Loans booked on or after 13th January 2021
General Terms and Conditions
In these Terms and Conditions, the following terms shall have the following meanings
- "24-Hour Helpline” shall mean the AxisPhone helpline, available 24/7.
- "Bank” shall mean Axis Bank.
- "Credit Card" shall mean an unexpired Citi branded credit card issued in India.
- "Cardmember" shall mean the holder of a Credit Card
- "Loan On Phone or LOP" shall mean a loan on the Credit Card that can be availed up to the cash line, credit line or over and above the credit line via phone or the Citi website.
- "Loan" shall mean the amount lent by the Bank to the Cardmember under the Loan On Phone products.
- "Top-ups" shall mean new loans availed by closing the previous ones and with an incremental amount disbursed, over and above the previous outstanding.
- “Initial Interest” shall mean the interest on the loan amount from the date of loan booking to the immediate card statement billing date.
- “Loan Tenure” shall mean the period for which loan amount is availed for and shall not include the days for which the initial interest amount will be billed.
- “EMI” shall mean Equated Monthly Installments calculated based on the loan amount, interest rate and tenure. This will include both principal and interest components and the number of such EMIs will be equal to Loan Tenure
- Terms & Conditions and other relevant documents are in English and the customer understands the same
Illustrative example for Loan Tenure:
For a loan disbursed on 10th March for a tenure of 12 months, with immediate billing date falling on 25th March, “Initial interest” shall be levied for 15 days and “Loan Tenure” shall commence post 25th March, for a period of 12 months excluding the initial interest period.
The present Terms and Conditions are to be read in conjunction with, and not in derogation of, the Cardmember Terms and Conditions and nothing contained herein shall prejudice or affect the terms of the Cardmember Terms and Conditions.
Unless otherwise specified, the words and expressions used herein shall have the same meaning as in the Cardmember Terms and Conditions.
Fund Transfer facility and Disbursement (Applicable for Direct fund transfer mode only)
The Loan on Phone including Top-ups, shall be deemed to be booked / availed of by the Cardmember once the Cardmember has provided the telephonic confirmation by validating the Telephonic Personal Identification number(TPIN) /One-Time Password(OTP) from the registered mobile number at the time of availing the Loan on Phone product.
For customers availing the product via the Citi website, by validating Internet Personal Identification number (IPIN) / One-Time password from the registered mobile number at the time of availing the product.
Cardmember shall not be entitled to cancel the Loan or refuse to accept disbursement of the Loan facility once availed. However, a Cardmember intending to pre-close the Loan may call the 24-Hour Helpline. The pre-closure of Loan shall be subject to prepayment process and related pre-closure charges as defined in these terms and conditions.
Cardmember shall be liable to pay interest on the Loan on Phone at the rate as given in the Repayment Schedule. Loan on Phone shall be deemed to be booked on the date of confirmation provided by the Cardmember and Disbursements under the Loan on Phone product shall be deemed to be made on the date when the Loan amount is credited by the Bank to the Designated Account.
Cardmember hereby agrees that upon the Bank sanctioning the Loan on Phone based upon the information provided by the Cardmember at the time of availing the product and further confirming the terms in the Telephonic Confirmation / website, the Bank will not be responsible for any loss incurred by the Cardmember as a result of providing any wrong information by the Cardmember with respect to Direct Fund Transfer details, It shall be deemed as an absolute consent of/by the Cardmember to accept all the terms of the Loan on Phone including but not limited to acceptance of these Terms and Conditions and agrees to be bound by it at all times. The Cardmember hereby agrees that upon the amounts being credited to the Designated Account, he/she shall be required to repay the Loan on Phone as per the Repayment Schedule. For more clarity, please refer to the Billing and Repayment method section below.
In the event of any bounce / return of funds from Cardmember's bank, the Loan shall be pre-closed and all charges levied towards this transaction shall be reversed. Such reversal shall be reflected in your Credit Card statement.
Billing and repayment
For Loan On Phone, the Initial Interest Amount shall be billed on the immediate billing date of the Credit Card that falls post the date of Loan disbursement. The first EMI amount shall be billed on the subsequent billing date of the Credit Card.
Loan On Phone Top-ups shall be deemed to be availed from the date of loan on phone Top-up booking. The Initial Interest Amount shall always be billed on the immediate billing date for the Credit Card that falls after date of loan booking. The first EMI amount shall be billed on the subsequent billing date of the Credit Card.
Interest rate as communicated at the time of availing of the Loan on Phone Top-up shall be levied/applicable on the entire Loan Amount including the old loan principle outstanding resulting in the re-pricing of the old loan principle outstanding also at the new Interest rate of the Loan on Phone Top-up but Transaction fee (as specified herein) shall be levied only on the incremental amount disbursed. The old loan will get pre-closed and the new Loan on Phone Top-up will be booked for the entire loan amount at the new interest rate for the new tenure. When the old loan is pre-closed, the interest for the actual number of days till closure i.e. from the last billing date till the date of closure shall be debited to the Credit Card. The decision of the Bank in this regard shall be final and binding on the Cardmember.
All billing of EMIs in the subsequent months shall be on the billing date of the Credit Card for that month.
The initial interest amount for the immediate billing date and EMI amounts in subsequent billing dates (each month) shall be included as a part of the minimum amount due appearing in the Cardmember's monthly Credit Card Statement. If the minimum amount due is unpaid, charges shall be levied on such outstanding (including but not limited to the initial interest amount or EMI as above), as communicated in the Credit Card Most Important Terms & Conditions (MITC).
For Loan On Phone availed against the Credit Line, the Credit Limit on the Cardmember’s Credit Card shall be blocked to the extent of the Loan amount. The Credit Limit shall be released as and when the EMI is billed and paid for, in subsequent months. For Loans availed above the Credit Line, the EMI shall be treated as a normal purchase/spend on the Cardmember’s Credit Card and as per the terms specified in the detailed Cardmember Terms and Conditions.
Interest Calculation Methodology on Loan products
Interest rates as communicated at the time of availing of the Loan product(s) shall be levied/applicable. The applicable rates shall also be mentioned on the repayment schedule.
