A debt consolidation plan is a type of unsecured personal loan that helps you tide over debt that might look insurmountable, mostly because they are from different sources. Having multiple sources of debt isn’t very uncommon. Many Singaporeans have multiple debts and sometimes find it difficult to make repayments.
A Debt Consolidation Loan from Maybank will help you get rid of debt from multiple sources including personal loans, personal line of credit, and credit card debt, and direct all your debt to a single source. The interest rate is also affordable, giving you an excellent opportunity to largely reduce the pressure sustained upon having huge debt and multiple debt sources.
Are you thinking of applying for the Maybank Debt Consolidation Loan? Well, successfully sign-up for the loan, get approved, and receive a cash rebate of S$388. The promotional offer expires on 31 December 2017.
|Monthly Income||Tenure (in years)||Interest Rate (p.a.)||Effective Rate of Interest (p.a.)|
Minimum of S$6,000
1 – 10 years
If you have multiple sources of debt and you’re finding it difficult to make repayments towards the different loans you’ve taken, you can opt for the Maybank debt consolidation loan. The loan enables you to eliminate all but one existing sources of debt. You can save on additional interest charged for long tenures, pre-closure charges of existing loans, etc. This, quite naturally, will reduce the burden of debt and enable you to plan your finances better by giving you the option of choosing your tenure and making fixed repayments through the course of your tenure.
For example, if you have 2 credit card balances where you’re paying an interest of 26% and 25.9% p.a. respectively, plus a personal loan with an interest of 19.3% p.a., then the total interest charges alone come up to a large amount. But if you consolidate these three unsecured debts into a single DCP, then you will be able to save a lot because the interest rate on Maybank DCP is as low as 8.48% p.a.
If you want to take a debt consolidation plan from Maybank, you need to meet the following parameters:
If you wish to apply for the Debt Consolidation Loan from Maybank, all you’ve got to do is visit the official Maybank Singapore website and fill out the online application form. If you are a Maybank customer, simply SMS <DCP>space<NRIC>space <your name> and send it to 79898. An executive from Maybank will get in touch with you and help you complete your application form if you choose to go through the SMS route.
Yes, you are. You will have to transfer the outstanding amount to a Debt Consolidation Plan with a participating, eligible financial institution.Q.Can I decide my tenure if I wish to apply for the DCP from Maybank?
Yes, you can choose a tenure of your choice. Tenures can stretch for a period of 10 years depending on your debt burden and ability to make repayments.Q.Through the DCP, can I pay my existing debt partly?
No, you cannot. Once you’ve successfully applied for the DCP, Maybank will clear your existing debt completely (i.e. with the participating financial institution).Q.Will the loan amount be disbursed to my bank account directly? Will I have to pay debt sources individually?
No, the loan amount will not be disbursed to your bank account. Maybank will directly pay your debt sources, as long as the sources are from participating and eligible financial institutions.