- What is Citizens Pay Day Loan?
Citizens PAY DAY Loan is a digital lending service introduced by Citizens Bank International Ltd. to provide small short term loans to customers instantly, through bank’s mobile banking application. Customers need to use Citizens Bank’s mobile banking application “Citizens Smart”to register andapplyforCitizens PAY DAY Loan.Loan disbursement happens automatically after customer input digital CVV, agreed terms & conditions and the loan amount is deposited to customer’s account instantly thru virtual credit card.
- Who can receive Citizens PAY DAY Loan?
Currently the bank is offering this service exclusively to individual customers who have regular income holding saving account in Citizens Bank International along with other criteria defined in analytic software. Hence, this service is not applicable to all customers of the bank.
- Can all customers having saving account in Citizens Bank International Ltd. apply for Citizens PAY DAY Loan?
No. Citizens Bank International Ltd. uses software called “Decision Analytics” which studies the transaction history and other relevant factors of all customers having payroll/ salary account and saving account in Citizens Bank International Ltd. and generates individual scores based on its analysis. Only those customers meeting the threshold score set by the bank will be eligible to apply for Citizens PAY DAY Loan.
- How will I know if I am eligible for Citizens PAY DAY Loan?
First of all you need to log in to your Citizens Smart (mobile banking application). In case you are eligible for Citizens PAY DAY Loan service, Fone Loan icon will be visible on the landing page of your mobile banking application.
- What is the range for loan amount and loan tenure of Citizens PAY DAY Loan?
Currently, the applicable range for loan amount is up to NPR 2, 00,000/-and applicable range for loan tenure is 30 days.
- Does the bank plan to expand the scope, loan limit and tenure of Citizens PAY DAY Loan in future?
Yes. The bank does have future plan to make PAY DAY Loan available to larger set of customers and extend the loan tenure.
- Do I need to be a mobile banking customer to be able to use Citizens PAY DAY Loan?
Yes. Citizens PAY DAY Loan is executed and delivered through mobile banking, you need to be registered for Citizens Bank’s mobile banking service and have Citizens Smart application installed in your mobile phone.
If you have a bank account but not registered for mobile banking service, then you will have to download the Citizens Bank’s mobile banking application “Citizens Smart” from Google Play Store or Apple App Store and self -register.
- Do I need to pledge collateral at the bank to avail Citizens PAY DAY Loan service?
No. Citizens PAY DAY Loan is a collateral free loan.
- Do I need to submit any document to avail Citizens PAY DAY Loan Service?
No. You don’t have to submit any additional document to avail Citizens PAY DAY Loan Service.
It’s a paper free lending service. However, if you don’t have a bank account in Citizens Bank or have dormant account, you will have to submit necessary documents to Bank for the same.
- How does settlement of loan happen?
On loan maturity date, the principal amount plus applicable interest amount is automatically debited from your account and the loan is settled. You need to maintain the required balance in your account to settle the outstanding payable amount; otherwise the loan will go into overdue status.
In case there is insufficient balance in your account than outstanding payable amount on maturity date, then your account shall be debited by all available balance on maturity date and every day thereafter until remaining payable amount is recovered in full. Daily interest amount and late fees will be applicable for late days after maturity date.
- Is prepayment of the loan allowed?
No. Currently the loan tenure for Citizens PAY DAY Loan is limited to maximum of just 30 days; hence the prepayment of loan before the maturity date, set by the customer, is not allowed.
- Can I apply for another Citizens PAY DAY Loan, while my earlier Citizens PAY DAY Loan is still not settled?
No. You will have to completely settle your existing Citizens PAY DAY Loan first to apply for the next Citizens PAY DAY Loan.