For Top-ups, the old loan shall be closed and the new interest rate, as communicated at the time of availing the offer and as mentioned in the repayment schedule, shall be applicable to the consolidated loan amount.
The initial interest amount shall be computed from the loan disbursal date to the immediate billing date of the Credit Card. For all installments billed subsequently, the interest shall be computed on monthly rests and the installment shall be debited to the Credit Card on the date of each monthly bill. The initial interest amount shall be computed on the loan amount and the interest component of the Equated Monthly Installment (EMI) is calculated only on the unpaid balance of your loan as illustrated below:
Calculation of Initial Interest Amount:
Loan Amount x ROI% x (number of days applicable/365 or 366 days)
Where 'number of days applicable' will be actual days from loan disbursal date to the immediate billing date of the Credit Card for the initial interest amount
[ROI = Rate of Interest as communicated at the time of availing of the product]
As a result of the computation above, it is possible that the initial interest may be different from that communicated to you at the time of loan booking, depending on the loan activation date.
Illustrative example for computation of Initial interest amount:
For a loan amount of Rs 1,00,000 with loan disbursal date as 1st March at a rate of interest of 16% against a tenure of 24 months, with immediate billing date falling on 25th March.
Initial interest amount will be =1,00,000 *16%*24/365 = Rs 1052
This will be billed as a part of the Minimum amount due in the statement dated 25th March.
Calculation of Interest component of EMI:
Outstanding Loan Principal * ROI% * 1/12
[ROI = Rate of Interest as communicated at the time of availing of the product]
The Bank reserves the right to modify all interest from time to time, at its sole discretion with prior notice or in the event of any changes in the interest rate made by the Reserve Bank of India.
Other Charges
A one-time transaction fee as mentioned below shall be charged for sanction of every Loan. This amount shall be billed to the monthly card statement on the date when the loan is deemed to be availed as mentioned herein above and will be included as a part of the minimum amount due in the month of first initial interest amount billing.
The transaction fee – shall be 2.5% of the loan amount or Rs 300/- (whichever is higher).
Finance Charges on Card balances
We will charge the interest rate and /or fees as disclosed at the date of availing the installment loan which shall be applicable during its entire term and no additional fees and interest will be charged for this Installment loan, ONLY if you pay in full the Total Amount Due of your Statement of Account by the Payment Due Date every month until you have paid all installments. However, if you pay (or had paid) an amount that is:
a) equal to or greater than the Minimum Amount Due but less than the Total Amount Due indicated in your current (or previous) Statement of Account, the billed Monthly Initial Interest or Installment Due, as applicable in your current Statement of Account will be subject to the prevailing monthly retail Interest charge from Statement Date to one day before payment date. Interest will be compounded on a monthly basis.
b) less than the Minimum Amount Due as reflected in your current (or previous) monthly Statement of Account, the Monthly Installment Due will be subject to the prevailing monthly retail interest charge from Statement Date to one day before payment date and additionally any unpaid portion of the Monthly Installment Due will also be subject to the prevailing monthly retail interest charge from the payment date to the next statement date. Usual Late Charges will also apply, and your credit records will reflect payment delinquency. The above is subject to the terms of Cardmember Agreement governing your Credit Card account, which currently is 3.75% per month (i.e. 45% annualized). The prevailing interest rate is available at www.citibank/
Illustrative Example for Revolver Interest Calculation:
Assuming, that a Card Member has paid only partially for the February outstanding, and the statement is generated on 17th March for ₹4500 (including interest from the date of transaction). Card Member makes a payment of ₹3000 on 25th March, and a purchase for ₹1000 on 30th March. No further payment is made on the card till 17th April (i.e. next statement date). Assuming an interest rate of 45.00% per annum on the Card, interest will be levied as follows:
| Statement Date | 17-03-2021 |
|---|---|
| Payment Due Date | 09-04-2021 |
| Billed Installments (INR) | 2,000.00 |
| Principal Portion (INR) | 1,100.00 |
| Interest Portion (INR) | 900.00 |
| Other Balances (including interest and taxes) | 2,500.00 |
| Total Amount Due (INR) | 4,500.00 |
| Minimum Amount Due (INR) | 2,125.00 |
| Payment made on Mar 25 (INR) | 3,000.00 |
| Transaction on Mar 30th | 1,000.00 |
| APR rate as set out in the Statement of Account (per annum) 45.00% | 45.00% |
| [A] Interest charged for period 18th Mar - 24th Mar (7 days) on INR 4500 | 38.84 |
| [B] Interest charged for period 25th Mar - 29th Mar (5 days) on INR 1500 | 9.25 |
| [C] Interest charged for period 30th Mar - 17th Apr (19 days) on INR 2500 | 58.56 |
| Total interest charged in Apr 17 Statement (INR) | 106.64 |
| [A] + [B] +[C] |
Loan Pre-payment process and related charges
The loan can be pre-closed by calling the 24-Hour Helpline. You may also click here to submit your loan pre-closure request or submit through the "Write to Us" option on the Citibank Customer Service Page or submit your request by logging into Citibank online.
Any payment made into the Credit Card account over and above the initial interest amount or EMI shall not be deemed to be payment towards the amount availed under LOP and shall not be deemed as closure of the said facility.
Any pre-closure of LOP shall attract Prepayment charges at the rate of 3% on the outstanding principal amount. The Bank reserves the right to revise the prepayment charges at its discretion, with prior notice via email/ letter and such revised charges shall be binding on the Cardmember.
Once the LOP is pre-closed, for any reason, all outstanding including but not limited to the principal outstanding, pre-closure charge and the interest on the loan, for the actual number of days till closure ( i.e. from the last billing date till the date of closure) shall be debited to the Credit Card. On pre-closure of all loans including, loans issued over and above the credit line; the above referred outstanding amount shall block the Credit Limit on the Credit Card. As a part of the Credit Card account, this balance will now attract all the charges including finance charges at the Credit Card rate of interest which currently is 3.75% per month (i.e. 45% annualized). The applicable interest rate shall be mentioned in the monthly statement.
