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Citibank Car Loans
There are several banks that offer car and automobile loans; they are attached officially with car dealers and automobile flagship stores. Among these one of the names that you will be able to depend is a Citibank car loan. This offer comes from one of the largest banking networks of the world and is thus completely safe and trustworthy. There are no hidden costs and levies that will not be discussed at the start of the deal. However the bank has a few terms and conditions that will have to be ensured both before application of a loan and during the process of repayments of the same.
There are a few major advantages that can be on your side when you avail a car loan. You will be able to secure finances for purchase of both new and used cars. As much as 90% of the marked price will be available as a loan from the bank.
Citibank Car Loans Rate of Interest
Perhaps the biggest advantage that comes to a customer with a Citibank car loan is a very competitive rate of interest. Contrary to many available finance schemes for cars and automobiles the interests rates levied here will be less and far more acceptable.
This allows your installments to repay a bigger part of the principal loan amount. The exact rates of interest often vary at different times of the year considering the offers and special discounts that are available from the bank. It may be noted however that the rates of interest will vary between the loans for new cars and those for used cars. Rates of interest on used car loans are usually higher than new ones.
Eligibility for Citibank Car Loan
There are two different eligibility criteria distinctions - individuals who are salaried professionals and others who are self employed in their own enterprise and businesses.
Here is a look at the eligibility conditions for salaried professionals.
Should be well within the retirement age. Minimum 21 and up to 58 years at the time of loan application
Have a minimum stated monthly income. This may vary depending upon the price of the car the individual wishes to purchase
A minimum employment period of 2 years should be completed and one has to be in present employment for at least 1 year
Here is the eligibility requirement for a self employed professional.
The age group should be within 21 years and 65 years at the time of loan application
Should be able to show business engagement and attachment to professional life for at least 3 years at the time of loan application
Will have to show proof of income
Minimum annual income will have to be present in order to avail loans for a particular price range of cars
Should have ID proof and other documents
Repayments and EMI Options
The loan repayments of Citibank car loan commences from the following month of acquiring the amount for the same. For the convenience of customers there are EMI options available for repayments. The easy monthly installment or EMI is a fixed amount that one has to pay up by a specified date of each month. This amount will be inclusive of all charges – interest rates, principal repayment amount and additional taxes if any.
The exact amount for EMI options will depend on the loan amount and the car price as well also important will be the prevailing rate of interest.
Citibank Car Loans Documents Required
There are a few basic documents and identity proof required in availing a Citibank car loan. These are as follows.
Personal ID proof
Proof of Address
Photo Identity Proof
Proof of Contact Numbers like mobile phone and landline numbers
Proof of signature
Bank statement details
These are some of the basic documentations required for both salaried and self employed professionals.
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