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Frequently Asked Questions

What is an InstaLoan?
InstaLoan is a preapproved credit facility for Citibank’s valued credit card customers. It is an additional credit facility above the existing spending limit on your Citibank credit card, extended in the form of a loan, where the limit is assigned to you based on your credit card repayment behavior. The additional credit limit will not affect the existing credit card limit.

InstaLoan offers a variety of tenors and requires no income documents thereby reducing the time between loan application and loan fulfillment.

How is an InstaLoan different from a Personal Loan?

  InstaLoan Personal Loan
Loan Amount AED 2000-28,000 AED 5000-120,000
Processing fee AED 200 1% of loan amount with Min. of AED 500
Documentation No income documentation Security cheques & other documents as per requirement
Repayment mode Monthly installment is billed to the credit card statement Monthly installment is paid through bank a/c or cash deposits to the  branch or ATM’s
Pre-payment of loan charges 1% of outstanding amount 5% of outstanding balance

What are the eligibility criteria?
It is a limited period offer exclusively for our Citibank credit cardholders depending on their credit card performance over 12 months.

What documentation is required to get an InstaLoan?
We DO NOT require:

Income documents if the InstaLoan limit is based on your income as stated on our system.
If you request the loan amount to be based on your current income rather than what is stated on Citibank’s system, your current income documents would be required.

What are the available tenors/interest rates on the InstaLoan?
InstaLoan is available at an assortment of tenors, which are listed in the table below along with corresponding interest rates:

Tenor in months 6 12 18 24 30 36 42 48

InstaLoan Reducing balance interest rate (%)

27

27

26

26

25.5

25.5

25

25


Apart from the interest, what other charges will be applied on the loan?
There is a processing fee of AED 200. If you cancel your loan prematurely, you will be charged equivalent to 1% of outstanding amount as a pretermination fee.

What is the minimum/maximum limit of the loan?
The limit is minimum of AED 2,000 and can be extended up to AED 28,000.

How is the loan amount assigned?

The loan amount assigned by Citibank is based on your relationship, payment behavior and as per your income details on our system. However, if your income has changed you can send us your new income documents and we will have your limit reviewed accordingly.

Can I take more than one InstaLoan on my credit card?
You are assigned a limit within which you can take one or more loans depending on your preference. If you want a second loan a few weeks/months after you have taken the first InstaLoan, we will reconfirm whether you are eligible for another loan and revert to you accordingly. Please note that at any point in time your total InstaLoan outstanding amount cannot exceed AED 28,000.

How many days does it take to get an InstaLoan?
It takes 1- 2 working days if the InstaLoan amount is based on your income in Citibank’s records. In case of a request for a higher limit up to AED 28,000, based on fresh income documents, the turnaround time may vary between 3-4 working days, depending on the completeness of the documentation.

How will I receive my loan amount?
InstaLoan can be disbursed in any of the following three ways:

If you have a local currency Citibank Account, then the amount can be credited directly to your bank account
If you do not have a Citibank Account, the money can be transferred to your local currency bank account with another bank in the UAE, free of Citibank’s outgoing telegraphic fee and Central Bank clearing charge. There may however be an incoming telegraphic fee charged by your bank, which will be borne by you.
Cash can be collected from any Citibank branch subject to proof of identification (1 National Photo ID and your applicable credit card)

What are the payment mechanics?
The monthly installment will be billed in your Credit Card statement like other transactions on your credit card.

Can I get my InstaLoan amount limit added on to my credit card limit?
As the loan is paid off, the amount that becomes available on the loan plan will not be available for spending or cash advance. The available balance can only be offered to you in the form of another InstaLoan if you are eligible at the time of reapplying.

Will I go over limit if I take an InstaLoan on my credit card?
No, as the InstaLoan limit is completely separate from your credit card limit.

Can the tenor be changed after booking of the loan?
No. The tenor of the loan cannot be changed once the loan is booked.

What happens if I cancel my InstaLoan?
If you cancel your InstaLoan, the full outstanding amount will be billed to you along with an early settlement charge equivalent to 1% of the remaining balance.

Will Credit Shield (Plus) cover my InstaLoan as well?
If you are enrolled for Credit Shield (Plus), your plan will cover a) the InstaLoan monthly installment as this is part of your total credit card outstanding and b) the InstaLoan principal outstanding. Premium will be charged accordingly.