Loan Pre-closure due to non-payment
In the event the Credit Card remains past due for more than 180 days (due to non-payment of minimum amount dues), the LOP shall be pre-closed. Following this, the principal outstanding and the interest on the loan for the days from the last EMI billing till closure, shall be debited to the Credit Card account and appear in the monthly statement. The Bank shall be entitled to demand immediate repayment of such outstanding amounts.
Loans on Credit Cards blocked/ closed by the bank
In the event the Credit Card is blocked or closed prior to the completion of loan tenure, loan initial interest amount and/or EMI(s) will still continue to be billed in the monthly statement and shall be included as a part of the minimum amount due. However, in the event the Credit Card remains past due for more than 180 days, the LOP shall be pre-closed as stated in the paragraph above on “Loan Pre-closure due to non-payment”.
Other Terms and Conditions
Billed initial interest amount and EMI will not earn any Reward Points.
Final approval for LOP shall be at the sole discretion of the Bank and is subject to the Cardmember's performance on the Credit Card.
Note that this loan issued on your Credit Card cannot be used for Business purposes, and/or purchase of gold/gold bullions/ gold coins/gold jewelry/ gold exchange traded funds/ gold mutual funds and for speculative or trading purposes such as shares and short term investments like KVP, PPF,NSC, Mutual Funds, fixed deposits, RBI bond, ULIP and for subscription into Bank offered wealth management, Insurance products or similar products. The Bank prohibits the usage of unsecured loans for investments into Bank wealth management and insurance products. In the event that the loan facility is utilized by you for the purposes other than what is confirmed by you and as prohibited above, the Bank shall be entitled to initiate lawful action against you and do all other acts and things as the Bank may deem necessary to comply with its policies, including but not limited to liquidating your holdings of Investments/Insurance at that time. You will be liable for all costs and expenses that the Bank may incur as a result thereof.
Goods and Services Tax (GST) as notified by the Government of India, is applicable on the initial interest amount, interest component of the EMI, all fees and other charges and is subject to change as per relevant regulations of the Government of India.
The Bank may tie up with credit bureaus authorized by RBI and will share credit information including but not limited to installment loans taken on Credit Card. Loans taken over and above the credit line will be included in the representation of credit limit as part of bureau reporting on a monthly basis.
Please see below illustrative example of Special Mention Account (SMA)/ Non Performing Asset (NPA) classification methodology
Illustrative example
If due date of a Credit Card account is March 31, 2021, and full dues are not received before the Bank runs the day-end process for this date, the date of overdue shall be March 31, 2021. If it continues to remain overdue, then this Credit Card account shall get tagged as SMA-1 upon running day-end process on April 30, 2021 i.e. upon completion of 30 days of being continuously overdue. Accordingly, the date of SMA-1 classification for that card account shall be April 30, 2021
Similarly, if the Credit Card account continues to remain overdue, it shall get tagged as SMA-2 upon running day-end process on May 30, 2021 and if continues to remain overdue further, it shall get classified as NPA upon running day-end process on June 29, 2021.
Due Date: March 31, 2021
| Overdue Days | Date of Classification | Classification Status* |
|---|---|---|
| NA | March 30, 2021 | Standard |
| 1 | March 31, 2021 | SMA 0 |
| 31 | Apr 30, 2021 | SMA 1 |
| 61 | May 30, 2021 | SMA 2 |
| 91 | June 29, 2021 | NPA |
*Classification status tracking will depend on the type of facility being extended, for e.g. SMA 0 classification is not applicable for revolving facilities, and will be tracked for SMA 1 onwards.
Nothing contained herein should be construed as an obligation on the Bank to offer the above mentioned products.
The Bank reserves the right at any time, with previous notice, to add, alter, modify, change or vary all or any of these terms and conditions or to replace wholly.
(Version: GCG/Cards/LOP T&Cs/11-22)
Loans booked between 17th July 2018 and 12th January 2021
General Terms and Conditions
In these Terms and Conditions, the following terms shall have the following meanings
- "Bank” shall mean Axis Bank.
- "Credit Card" shall mean an unexpired Citi branded credit card issued in India.
- "Cardmember" shall mean the holder of a Credit Card
- "Loan On Phone or LOP" shall mean a loan on the Credit Card that can be availed up to the cash line, credit line or over and above the credit line via phone or the Citi website.
- "Loan" shall mean the amount lent by the Bank to the Cardmember under the Loan On Phone products.
- "Top-ups" shall mean new loans availed by closing the previous ones and with an incremental amount disbursed, over and above the previous outstanding.
- “Initial Interest” shall mean the interest on the loan amount from the date of loan booking to the immediate card statement billing date.
- “Loan Tenure” shall mean the period for which loan amount is availed for and shall not include the days for which the initial interest amount will be billed.
- “EMI” shall mean Equated Monthly Installments calculated based on the loan amount, interest rate and tenure. This will include both principal and interest components and the number of such EMIs will be equal to Loan Tenure
Illustrative example for Loan Tenure:
For a loan disbursed /encashed on 10th March for a tenure of 12 months, with immediate billing date falling on 25th March, “Initial interest” shall be levied for 15 days and “Loan Tenure” shall commence post 25th March, for a period of 12 months excluding the initial interest period.
The present Terms and Conditions are to be read in conjunction with, and not in derogation of, the Cardmember Terms and Conditions and nothing contained herein shall prejudice or affect the terms of the Cardmember Terms and Conditions.
Unless otherwise specified, the words and expressions used herein shall have the same meaning as in the Cardmember Terms and Conditions.
Fund Transfer facility and Disbursement (Applicable for Direct fund transfer mode only)
The Loan on Phone including Top-ups, shall be deemed to be booked / availed of by the Cardmember once the Cardmember has provided the telephonic confirmation by validating the Telephonic Personal Identification number(TPIN) /One-Time Password(OTP) from the registered mobile number at the time of availing the Loan on Phone product.
For customers availing the product via the Citi website, by validating Internet Personal Identification number (IPIN) / One-Time password from the registered mobile number at the time of availing the product.
Cardmember shall not be entitled to cancel the Loan or refuse to accept disbursement of the Loan facility once availed. However, a Cardmember intending to pre-close the Loan may call the 24-Hour Helpline. The pre-closure of Loan shall be subject to prepayment process and related preclosure charges as defined in these terms and conditions.
