CITIBANK Singapore has launched two instant online instalment loan services - Click for Cash and Paywise.

The Click for Cash service allows current Citibank Ready Credit or credit card customers to apply for instalment loans instantly online, with immediate approval.

The Paywise service provides existing credit card customers who have received prior credit approvals the option to convert big ticket purchases above $500 into instalment loans online after purchases have been made.

The launch of these services follows on Citibank's efforts to further develop its range of 'instant' offerings, such as instant approval for Ready Credit and instant online approval for home loans.

Customers using the services would be able to view relevant information regarding the loans immediately, such as the maximum and minimum loan amounts they can apply for, interest rates, instalment tenure options, monthly instalment payments and full payment schedules.

Applications can be done online. This is in addition to current methods through phone or in person at branches.

Said Jacquelyn Tan, business director of credit payment products at Citibank Singapore: 'The entire process takes no longer than five minutes . . .(This initiative) is an extension of our efforts to offer more seamless and convenient banking choices.'