Annual Business Income of ₹120,000 based on Latest 2 Years Income Tax Returns, Audited Financials and Computation of Income, and (2) Minimum 3 Years of Employment in the Same Line of Business
Citibank India Used Car Loans Minimum Borrowing Amount: Citibank India’s Minimum Used Car Loan Amount is ₹1,00,000
Maximum Quantum of Citibank India Used Car Loan: Up to 60% of the Market Value of Vehicle (Maximum Used Car Loan Amount is ₹2,00,00,000)
Different Options for Making Citibank India Used Car Loan EMI Payments: The three options for making EMI payments are Standing Instruction (SI), Electronic Clearing Service (ECS), or Post-Dated Cheques (PDCs)
Citibank India Used Car Loan Foreclosure or Pre Closure Charges: 5% of the Principal Outstanding plus GST (After 180 Days from Date of Disbursement)
Citibank India Used Car Loan Part Payment or Prepayment Penalty: 5% of the Part Payment Amount plus GST (Minimum Amount Equal to One EMI and Maximum Amount 25% of the Balance Principal in One Year)
Charges for Citibank India Used Car Loan EMI Late Payment: Minimum 2% Per Month of the Citibank India Used Car Loan EMI Outstanding Amount (Minimum ₹500 Maximum ₹5,000 plus GST)
Citibank India Used Car Loan EMI Cheque, SI, or ECS Bounce Charges: ₹500 plus GST
Citibank India Used Car Loan Security Requirement: Hypothecation of Used Car to be Purchased out of Loan is Compulsory
Citibank India Used Car Loan Guarantor Requirement: No Guarantor is Required