Cardmember shall be liable to pay interest on the Loan on Phone at the rate as given in the Repayment Schedule. Loan on Phone shall be deemed to be booked on the date of confirmation provided by the Cardmember and Disbursements under the Loan on Phone product shall be deemed to be made on the date when the Loan amount is credited by the Bank- to the Designated Account.
Cardmember hereby agrees that upon the Bank sanctioning the Loan on Phone based upon the information provided by the Cardmember at the time of availing the product and further confirming the terms in the Telephonic Confirmation / website, the Bank will not be responsible for any loss incurred by the Cardmember as a result of providing any wrong information by the Cardmember with respect to Direct Fund Transfer details, It shall be deemed as an absolute consent of/by the Cardmember to accept all the terms of the Loan on Phone including but not limited to acceptance of these Terms and Conditions and agrees to be bound by it at all times. The Cardmember hereby agrees that upon the amounts being credited to the Designated Account, he/she shall be required to repay the Loan on Phone as per the Repayment Schedule. For more clarity, please refer to the Billing and Repayment method section below.
In the event of any bounce / return of funds from Cardmember's bank, the Loan shall be pre-closed and all charges levied towards this transaction shall be reversed. Such reversal shall be reflected in your Credit Card statement.
Encashment and Free look period (Applicable for Demand draft issued customers only)
The Loan shall be deemed to be availed of by the Cardmember only on the date of encashment of the Bank Demand Draft (DD).
The DD is valid for a period of 90 days from the date of issuance. The billing of the initial interest amount shall commence only post encashment of the DD and the EMIs shall be billed on the subsequent billing dates of each month. In the event of non-encashment within the said 90 days, the DD shall be canceled and no charges shall be levied towards this transaction.
In the event, the DD is issued against another bank (hereinafter referred to as a "DAO"), the Loan shall be considered to be availed of, from the date of draft issuance.
The DAO is valid for a period of 90 days.
In the event the DAO is not encashed within the said 90 days, it shall be canceled and charges levied from the date of issuance till expiry of said 90 days shall be reversed upon customer requests. Such reversal shall be reflected in the Card Member's Credit Card statement.
Billing and repayment
For Loan On Phone, the Initial Interest Amount shall be billed on the immediate billing date of the Credit Card that falls post the date of:
- encashment of the DD (except for DAOs, as specified herein), in case of issuance of DD.
- the date of Loan disbursement, in case of loans booked under direct fund transfer option.
The first EMI amount shall be billed on the subsequent billing date of the Credit Card.
Loan On Phone Top-ups shall be deemed to be availed from the date of issuance of the fresh DD and from the date of loan on phone Top-up booking, for the loans booked under direct fund transfer option. The Initial Interest Amount shall always be billed on the immediate billing date for the Credit Card, that falls after the date of issuance of the Bank Demand Draft and from the date of loan booking, for the loans booked under direct fund transfer option. The first EMI amount shall be billed on the subsequent billing date of the Credit Card.
Interest rate as communicated at the time of availing of the Loan on Phone Top-up shall be levied/applicable on the entire Loan Amount including the old loan principle outstanding resulting in the re-pricing of the old loan principle outstanding also at the new Interest rate of the Loan on Phone Top-up but Transaction fee (as specified herein) shall be levied only on the incremental amount disbursed. The old loan will get pre-closed and the new Loan on Phone Top-up will be booked for the entire loan amount at the new interest rate for the new tenure. When the old loan is pre-closed, the interest for the actual number of days till closure i.e. from the last billing date till the date of closure shall be debited to the Credit Card. The decision of the Bank in this regard shall be final and binding on the Cardmember.
For DAO's, the first EMI shall be billed on the first billing date for the Credit Card, that falls after the date of issuance of the DD.
All billing of EMIs in the subsequent months shall be on the billing date of the Credit Card for that month.
The initial interest amount for the immediate billing date and EMI amounts in subsequent billing dates (each month) shall be included as a part of the minimum amount due appearing in the Cardmember's monthly Credit Card Statement. If the minimum amount due is unpaid, Charges shall be levied on such outstanding (including but not limited to the initial interest amount or EMI as above), as communicated in the Credit Card Most Important Terms & Conditions (MITC).
For Loan On Phone availed against the Credit Line, the Credit Limit on the Cardmember’s Credit Card shall be blocked to the extent of the Loan amount. The Credit Limit shall be released as and when the EMI is billed and paid for, in subsequent months. For Loans availed above the Credit Line, the EMI shall be treated as a normal purchase/spend on the Cardmember’s Credit Card and as per the terms specified in the detailed Cardmember Terms and Conditions.
Interest Calculation Methodology on Loan products
Interest rates as communicated at the time of availing of the Loan product(s) shall be levied/applicable. The applicable rates shall also be mentioned on the DD advice slip and in the repayment schedule.
For Top-ups, the old loan shall be closed and the new interest rate, as communicated at the time of availing the offer and as mentioned on the DD advice slip and in the repayment schedule, shall be applicable to the consolidated loan amount.
The initial interest amount shall be computed from the issuance/encashment / loan disbursal date to the immediate billing date of the Credit Card. For all installments billed subsequently, the interest shall be computed on monthly rests and the installment shall be debited to the Credit Card on the date of each monthly bill. The initial interest amount shall be computed on the loan amount and the interest component of the Equated Monthly Installment (EMI) is calculated only on the unpaid balance of your loan as illustrated below:
Calculation of Initial Interest Amount:
Loan Amount x ROI% x (number of days applicable/360days)
Where 'number of days applicable' will be actual days from the issuance/encashment / loan disbursal date to the immediate billing date of the Credit Card for the initial interest amount
[ROI = Rate of Interest as communicated at the time of availing of the product]
As a result of the computation above, it is possible that the initial interest may be different from that communicated to you at the time of loan booking, depending on the loan activation date.
Illustrative example for computation of Initial interest amount:
For a loan amount of Rs 1,00,000 with loan disbursal/encashment date as1st March at a rate of interest of 16% against a tenure of 24 months, with immediate billing date falling on 25th March,
Initial interest amount will be =1,00,000 *16%*24/360 = Rs 1066.67
This will be billed as a part of the Minimum amount due in the statement dated 25th March.
