Citibank Business Loan provides business loans for efficient working capital management. CitiBusiness services offer financing alternatives for micro-to-small businesses. Various MSME Loan Products, such as Working Capital Loans, Overdrafts, Short and Long Term Loans, and Import and Export Finance, are specifically developed to satisfy all of your funding needs and propel your business forward.

Citibank is the best in the business if you need a speedy loan approval or a secured term loan. The business loan requires you to pay a 2% processing fee, as well as 2% pre-closure and renewal fees.

Citibank Business Loan Details

1. Minimum loan amount: ₹1,000,000.
2. Maximum loan amount: ₹15,000,000.
3. Minimum Tenure: 12 months.
4. Maximum Tenure: 120 months.
5. Interest Rates: 13.49% – 20.75%.
6. Processing fee: up to 2% + applicable GST.
7. Foreclosure Charges: Allowed after 12 EMIs, plus 4% prepayment.

What are the Characteristics of a Citibank business loan?

• A business loan ranges from ₹1,000,000 to ₹15,000,000.
• Get your loan within 48 hours.
• Requires minimal documentation and offers straightforward, free processing.
• The loan tenure is up to ten years.
• Prepayment charges are 4%.
• No guarantors are required.
• After 12 months, conditional pre-closure and part payment alternatives become available.
• Doorstep service is available.
• The top-up loan availability option is now accessible.
• Balance transfer and e-approval are optional features.
• Comparatively low business loan interest rates

What documents are required for a Citibank business loan?

• Application Form: Fill out the loan application form with one passport-sized photos.
  Valid proof of the applicant’s identity: Passport, Photo PAN card, Voter ID card, Driver’s license, and MAPIN card.
• Proof of residency: Ration Card Telephone, lease agreement, electricity bill, passport, trade license, and sales tax certificate
• Proof of age: Passport, Photo PAN card, Voter ID card
• Financial documents: Copies of IT returns for the last two years, together with the most recent bank statements for six months, and P&L and balance sheet for the last two years.
• Business plan or project report
• Self-employed (Private Limited Company and Partnership Firms): Copies of IT returns for the last two years, as well as profit and loss and balance sheet for the last two years audited by a professional accountant.
• Self-employed Individuals: Copies of IT returns for the last two years and bank statements for the last six months. – Professionals: Profit and loss statement and balance sheet for the last two years audited by a chartered accountant
• Self-Employed Individuals – Non-Professionals: P&L and balance sheet for the last two years audited by a chartered accountant, along with copies of IT returns for the last two years and bank statements.