Cash woes? A personal loan to the rescue!

    TCC Consolidation Loan Review: Enjoy Easier Repayments and Lower Interest Rates

    Struggling with multiple open lines of credit and high interest rates? Consolidate these outstanding balances with the TCC Consolidation Loan to avoid these menacing rates and multiple monthly payments. With this loan, you can borrow up to 6x your monthly income and enjoy a flat interest rate of 6.99% p.a. We’ll offer more information and insight on the special features of this product in the following section.

    Flexible Repayment, Greater Convenience: Could This Loan Be an Answer to Your Debt Problems?

    Let us check out the special benefits that you could enjoy with this TCC loan:

    High Borrowing Limit: You could borrow as much as 6 times your individual income or the combined income (in case of a joint application), subject to a maximum of S$50,000. The final loan amount approved will depend on the co-operative’s sole discretion.

    More Than One Flexible Loan Tenures: You could choose a tenure from 1 year to 5 years. This flexibility could help you choose a tenure that suits your income and expenditure cycles.

    Attractive Interest Rate: Interest on this loan will be charged on a flat-rate basis. The flat rate is 6.99% p.a.

    Hassle-Free Loan Disbursal: Depending on your preference and convenience, you could instruct the organisation to disburse loan funds in one of the following ways:

    • You can collect the loan in the form of a cheque in person from TCC.
    • You could ask TCC to credit the loan amount to a designated bank account.
    • You could instruct TCC to credit the amount in a savings account held with it.

    Want to Save Big on Interest and Monthly Instalments? Here’s How the Loan Could Help

    You’ll be charged a flat rate of 6.99% p.a. on your borrowing. But, to help you understand how much you can really save when you consolidate with this loan, let’s give an example.

    What Are the Fees and Charges That You Should Be Aware of?

    With this loan, you may have to pay legal charges, handling fees for certain services, and certain other administrative fees. Talk to TCC to learn more about the charges applicable.

    Dwell on the Following: TCC Non-Members Are Not Eligible

    Here are some points that you should consider before you apply:

    • Only TCC members can apply. However, membership is free and becoming a member may not be too difficult.
    • To be eligible, you need to be earning at least S$1,200 every month. Your surety needs to have a minimum monthly income of S$1,500.
    • You may not be able to apply for this loan or become a surety if you’re a surety for an existing TCC loan.
    • Make sure that you don’t have bankruptcy cases pending against you at the time of application.
    • TCC reserves the right to decline your application without offering explanations for the same. They can also impose additional conditions if they want to.
    • If the loan amount approved is smaller than what you had applied for or expected, you may not be able to challenge the decision.
    • You’ll be held liable for any misleading or inaccurate information provided at the time of application or thereafter. It will also be incumbent on you to inform the co-operative of these errors.

    Not Sure If You Are Eligible? Check Here

    To know if you’re eligible and to check the general eligibility criteria for TCC loans, click here.

    Documents Required

    Every applicant and surety will have to provide some documents at the time of application. These documents are sought for the purpose of verification and information validation. They are as follows:

    Documents That You (Main/Joint Applicant) Will Have to Submit

    Here are some of the essential documents that will be required:

    • A copy of your NRIC.
    • A copy of your marriage certificate, provided you’re making a joint loan application with your spouse.
    • A letter stating the reasons for debt accumulation.
    • Your latest credit bureau report.
    • A letter of undertaking authorising TCC to cancel your existing debt facilities.
    • Statements of existing loan accounts for the last 6 months.
    • Relevant income documents.

    The income documents needed are as follows:

    Salaried Employees:

    • Most recent payslip.
    • CPF contribution proof for the last 15 months
    • Most recent Income Tax Notice of Assessment (NOA), only for loans exceeding S$10,000.

    Commissioned Professionals:

    • Statement showing your income for the last 6 months.
    • NOA for the last 2 years.

    Self-Employed Professionals:

    • NOA for the last 2 years.

    Documents That Your Surety Will Have to Submit

    The following documents will be required:

    • A copy of the surety’s NRIC.
    • Their income documents.

    The following income documents will be accepted:

    Salaried Professionals:

    • Latest payslip.
    • CPF contribution history statement providing details for the last 15 months.
    • Most recent NOA, for loans above S$10,000.

    Commissioned Professionals:

    • Commission statements for the last 6 months.
    • NOA for the last 2 years.

    Self-Employed Professionals:

    • Updated NOA for the last 2 years.

    Planning to Apply? Here’s How You May Proceed

    To apply, you’ll have to download a form from the bank’s website, fill in the details, and send it to the bank for processing. It should contain your personal details, details of a joint applicant, if any, and those of your surety/sureties. You will also have to provide contact details of two personal references.

    Call the bank to learn more about the process. You can also email them.

    This loan could be an option worth considering if you’re deep in debt and need a way to reduce the weight of the burden. Since you may be able to save on interest charges with this loan, you could see the debt shrink faster than otherwise. Go ahead and try it for yourself.

    If you want to learn more about DCP loans in Singapore, visit this page.

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