Calculation of Interest component of EMI:
Outstanding Loan Principal x ROI% x (constant of 30 days/ 360 days),
[ROI = Rate of Interest as communicated at the time of availing of the product]
The Bank reserves the right to modify all interest from time to time, at its sole discretion with prior notice or in the event of any changes in the interest rate made by the Reserve Bank of India.
Other Charges
A one-time transaction fee as mentioned below shall be charged for sanction of every Loan. This amount shall be billed to the monthly card statement on the date when the loan is deemed to be availed as mentioned herein above and will be included as a part of the minimum amount due in the month of first initial interest amount billing.
The transaction fee – shall be 2.5% of the loan amount or Rs 300/- (whichever is higher).
Finance Charges on Card balances
We will charge the interest rate and /or fees as disclosed at the date of availing the installment loan which shall be applicable during its entire term and no additional fees and interest will be charged for this Installment loan, ONLY if you pay in full the Total Amount Due of your Statement of Account by the Payment Due Date every month until you have paid all installments. However, if you pay (or had paid) an amount that is:
a) equal to or greater than the Minimum Amount Due but less than the Total Amount Due indicated in your current (or previous) Statement of Account, the billed Monthly Initial Interest or Installment Due, as applicable in your current Statement of Account will be subject to the prevailing monthly retail Interest charge from Statement Date to one day before payment date. Interest will be compounded on a monthly basis.
b) less than the Minimum Amount Due as reflected in your current (or previous) monthly Statement of Account, the Monthly Installment Due will be subject to the prevailing monthly retail interest charge from Statement Date to one day before payment date and additionally any unpaid portion of the Monthly Installment Due will also be subject to the prevailing monthly retail interest charge from the payment date to the next statement date. Usual Late Charges will also apply, and your credit records will reflect payment delinquency. The above is subject to the terms of our Citi Cardmember Agreement governing your Citi Credit Card account, which currently is 3.75% per month (i.e. 45% annualized). The prevailing interest rate is available at www.citibank/
Illustrative Example for Revolver Interest Calculation:
Assuming, that a Card Member has paid only partially for the February outstanding, and the statement is generated on 17th March for ₹4500 (including interest from the date of transaction). Card Member makes a payment of ₹3000 on 25th March, and a purchase for ₹1000 on 30th March. No further payment is made on the card till 17th April (i.e. next statement date). Assuming an interest rate of 45.00% per annum on the Card, interest will be levied as follows:
| Statement Date | 17-03-2021 |
|---|---|
| Payment Due Date | 09-04-2021 |
| Billed Installments (INR) | 2,000.00 |
| Principal Portion (INR) | 1,100.00 |
| Interest Portion (INR) | 900.00 |
| Other Balances (including interest and taxes) | 2,500.00 |
| Total Amount Due (INR) | 4,500.00 |
| Minimum Amount Due (INR) | 2,125.00 |
| Payment made on Mar 25 (INR) | 3,000.00 |
| Transaction on Mar 30th | 1,000.00 |
| APR rate as set out in the Statement of Account (per annum) 45.00% | 45.00% |
| [A] Interest charged for period 18th Mar - 24th Mar (7 days) on INR 4500 | 38.84 |
| [B] Interest charged for period 25th Mar - 29th Mar (5 days) on INR 1500 | 9.25 |
| [C] Interest charged for period 30th Mar - 17th Apr (19 days) on INR 2500 | 58.56 |
| Total interest charged in Apr 17 Statement (INR) | 106.64 |
| [A] + [B] +[C] |
Loan Pre-payment process and related charges
The loan can be pre-closed by calling the 24-Hour Helpline. You may also click here to submit your loan pre-closure request or submit through the "Write to Us" option on the Citibank Customer Service Page or submit your request by logging into Citibank online.
Any payment made into the Credit Card account over and above the initial interest amount or EMI shall not be deemed to be payment towards the amount availed under LOP and shall not be deemed as closure of the said facility.
Any pre-closure of LOP shall attract Prepayment charges at the rate of 3% on the outstanding principal amount. The Bank reserves the right to revise the prepayment charges at its discretion, with prior notice via email/ letter and such revised charges shall be binding on the Cardmember.
Once the LOP is pre-closed, for any reason, all outstanding including but not limited to the principal outstanding, pre-closure charge and the interest on the loan, for the actual number of days till closure ( i.e. from the last billing date till the date of closure) shall be debited to the Credit Card. On pre-closure of all loans including, loans issued over and above the credit line; the above referred outstanding amount shall block the Credit Limit on the Credit Card. As a part of the Credit Card account, this balance will now attract all the charges including finance charges at the Credit Card rate of interest currently is 3.75% per month (i.e. 45% annualized). The applicable interest rate shall be mentioned in the monthly statement.
Loan Pre-closure due to non-payment
In the event the Credit Card remains past due for more than 180 days (due to non-payment of minimum amount dues), the LOP shall be pre-closed. Following this, the principal outstanding and the interest on the loan for the days from the last EMI billing till closure, shall be debited to the Credit Card account and appear in the monthly statement. The Bank shall be entitled to demand immediate repayment of such outstanding amounts.
Loans on Credit Cards blocked/ closed by the bank
In the event the Credit Card is blocked or closed prior to the completion of loan tenure, loan initial interest amount and/or EMI(s) will still continue to be billed in the monthly statement and shall be included as a part of the minimum amount due. However, in the event the Credit Card remains past due for more than 180 days, the LOP shall be pre-closed as stated in the paragraph above on “Loan Pre-closure due to non-payment”.
Other Terms and Conditions
Billed initial interest amount and EMI will not earn any Reward Points.
Final approval for LOP shall be at the sole discretion of the Bank and is subject to the Cardmember's performance on the Credit Card.
