Citibank is among the leading banks in Singapore and also enjoys a strong presence on a global scale. The bank offers a range of banking products and solutions dealing with corporate banking, consumer banking, and even investment banking.
The Debt Consolidation Plan from Citibank is one such product that helps borrowers consolidate and repay their other lines of unsecured credit such as credit card balances, outstanding personal loans, and personal lines of credit from one or more banks.
The features of the Citibank DCP are as follows:
Assume the borrower has outstanding credit card balances from 3 different banks with the minimum monthly payment amounting to S$3,000 in total with a current existing tenure of 5 years. If the borrower was to switch over to a debt consolidation loan from Citibank and transfer the entire loan amount and select the same tenure of 5 years, they would be saving close to S$2,355.18 on interest payments alone. This is almost 78.5% lesser than what they would have paid had hey not taken up the Citibank DCP.
The applicant must provide the following documents at the time of application:
Borrowers can apply for the Citibank debt consolidation plan in the following ways:
Online: Borrowers can visit the Citibank website and begin the application process. They will have to fill out the form and submit it along with the required supporting documents.
Offline: Applicants can walk into their nearest Citibank branch and request for the DCP application. They are required to carry the supporting documents when submitting the application.
The DCP amount offered will be equivalent of the total outstanding balance of the borrower along with an additional 5% allowance.
No. The additional allowance is only given for the first DCP the borrower applies for.
No. The Citibank credit card is part of a bundle package with the debt consolidation loan account but if one wishes to not use it, they are free to do so.
No. Borrowers cannot request to increase the credit limit on the card and can only do so if their monthly salary increases.
No. The DCP loan amount can only be used for consolidating unsecured personal loans. Under the regulations of MAS, loans such as renovation loans, home loans, car loans, and educational loans which serve specific purposes cannot be consolidated under a debt consolidation loan.