Citibank Personal Loan Review



In a previous post, I mentioned my plans to have my unit renovated this year. As the second half of the year is about to begin, I suddenly felt the urge to start looking at my options and make this plan happen.

And because my savings is not enough to cover the expenses, I decided to apply for a personal loan. I looked at several banks and made comparisons through their online personal loan calculators.

I went for BPI first. They have one of the lowest interest rates, and because they approved my home loan application two years ago (but I eventually declined the offer), I was confident that my personal loan will also be approved.

Surprisingly, BPI denied my application. I never received a call, just a rejection text message.

I took this as a sign that I should not pursue my planned interior renovations yet. But I wanted to check on how weak or strong my credit history is (two years after I got cleared of my credit card debt with HSBC), so I submitted another personal loan application this time with Citibank. If I get declined again, that will confirm my fears.

Citibank approved my personal loan application. And it came with a credit card too!

So how was it like applying for a personal loan with Citibank?

It was very quick! The 24-hour approval is, of course, a myth, but everything happened so fast within three days. Here’s how the process went:

Day 1: I received a call a day after submitting my online application. The agent went over my personal details and she asked me to submit the required supporting documents.

Day 2: I got another call from the same agent. She confirmed that the documents have been received and were submitted for final assessment.

Day 3: I was informed via text and call that my loan has been approved. I was asked to prepare post-dated checks to be submitted upon delivery of the manager’s check.

All payments need to be done with a PDC. Which means you have to prepare several checks prior to the delivery of the manager’s check. In my case, the term was 24 months, so I signed 24 checks!

Day 9: I received the manager’s check. The courier also has to take the 24 PDCs that I prepared. He did double-check everything before handing me over my check. So I got the manager’s check after nine business days. I believe it would have been faster if I opted for a branch pickup. I wasn’t in a hurry so the slow courier is not an issue for me.

However, the delivery of the credit card took over a month. From what I’ve read from online forums, delayed card deliveries have been an issue with Citibank ever since; the posts that I saw were dated as far as 2009 and 2010.

I had to call Citibank a few times to confirm that I am actually getting a card. Apparently, their courier never attempted to deliver the card to my address so when I called again after nearly a month, the agent suggested that we request for a new card instead. The new card was delivered to me after four business days.

Nonetheless, it has been a good experience with Citibank overall. Their personal loan application process is seamless, and getting an actual feedback after three days is the icing on the cake!

So I used the money for a minor interior renovation. I will be sharing how I maximized my budget, with a goal to provide tips on how to save on renovation costs.

How to Apply for an SSS Loan Online

Applying for an SSS loan has been made easier as it can now be done online. Normally, the process involves submitting the loan application form to the HR coordinator in your company, and you will be notified when the check arrives.



Now, you don’t need to fill-out forms. You simply login to your online SSS account and submit the application from there. If you do not have an online account yet, you may create one by going to https://www.sss.gov.ph/. They recommend that you use the latest version of Internet Explorer (IE) as some items may not display on other browsers.

NOTE: The salary loan submitted online by an employed member will be directed to the employer’s My.SSS account for certification, hence, the employer should also have an SSS Web account.

To apply for an SSS loan online, you may find these instructions helpful:

1. Login to your account. Make sure that you are logging in as Member, not as an Employer.

2. Click on “E-SERVICES” and select “Apply for Salary Loan“.

3. Type-in the required information and submit. Your company HR will receive a notice about your submission and upon their validation, SSS will then complete your loan application. In my case, I received the check after three days. Fast and convenient!

Related posts:
SSS Online Account: How to Register?
How to Know if You Have an Existing SSS Loan

Here are the eligibility requirements as posted in the SSS website:

  1. All currently employed, currently contributing self-employed or voluntary member.
    • For a one-month loan, the member-borrower must have thirty six (36) posted monthly contributions, six (6) of which should be within the last twelve (12) months prior to the month of filing of application.
    • For a two-month loan, the member-borrower must have seventy two (72) posted monthly contributions, six (6) of which should be within the last twelve (12) months prior to the month of filing of application.
  2. The member-borrower whose employer must be updated in the payment of contributions.
  3. The member-borrower has not been granted final benefit, i.e., total permanent disability, retirement and death
  4. The member-borrower must be under sixty-five (65) years of age at the time of application
  5. The member-borrower has not been disqualified due to fraud committed against the SSS.

How much is the loanable amount from SSS?

  1. A one-month salary loan is equivalent to the average of the member-borrower’s latest posted 12 Monthly Salary Credits (MSCs), or amount applied for, whichever is lower.
  2. A two-month salary loan is equivalent to twice the average of the member-borrower’s latest posted 12 MSCs, rounded to the next higher monthly salary credit, or amount applied for, whichever is lower.
  3. The net amount of the loan shall be the difference between the approved loan amount and all outstanding balance of short-term member loans.