Business Loans from Citibank
Being one of the popular foreign banks in India, Citibank offers a range of finance products to different segments of its customer base. The bank offers different loan options to its corporate customers as well. The schemes are designed to help business owners in the corporate sector set up business units, purchase equipment, conduct business activities, etc.
The business loans offered by Citibank are:
- Business Loan for Working Capital Management
- Business Loan for Capital Expenditure
- Business Loan for Export Finance
- Business Loan for Import Finance
We give you a brief introduction to the business loans below.
Citibank Business Loan for Working Capital Management
The loan helps businesses finance their everyday operations such as for investment in current assets, purchase of raw materials, salary payments, power charges, etc. This a perfect loan scheme for businesses that need help during periods of reduced business activity or while waiting for receipt of payment after completing projects. Citibank also offers short-term demand loans in INR and foreign currency.
Features of Citibank Business Loan for Working Capital Management
Why this Loan?
- The Citibank Working Capital Loan can be taken for all projects and activities related to running the business on a day-to-day basis
- The loan is extended in different forms based on the borrower requirements such as Inventory Limits (Pre-Sales), Finance Against Receivables (Post Sales), etc.
Citibank Business Loan for Capital Expenditure
The loan helps businesses carry out different business and trading activities right from acquiring land and building factory premises, warehouses, branches to purchasing machinery and vehicles. All projects are eligible for this loan as long as they are technically feasible and economically viable.
Features of Citibank Business Loan for Capital Expenditure
Why this Loan?
- This business loan can be taken for all manufacturing, processing, repairing, business and trading projects and activities
- The Citibank Capital Expenditure Loan is extended in different forms based on the borrower requirements such as all rupee loans or foreign currency loans
- The bank may ask for property or stock and book debts as collateral for term loans under this scheme
Citibank Business Loan for Export Finance
This loan helps businesses pay for pre-shipment, post-shipment, and other activities right from sourcing, manufacturing or converting semi-finished into finished goods and services to importing raw materials and capital goods. The bank also offers Letters of Credit amongst other things to help businesses dealing in export run their operations smoothly.
Features of Citibank Business Loan for Export Finance
Why this Loan?
- The loan is meant for you if your business needs funds for any activity directly related to your export business whether it is pre-shipment or post-shipment. Please get in touch with the bank to get a list of all activities eligible for this loan
- The Citibank Export Finance Loan is extended in different forms based on the borrower requirements such as all rupee loans or foreign currency loans
Citibank Business Loan for Import Finance
This loan helps businesses bridge the gap between receiving the goods from the seller overseas and sending the payment. This loan scheme helps the importer check the products before making the payment. Citibank also offers Letters of Credit to help businesses dealing in import run their operations smoothly.
Features of Citibank Business Loan for Import Finance
Why this Loan?
- The Citibank Import Finance Loan is meant for you if your business needs funds for any activity directly related to your import business. Please get in touch with the bank to get a list of all activities eligible for this loan
- The repayment period for each loan is set on a case-to-case basis depending on factors such as the nature of project, quantum of loan, repayment capacity of the borrower, etc.
Important Note: Even though the bank’s website has information available for a few business loan schemes at this time, there is a possibility that the bank may offer more corporate loan options which are not yet published on the website. We suggest that you get in touch with the nearest branch to check the loan schemes they offer. This will also help you get a custom quote since many loan schemes are need-based and certain charges such as application charges, service charges, etc. may be decided on a case-to-case basis.
Interest Rate for Citibank Business Loans
- As of October 2020, the interest rate for Citibank Business Loans is not mentioned on the bank’s website, except to say that the rate applicable will be the one on the contract date and will be charged at monthly intervals. We suggest that you visit your nearest bank branch to get more details
Documents Needed for Individuals
- Loan Application Form duly filled and signed by the applicant and co-applicant, if any
- Two Passport Size Photographs of applicant and co-applicant
- Personal ID Proof: Aadhaar Card, PAN Card, Passport or Driving License. PAN Card/PAN Card Issuing Letter is must
- Signature Proof: PAN Card, Banker’s Verification, Driving License or Passport
- Residential Address Proof (Any One): Aadhaar Card, Electricity Bill, Post-paid Phone Bill, Valid Rent Agreement
- Income/Banking Proof: Last 6 months Bank Account Statement of applicant and co-applicant, Loan Statement of Running Loans, Latest Closed Loan NOC, Net Worth of the applicant and co-applicant
- Security (as applicable): Margin Money, Previous and Current Sales Deed, Plant and Machinery list, Plant and Machinery Current Valuation Report, Property Photographs, Previous Property Search and Valuation Report
Documents Needed for Proprietorship and Partnership Firms
- Loan Application Form duly filled and signed
- Partnership Deed and Partnership Registration Certificate
- ID Proof of the Firm: Firm PAN Card or PAN Issuing Letter
- Office Address Proof: Electricity Bill, Post-paid Phone Bill, Valid Rent Agreement
- Income Proof: CMA Data and Project Report, Debtors and Creditors Certificate, GST Return, Last 3 years ITR of applicant and co-applicant, Audited or CA Certified Computation of Income/Trading Account/Profit and Loss Account/Balance Sheet, Annual Audit Report and Tax Audit Report if audited, Form 16A if applicable, Net Worth of applicants, co-applicants and guarantors
- Banking Proof: Last 1-year Statement of Company’s Major Account, Current Account, Cash Credit Account, Overdraft Account, Loan Statement of Running Loans, Latest Closed Loan NOC and Last 6-months Bank Statement of Applicant and Co-applicant’s Savings Account
- Security (as applicable): Margin Money, Previous and Current Sales Deed, Plant and Machinery list, Plant and Machinery Current Valuation Report, Property Photographs, Previous Property Search and Valuation Report
- Other Relevant Documents: Partnership’s Business Profile, Promoter/Guarantor’s Profile, Corporate Brochure, Business Experience Supporting Documents, Business References
Documents Needed for Private Limited and Public Limited Companies
- Application Form duly filled and signed
- Company ID Proof: Company’s PAN Card
- Office Address Proof: Electricity Bill, Post-paid Phone Bill, Valid Rent Agreement
- Business Proof: AOA and MOA, Company Incorporation Certificate, Business Commencement Certificate, Board Resolution, CA/CS verified Share Holding Pattern, ROC Annual Return, DIN Certificate, List of Directors on Company Letter Head, GST Number, Form 32 in case of Director Change
- Income Proof: CMA Data and Project Report, Last 3 Years ITR Acknowledgement copy of Company and all Directors, Last 3 Years Annual Credit Report or Tax Audit Report with Article 3CB, Article 2D, Article 3CD, TDS Certificate/Form 16A, Net Worth Certificate
- Banking Proof: Last 1-year Statement of Company’s Major Account, Current Account, Cash Credit Account, Overdraft Account, Loan Statement of Running Loans, Latest Closed Loan NOC and Last 6-months Bank Statement of Applicant and Co-applicant’s Savings Account
- Security (as applicable): Margin Money, Previous and Current Sales Deed, Plant and Machinery list, Plant and Machinery Current Valuation Report, Property Photographs, Previous Property Search and Valuation Report
- Other Relevant Documents: Company’s Business Profile, Promoter/Guarantor’s Profile, Corporate Brochure, Business Experience Supporting Documents, Business References
Reference Facts
- Citibank Website: www.online.citibank.co.in and www.citibank.co.in (Net Banking)
- Headquarters: Mumbai, Maharashtra
- Call Centre Number:1860 210 2484