Personal Loans - Fees & Charges
Applicable to Installment Loan Availments
|MAIN FEES AND CHARGES|
|Annual Contractual Rate||
The Annual Contractual Rate (ACR) is the interest that will be charged on the loan, based on a 360-day period, computed on a monthly basis wherein each month consists of 30 days (except for the 1st month which is equal to the number of calendar days from the approval date to the next billing date).
The average ACR as of December 2015 is 26.9%. Exact ACR will be indicated in the Disclosure Statement.
P1,750 for each disbursement
|Documentary Stamp Tax (DST)||
P1.50 for every P200 of the amount, subject to applicable laws and regulations
|Effective Interest Rate||
In accordance with the Philippine Accounting Standards definition, effective interest rate (EIR) is the rate that exactly discounts estimated future cash flows through the life of the loan to the net amount of loan proceeds (BSP Circular No. 730, S2011).
The EIR which includes the monthly interest, Disbursement Fee and DST is computed at 32.05% using a sample loan amount of Php200,000 at 36 months. Exact EIR will be indicated in the Disclosure Statement.
|Closure Handling Fee||
4% of the unbilled principal component of the loan that is prepaid.
|Returned Check Fee||
P1,500 will be charged for every check that is returned or that bounces due to insufficiency of funds, uncollected deposits, stop payment order, alterations or erasure, among others.
|Monthly Late Charge||
P500 or 6% of the Overdue Amount, whichever is higher.
Please see the Citi Personal Loan Terms and Conditions at www.citibank.com.ph/loans for the definition of Overdue Amount.
|Monthly Interest Charge||
"Monthly Interest Charge" or "Interest Charge" means the interest, computed using the monthly revolving interest of 2.42% ("Monthly Interest Rate"), applied on any or all of the following: (1) on any unpaid fees and charges, and (2) on the Total Amount Due, when my Citi Personal Loan is in default at 60 days past due, in which case, the Total Amount Due will include any unpaid fees and charges, the past due monthly principal installment amounts and the remaining principal balance. Such interest shall be compounded monthly and will continue to be charged until full payment of Total Amount Due plus accrued interest.
|Attorney's Fees & Other Judicial Expenses||
In case of default in payment, in addition to late and interest charges, the cost of collection and/or attorney's fees and the litigation and judicial expenses as applicable.
*All loans are subject to Credit Standards, Terms and Conditions.
Citibank, N.A. Philippine Branch is supervised by Bangko Sentral ng Pilipinas with telephone number (632) 8708-7087(632) 8708-7087