Note that this loan issued on your Credit Card cannot be used for Business purposes, and/or purchase of gold/gold bullions/ gold coins/gold jewelry/ gold exchange traded funds/ gold mutual funds and for speculative or trading purposes such as shares and short term investments like KVP, PPF,NSC, Mutual Funds, fixed deposits, RBI bond, ULIP and for subscription into Bank offered wealth management, Insurance products or similar products. Axis Bank prohibits the usage of unsecured loans for investments into Bank wealth management and insurance products. In the event that the loan facility is utilized by you for the purposes other than what is confirmed by you and as prohibited above, the Bank shall be entitled to initiate lawful action against you and do all other acts and things as the Bank may deem necessary to comply with its policies, including but not limited to liquidating your holdings of Investments/Insurance at that time. You will be liable for all costs and expenses that the Bank may incur as a result thereof.
Goods and Services Tax (GST) as notified by the Government of India, is applicable on the initial interest amount, interest component of the EMI, all fees and other charges and is subject to change as per relevant regulations of the Government of India.
The Bank may tie up with credit bureaus authorized by RBI and will share credit information including but not limited to installment loans taken on Credit Card. Loans taken over and above the credit line will be included in the representation of credit limit as part of bureau reporting on a monthly basis.
Please see below illustrative example of Special Mention Account (SMA)/ Non Performing Asset (NPA) classification methodology
Illustrative example
If due date of a Credit Card account is March 31, 2021, and full dues are not received before the Bank runs the day-end process for this date, the date of overdue shall be March 31, 2021. If it continues to remain overdue, then this Credit Card account shall get tagged as SMA-1 upon running day-end process on April 30, 2021 i.e. upon completion of 30 days of being continuously overdue. Accordingly, the date of SMA-1 classification for that card account shall be April 30, 2021.
Similarly, if the Credit Card account continues to remain overdue, it shall get tagged as SMA-2 upon running day-end process on May 30, 2021 and if continues to remain overdue further, it shall get classified as NPA upon running day-end process on June 29, 2021.
Due Date: March 31, 2021
| Overdue Days | Date of Classification | Classification Status* |
|---|---|---|
| NA | March 30, 2021 | Standard |
| 1 | March 31, 2021 | SMA 0 |
| 31 | Apr 30, 2021 | SMA 1 |
| 61 | May 30, 2021 | SMA 2 |
| 91 | June 29, 2021 | NPA |
*Classification status tracking will depend on the type of facility being extended, for e.g. SMA 0 classification is not applicable for revolving facilities, and will be tracked for SMA 1 onwards.
Nothing contained herein should be construed as an obligation on the Bank to offer the above mentioned products.
The Bank reserves the right at any time, with previous notice, to add, alter, modify, change or vary all or any of these terms and conditions or to replace wholly.
(Version: GCG/Cards/LOP T&Cs/11-22)
Loans booked before to 17th July 2018
General Terms and Conditions
In these Terms and Conditions, the following terms shall have the following meanings
- "Bank” shall mean Axis Bank.
- "Credit Card" shall mean an unexpired Citi branded credit card issued in India.
- "Cardmember" shall mean the holder of a Credit Card
- "Loan On Phone or LOP" shall mean a loan on the Credit Card that can be availed up to the cash line, credit line or over and above the credit line via phone or the Citi website.
- "Loan" shall mean the amount lent by the Bank to the Cardmember under the Loan On Phone products.
- "Top-ups" shall mean new loans availed by closing the previous ones and with an incremental amount disbursed, over and above the previous outstanding.
The present Terms and Conditions are to be read in conjunction with, and not in derogation of, the Cardmember Terms and Conditions and nothing contained herein shall prejudice or affect the terms of the Cardmember Terms and Conditions.
Unless otherwise specified, the words and expressions used herein shall have the same meaning as in the Cardmember Terms and Conditions.
Fund Transfer facility and Disbursement (Applicable for Direct fund transfer mode only)
The Loan on Phone including Top-ups, shall be deemed to be booked / availed of by the Cardmember once the Cardmember has provided the telephonic confirmation by validating the Telephonic Personal Identification number(TPIN) /One-Time Password(OTP) from the registered mobile number at the time of availing the Loan on Phone product.
For customers availing the product via the Citi website, by validating Internet Personal Identification number (IPIN) / One-Time password from the registered mobile number at the time of availing the product.
Cardmember shall not be entitled to cancel the Loan or refuse to accept disbursement of the Loan facility once availed. However, a Cardmember intending to pre-close the Loan may call the 24-Hour Helpline. The pre-closure of Loan shall be subject to prepayment process and related preclosure charges as defined in these terms and conditions.
Cardmember shall be liable to pay interest on the Loan on Phone at the rate as given in the Repayment Schedule. Loan on Phone shall be deemed to be booked on the date of confirmation provided by the Cardmember and Disbursements under the Loan on Phone product shall be deemed to be made on the date when the Loan amount is credited by the Bank - to the Designated Account.
Cardmember hereby agrees that upon the Bank sanctioning the Loan on Phone based upon the information provided by the Cardmember at the time of availing the product and further confirming the terms in the Telephonic Confirmation / website, the Bank will not be responsible for any loss incurred by the Cardmember as a result of providing any wrong information by the Cardmember with respect to Direct Fund Transfer details, It shall be deemed as an absolute consent of/by the Cardmember to accept all the terms of the Loan on Phone including but not limited to acceptance of these Terms and Conditions and agrees to be bound by it at all times. The Cardmember hereby agrees that upon the amounts being credited to the Designated Account, he/she shall be required to repay the Loan on Phone as per the Repayment Schedule. For more clarity, please refer to the Billing and Repayment method section below.
In the event of any bounce / return of funds from Cardmember’s bank, the Loan shall be pre-closed and all charges levied towards this transaction shall be reversed. Such reversal shall be reflected in your Credit Card statement.
Encashment and Free look period (Applicable for Demand draft issued customers only)
The Loan shall be deemed to be availed of by the Cardmember only on the date of encashment of the Bank Demand Draft (DD).
The DD is valid for a period of 30 days from the date of issuance. The billing of Equated Monthly Installments (EMIs) shall commence only post encashment of the DD. In the event of non-encashment within the said 30 days, the DD shall be canceled and no charges shall be levied towards this transaction.
In the event, the DD is issued against another bank (hereinafter referred to as a "DAO"), the Loan shall be considered to be availed of, from the date of draft issuance.
