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.
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’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.
Let us assume that you have an outstanding balance of S$15,000 on Loan X. On this loan, you’re charged an interest of 26.9% p.a. and no processing fee. Let us assume that you have chosen a loan tenure of 3 years. Then, your combined interest charge for 3 years is S$12,105 (=26.9/100x15,000x3) and your monthly instalment is close to S$753 (=15,000/36+26.9/100x15,000/12).
Let us now see how much you can save if you were to consolidate this debt with the Consolidation Loan from TCC. Assuming that the tenure and size of debt remains unchanged, your interest charges for 3 years would be roundabout S$3,146 (=6.99/100x15,000x3) and your monthly instalment amount would be around S$504 (=15,000/36+6.99/100x15,000/12).
Therefore, by consolidating your outstanding dues of S$15,000 with this TCC loan, you can save S$8,959 or almost 74% (8,959/12,105x100%) on interest payments for 3 years. Similarly, you can save S$249 or close to 33% (=249/753x100%) on the monthly instalments.
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.
Here are some points that you should consider before you apply:
To know if you’re eligible and to check the general eligibility criteria for TCC loans, click here.
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:
Here are some of the essential documents that will be required:
The income documents needed are as follows:
The following documents will be required:
The following income documents will be accepted:
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.