Despite being being acquired by NAB in 2022, and most products transitioning to NAB branding by early 2024, NAB continues to offer white-labelled Citi-branded personal loans in Australia. Credit is issued by NAB, and Citi branding is used by the major bank on licence from the global Citigroup company.

Citi continues to offer two distinct personal loan types - a ‘Plus’ personal loan product, and a ‘Ready’ line of credit product (more details on that later).

Personal loan products

Available via Citi?

Fixed rate personal loan

❌

Variable rate personal loan

✅

Low credit personal loan

❌

Personal loan for cars

✅

Secured personal loans

❌

Features of Citi Personal Loans

Flexible Loan Amounts

Citi offers personal loans with amounts ranging from $5,000 to $55,000. This flexibility allows borrowers to choose a loan size that suits their specific financial requirements, whether it's for a small home improvement project or a significant financial commitment like a wedding or car purchase.

Competitive Interest Rates

Citi personal loans come with competitive interest rates, which are variable. Variable rates may fluctuate with market conditions, potentially offering savings when rates are low, and variable-rate loans tend to offer flexibility in other areas that fixed-rate loans do not.

Fixed Repayments

A distinct feature of Citi personal loans is that repayments are fixed on the initial loan amount. This is a plus for those who want peace of mind that the repayment won’t eat into other areas of the budget.

However, because rates are variable, there is a risk that interest payments take up a bigger portion of the overall repayment if rates go up. The opposite of this is also true - if rates drop you could get ahead on your loan.

Flexible Loan Terms

Borrowers can select loan terms ranging from one, three, or five years, and the personal loan is unsecured. This flexibility allows individuals to tailor their repayment schedule to their financial situation, balancing monthly repayment amounts with the total interest paid over the life of the loan.

Being that they are unsecured allows the borrower to use it for a wider set of purposes, however compared to secured loans, comes with a higher interest rate.

No Early Repayment Fees

One of the standout features of Citi personal loans is the absence of early repayment fees. Borrowers can pay off their loan ahead of schedule without incurring additional charges, making it easier to save on interest costs.

Online Application and Quick Approval

Citi offers a streamlined online application process, taking 10 minutes, allowing borrowers to apply from the comfort of their homes. The approval process is also quick, with some applicants receiving a decision within 24 hours.

Citi Personal Loan Fees

Citi has a standard schedule of fees, including:

  • Establishment fee: A one-off $199

  • Monthly fee: $10, could be waived in some circumstances

Citi does not charge anything for additional repayments, or early payouts, meaning you can get ahead and pay off your personal loan ahead of time without penalty.

A certain subset of other fees may apply to your loan, which are detailed on Citi’s website.

Citi Ready Line of Credit Loan Explained

Citi’s line of credit loan is unlike its regular personal loan, because you can borrow up to a preset loan amount, without the need to re-apply. Credit amounts of $5,000 to $75,000 are available.

This means you can dip into it whenever you want when the need arises, and only pay interest on the drawn-down amount. Be aware that interest is likely calculated daily and compounded monthly.

The Ready loan features a five-year fixed interest rate. The interest rate jumps considerably for any unpaid amounts after five years. A one-off standard fee of $199 applies, and applications can be completed in as little as 10 minutes.

You’ll also get a Mastercard to draw down on funds whenever you want. You’ll also have a minimum repayment amount each month. In this sense it can be helpful to think of it like a credit card, however, no interest-free period applies on loan amounts drawn down.

Eligibility Criteria for Citi Personal Loans

To qualify for a Citi personal loan, you must proof of income, proof of age, and proof of address/residency. Applicants must also meet the following eligibility criteria:

Age and Residency

Applicants must be at least 18 years old and be Australian citizens or permanent residents.

Income Requirements

Borrowers need to demonstrate a stable income to ensure they can meet the loan repayments. This includes providing evidence of employment and income, such as recent payslips or bank statements.

Credit History

Citi conducts a credit check as part of the application process. A good credit history improves the chances of approval and may result in more favorable loan terms and interest rates. Borrowers with a history of defaults or bankruptcies may find it more challenging to secure a loan.

Identification and Documentation

Applicants must provide valid identification, such as a driver's license or passport. Additional documentation, such as proof of address and income verification, may also be required.

Existing Debts

Citi assesses an applicant's existing financial commitments, including other loans and credit card debts, to determine their ability to service a new personal loan.