Citi Benefits Handbook
Loan Repayments
You repay the loan through after-tax payroll deductions in equal amounts over a period of up to 60 months for general loans and 240 months for residential loans. Loan repayments are invested in your accounts according to the investment election on file for your Before-Tax Account at the time the payment is credited to your accounts.
For example if you have elected to deposit 75% of your payroll contributions in the SSgA S&P 500 Fund and 25% in BlackRock T Fund, your loan repayments will be invested 75% in the SSgA S&P 500 Fund and 25% in the BlackRock T Fund, regardless of which funds the loan amount was taken from. If you have taken a loan and have not made an applicable investment option election, your loan repayments will be invested in the Default Investment Alternative.
For loans made on or after January 1, 2002, interest will continue to accrue on missed loan payments.
You can repay your general loan in a single cash payment at any time beginning six months from the date the loan was issued. You can repay your residential loan in a single cash payment at any time after the loan is issued. There is no early repayment penalty for repaying the loan balance early.
Pay Off Your Loan Early
Beginning January 1, 2017, you may make a partial loan repayment at any time by paying more than the scheduled payment amount. This will allow you to pay off your loan earlier.