The DAO is valid for a period of 90 days.
In the event the DAO is not encashed within the said 90 days, it shall be canceled and charges levied from the date of issuance till expiry of said 90 days shall be reversed upon customer requests. Such reversal shall be reflected in the Card Member's Credit Card statement.
Billing and repayment
For Loan On Phone, the first EMI shall be billed on the first billing date for the Credit Card that falls post the date of:
- encashment of the DD (except for DAOs, as specified herein), in case of issuance of DD.
- the date of Loan disbursement, in case of loans booked under direct fund transfer option.
For Loan On Phone Top-ups shall be deemed to be availed from the date of issuance of the fresh DD and from the date of loan on phone Top-up booking, for the loans booked under direct fund transfer option. The first EMI shall always be billed on the first billing date for the Credit Card, that falls after the date of issuance of the Bank Demand Draft and from the date of loan booking, for the loans booked under direct fund transfer option.
Interest rate as communicated at the time of availing of the Loan on Phone Top-up shall be levied/applicable on the entire Loan Amount including the old loan principle outstanding resulting in the re-pricing of the old loan principle outstanding also at the new Interest rate of the Loan on Phone Top-up but Transaction fee (as specified herein) shall be levied only on the incremental amount disbursed. The old loan will get pre-closed and the new Loan on Phone Top-up will be booked for the entire loan amount at the new interest rate for the new tenure. When the old loan is pre-closed, the interest for the actual number of days till closure i.e. from the last billing date till the date of closure shall be debited to the Credit Card. The decision of the Bank in this regard shall be final and binding on the Cardmember.
For DAO's, the first EMI shall be billed on the first billing date for the Credit Card, that falls after the date of issuance of the DD.
All billing of EMIs in the subsequent months shall be on the billing date of the Credit Card for that month. The EMI amount shall be included as a part of the minimum amount due appearing in the Cardmember's monthly Credit Card Statement. If the minimum amount due is unpaid, Charges shall be levied on such outstanding (including but not limited to the EMI as above), as communicated in the Credit Card Most Important Terms & Conditions (MITC).
For Loan On Phones availed against the Credit Line, the Credit Limit on the Cardmember’s Credit Card shall be blocked to the extent of the Loan amount. The Credit Limit shall be released as and when the EMI is billed and paid for, in subsequent months. For Loans availed above the Credit Line, the EMI shall be treated as a normal purchase/spend on the Cardmember’s Credit Card and as per the terms specified in the detailed Cardmember Terms and Conditions.
Interest Calculation Methodology on Loan products
Interest rates as communicated at the time of availing of the Loan product(s) shall be levied/applicable. The applicable rates shall also be mentioned on the DD advice slip and in the repayment schedule.
For Top-ups, the old loan shall be closed and the new interest rate, as communicated at the time of availing the offer and as mentioned on the DD advice slip and in the repayment schedule, shall be applicable to the consolidated loan amount.
The interest component for the first installment shall be computed from the issuance/encashment / loan booking date to the first billing date for the Credit Card. For all subsequent installments, the interest shall be computed on monthly rests and the installment shall be debited to the Credit Card on the date of each monthly bill. The interest component of the Equated Monthly Installment (EMI) is calculated only on the unpaid balance of your loan as illustrated below:
Interest Calculation:
Outstanding Loan Principle x ROI% x (number of days applicable / 360 days),
Where 'number of days applicable' will be actual days from the loan booking / draft encashment date to the first billing date of the Credit Card for the first installment and for all subsequent installments, 'number of days applicable' will be kept constant at 30 days.
[ROI = Rate of Interest as communicated at the time of availing of the product]
As a result of the computation above, it is possible that the first EMI may be for an amount lesser than the standard EMI amount communicated to you, depending on the date of encashment / date of loan booking.
The Bank reserves the right to modify all interest from time to time, at its sole discretion with prior notice or in the event of any changes in the interest rate made by the Reserve Bank of India.
Other Charges
A one-time transaction fee as mentioned below shall be charged for sanction of every Loan. This amount shall be billed to the monthly card statement on the date when the loan is deemed to be availed as mentioned herein above and will be included as a part of the minimum amount due in the month of first EMI billing.
The transaction fee – shall be 2.5% of the loan amount or Rs 300/- (whichever is higher).
Finance Charges on Card balances
We will charge the interest rate and /or fees as disclosed at the date of availing the installment loan which shall be applicable during its entire term and no additional fees and interest will be charged for this Installment loan, ONLY if you pay in full the Total Amount Due of your Statement of Account by the Payment Due Date every month until you have paid all installments. However, if you pay (or had paid) an amount that is:
a) equal to or greater than the Minimum Amount Due but less than the Total Amount Due indicated in your current (or previous) Statement of Account, the billed Monthly Initial Interest or Installment Due, as applicable in your current Statement of Account will be subject to the prevailing monthly retail Interest charge from Statement Date to one day before payment date. Interest will be compounded on a monthly basis.
