• SAVE with competitive fixed rates. Low interest rates from 13.24%p.a.* (comparison rate 13.65%p.a.).
• SAVE 0.50% off your interest rate. Take out Loanguard Insurance when you apply and we’ll discount your interest rate.
• SAVE with low setup and ongoing fees. Low $100 establishment fee and only $7 per month account servicing fee.
• Have the freedom to buy what you want. With terms from 1 to 5 years and loan amounts from $4,000 to $75,000 budgeting is made easy with set repayments.
• Access your extra payments. A redraw facility allows you to access additional funds any time, for any purpose.

Apply today and SAVE

Citibank Personal Loans - CompareYourBank Overview

If you are looking to treat yourself to that dream holiday or a new car, a personal unsecured loan is probably the best choice for you. Personal loans do not require you to put any security, such as your home, against the amount borrowed and there are some competitive interest rates on the market. One of the banks offering particularly competitive personal loan rates is Citibank.

When you apply for a loan you should always shop around. A low interest rate doesn't necessarily mean the best personal loan for you. You should also take other factors into account, such as the flexibility of the loan, and the fees and charges that apply.

Citibank Personal Loans allow you to borrow anywhere between $4,000 and $75,000, depending on your needs and your financial situation. When you apply for a loan be totally honest about your situation or it might come back to haunt you later.

You can repay your personal loan over anywhere between one and five years. However, Citibank's Personal Loans do have a 'redraw' facility that 'allows you to access additional funds any time, for any purpose'. This is a handy add on, but be aware that if you keep adding to the amount borrowed you will end up paying a lot more in interest repayments over the term of the loan.

When comparing financial products, interest rates are always a good place to start. And with rates on its personal loans starting at 13.24 per cent per annum (13.65 per cent comparison rate), Citibank scores well in this regard. Also, if you opt for Citibank's Loanguard Insurance product it will knock another 0.5 per cent off the interest rate.

While Citibank's interest rates are relatively low, you can expect the usual fees and charges associated with your loan. The establishment fee is $150 and there is a $7 monthly fee on top of that. If you decide to redraw money from the amount you have paid back on your loan, you will have to pay a $10 fee every time you do so.

However, if you avoid this and other fees and penalties the Citibank Personal Loan can be a competitive product. For example, if you borrow $20,000 and repay it over three years, your monthly repayments will be $673.77. This includes establishment and monthly fees.

If you borrow $5,000 and repay it over one year, your monthly repayments will come to $466.36. Bear in mind though that interest rates are variable so monthly repayments are subject to change if the bank changes its rates.

All in all, the Citibank Personal Loan offers good value in comparison to some of the other personal loan products on the market. However, we advise you to shop around for the best deal for you, and always read the small print before signing.

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Note: Overview provided by CompareYourBank.com.au for information purposes only. Please see product application page for full details and current terms & conditions. Information in overview is not provided by the financial institution and does not act as financial advice.