Citi Benefits Handbook
You repay the loan through after-tax payroll deductions in substantially equal amounts over a period of up to 60 months for general purpose 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 Contributions 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 BlackRock S&P 500 Fund and 25% in BlackRock Cash Fund: Treasury, your loan repayments will be invested 75% in the BlackRock S&P 500 Fund and 25% in the BlackRock Cash Fund: Treasury, 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 QDIA.
For loans made on or after January 1, 2002, interest will continue to accrue on missed loan payments.
Pre-paying all or part of your loan will allow you to pay off your loan earlier. You can pre-pay your general purpose loan in full or in part at any time beginning six months from the date the loan was issued. You can pre-pay your residential loan in full or in part at any time after the loan is issued. There is no penalty for repaying the loan balance early. Pre-payments of your loan may be made by cashier's check, certified check or money order.