b) less than the Minimum Amount Due as reflected in your current (or previous) monthly Statement of Account, the Monthly Installment Due will be subject to the prevailing monthly retail interest charge from Statement Date to one day before payment date and additionally any unpaid portion of the Monthly Installment Due will also be subject to the prevailing monthly retail interest charge from the payment date to the next statement date. Usual Late Charges will also apply, and your credit records will reflect payment delinquency. The above is subject to the terms of Cardmember Agreement governing your Credit Card account, which currently is 3.75% per month (i.e. 45% annualized). The prevailing interest rate is available atwww.citibank/
Illustrative Example for Revolver Interest Calculation:
Assuming, that a Card Member has paid only partially for the February outstanding, and the statement is generated on 17th March for ₹4500 (including interest from the date of transaction). Card Member makes a payment of ₹3000 on 25th March, and a purchase for ₹1000 on 30th March. No further payment is made on the card till 17th April (i.e. next statement date). Assuming an interest rate of 45.00% per annum on the Card, interest will be levied as follows:
| Statement Date | 17-03-2021 |
|---|---|
| Payment Due Date | 09-04-2021 |
| Billed Installments (INR) | 2,000.00 |
| Principal Portion (INR) | 1,100.00 |
| Interest Portion (INR) | 900.00 |
| Other Balances (including interest and taxes) | 2,500.00 |
| Total Amount Due (INR) | 4,500.00 |
| Minimum Amount Due (INR) | 2,125.00 |
| Payment made on Mar 25 (INR) | 3,000.00 |
| Transaction on Mar 30th | 1,000.00 |
| APR rate as set out in the Statement of Account (per annum) 45.00% | 45.00% |
| [A] Interest charged for period 18th Mar - 24th Mar (7 days) on INR 4500 | 38.84 |
| [B] Interest charged for period 25th Mar - 29th Mar (5 days) on INR 1500 | 9.25 |
| [C] Interest charged for period 30th Mar - 17th Apr (19 days) on INR 2500 | 58.56 |
| Total interest charged in Apr 17 Statement (INR) | 106.64 |
| [A] + [B] +[C] |
Loan Pre-payment process and related charges
The loan can be pre-closed by calling the 24-Hour Helpline. You may also click here to submit your loan pre-closure request or submit through the "Write to Us" option on the Citibank Customer Service Page or submit your request by logging into Citibank online.
Any payment made into the Credit Card account over and above the EMI shall not be deemed to be payment towards the amount availed under LOP and shall not be deemed as closure of the said facility.
Any preclosure of LOP shall attract Prepayment charges at the rate of 3% on the outstanding principal amount. The Bank reserves the right to revise the prepayment charges at its discretion, with prior notice via email/ letter and such revised charges shall be binding on the Cardmember.
Once the LOP is pre-closed, for any reason, all outstanding including but not limited to the principal outstanding, pre-closure charge and the interest on the loan, for the actual number of days till closure (i.e. from the last billing date till the date of closure) shall be debited to the Credit Card. On pre-closure of all loans including, loans issued over and above the credit line; the above referred outstanding amount shall block the Credit Limit on the Credit Card. As a part of the Credit Card account, this balance will now attract all the charges including finance charges at the Credit Card rate of interest which currently is 3.75% per month (i.e. 45% annualized). The applicable interest rate shall be mentioned in the monthly statement.
Loan Pre-closure due to non-payment
In the event the Credit Card remains past due for more than 180 days (due to non-payment of minimum amount dues), the LOP shall be pre-closed. Following this, the principal outstanding and the interest on the loan for the days from the last EMI billing till closure, shall be debited to the Credit Card account and appear in the monthly statement. The Bank shall be entitled to demand immediate repayment of such outstanding amounts.
Loans on Credit Cards blocked/ closed by the bank
In the event the Credit Card is blocked or closed prior to the completion of loan tenure, loan EMI(s) will still continue to be billed in the monthly statement and shall be included as a part of the minimum amount due. However, in the event the Credit Card remains past due for more than 180 days, the LOP shall be pre-closed as stated in the paragraph above on “Loan Pre-closure due to non-payment”.
Other Terms and Conditions
Billed EMI will not earn any Reward Points.
Final approval for LOP shall be at the sole discretion of the Bank and is subject to the Cardmember's performance on the Credit Card.
Note that this loan issued on your Credit Card cannot be used for Business purposes, and/or purchase of gold/gold bullions/ gold coins/gold jewelry/ gold exchange traded funds/ gold mutual funds and for speculative or trading purposes such as shares and short term investments like KVP, PPF,NSC, Mutual Funds, fixed deposits, RBI bond, ULIP and for subscription into Bank offered wealth management, Insurance products or similar products. The Bank prohibits the usage of unsecured loans for investments into Bank wealth management and insurance products. In the event that the loan facility is utilized by you for the purposes other than what is confirmed by you and as prohibited above, the Bank shall be entitled to initiate lawful action against you and do all other acts and things as the Bank may deem necessary to comply with its policies, including but not limited to liquidating your holdings of Investments/Insurance at that time. You will be liable for all costs and expenses that the Bank may incur as a result thereof.
Goods and Services Tax (GST) as notified by the Government of India, is applicable on the interest component of the EMI, all fees and other charges and is subject to change as per relevant regulations of the Government of India.
The Bank may tie up with credit bureaus authorized by RBI and will share credit information including but not limited to installment loans taken on Credit Card. Loans taken over and above the credit line will be included in the representation of credit limit as part of bureau reporting on a monthly basis.
Citi may tie up with credit bureaus authorised by RBI and will share credit information including but not limited to installment loans taken on credit card. Loans taken over and above the credit line will be included in the representation of credit limit as part of bureau reporting on a monthly basis.
Please see below illustrative example of Special Mention Account (SMA)/ Non Performing Asset (NPA) classification methodology
Illustrative example
If due date of a Credit Card account is March 31, 2021, and full dues are not received before the Bank runs the day-end process for this date, the date of overdue shall be March 31, 2021. If it continues to remain overdue, then this Credit Card account shall get tagged as SMA-1 upon running day-end process on April 30, 2021 i.e. upon completion of 30 days of being continuously overdue. Accordingly, the date of SMA-1 classification for that Credit Card account shall be April 30, 2021.
Similarly, if the card account continues to remain overdue, it shall get tagged as SMA-2 upon running day-end process on May 30, 2021 and if continues to remain overdue further, it shall get classified as NPA upon running day-end process on June 29, 2021.
Due Date: March 31, 2021
| Overdue Days | Date of Classification | Classification Status* |
|---|---|---|
| NA | March 30, 2021 | Standard |
| 1 | March 31, 2021 | SMA 0 |
| 31 | Apr 30, 2021 | SMA 1 |
| 61 | May 30, 2021 | SMA 2 |
| 91 | June 29, 2021 | NPA |
*Classification status tracking will depend on the type of facility being extended, for e.g. SMA 0 classification is not applicable for revolving facilities, and will be tracked for SMA 1 onwards.
Nothing contained herein should be construed as an obligation on the Bank to offer the above mentioned products.
The Bank reserves the right at any time, with previous notice, to add, alter, modify, change or vary all or any of these terms and conditions or to replace wholly.
(Version: GCG/Cards/LOP T&Cs/11-22)