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Yatra.com, Citibank tie up to offer travel loans

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CIOL Bureau
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NEW DELHI:: Yatra.com, an online travel company, on Monday announced a partnership with Citibank to provide travel loans to customers, booking domestic as well as international holiday packages on the travel portal.

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The travel loan of not more than Rs 500,000 per individual, attracts a preferential rate of interest and can be repaid in Equated Monthly Installments (EMI) over a period of two years, said a press release. As per the partnership, customers visiting Yatra.com and requesting for a holiday loan will be directed to Citibank. The Bank will connect with the customer and post the requisite due diligence, disburse the loan within 72 hours, to enable the customer to complete his holiday plans on Yatra.com.

Pratik Mazumder, head Marketing and Strategic Alliance, Yatra.com, said, “We are delighted to provide our customers with travel loans, another customer centricity value offering, powered by Citibank. This service allows our customers to avail loans at special interest rates and the opportunity to pay back in easy installments over a period of time.”

Asked whether the customer needs a bank account with Citibank, he told CIOL that travel loans are available to all whether or not they are account holders with Citibank. He further added that the interest rate is 14 per cent reducing and the EMI depends on the tenure of the loan and said Yatra.com is the only online travel company in India offering this exclusive offer to customers.

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Yatra.com will counsel customers as well as inform Citibank about the cost of a preferred holiday, while the loan approval will follow due prudential processes and KYC norms as laid down by the bank from time to time.