Citi Debt Consolidation Plan

Seek financial freedom with

Citi Debt Consolidation Plan.

Seek financial freedom with Citi Debt Consolidation Plan.

Regain financial freedom today

Take charge of your finances and consolidate all of your debts into a single loan with Citi Debt Consolidation Plan, at no processing fee. Enjoy lower interest rate for affordable monthly fixed repayment. Planning to refinance your debt with us?
Click on to the "How to Refinance" tab for more details.

Benefits

BENEFITS

No processing fee

Lower interest rate

Complimentary protection insurance coverage of up to
S$160,000

Benefits 1

Convenience of making repayment to a single bank

Benefits 2

Option to choose a loan tenure of up to 7 years

Benefits 3

A credit card with limit of 1X your monthly income

Benefits 4

Lower monthly repayments

How It Works

HOW IT WORKS

James has a total outstanding balance of

S$60,000

Previous Monthly Payment

All Banks' Credit Cards and / or Personal Loans

Sad Head
S$2,000

James pays to multiple banks a total monthly sum of S$2,000 at prevailing interest rate.

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New Monthly Payment

Citi Debt Consolidation Plan

Happy Head
S$1,011.64

Under the Citi Debt Consolidation Plan, James will pay a lower interest and fixed monthly payment of S$1,011.64.

With Citi Debt Consolidation Plan, James is now able to consolidate all his outstanding balances with Citi and pay down his debts overtime. With the interest savings, James is also able to better manage his finances to his living expenses and commitments.

The above is on the assumption that the entire outstanding balance of S$60,000, currently at an effective interest rate of 25% p.a. for a tenure of 7 years, is transferred to Citibank and consolidated into a new 7-year installment loan at an effective interest rate of 10.5% p.a.

Eligibility

ELIGIBILITY

Age

21 years old & above

Singaporeans & PRs

Annual income between

S$30,00 - S$120,000

Salaried employee:

Annual income between S$30,000 and less than S$120,000 (at least S$48,000 if you are not an existing Citibank customer), with Net Personal Assets of less than S$2 million.

A copy of your NRIC/passport, latest original computerized payslip or Tax Notice of Assessment or last
12 months CPF statement.

You will be required to have total interest-bearing outstanding balances on your credit cards and/or unsecured credit facilities of at least 12 times your monthly income.

How To Apply

HOW TO APPLY

To apply for the Citi Debt Consolodation Plan:

Icon Notepad

Option 1

Click here to submit your

details for us to call you back.

Click here to submit your details for us to call you back.

Icon Phone

Option 2

Call us at

6397 4888

Call us at 6397 4888

Icon Cell

Option 3

SMS <DCP>

to 72484

SMS <DCP> to 72484

Mandatory Documents:

You will need to submit the following documents to apply:

  • Completed and signed application form.

  • Copy of NRIC (front and back);

  • Latest copy of your Credit Bureau Report.

  • Latest income documents (dated within last 3 months):

    - Latest computerized payslip; or

    - Latest Income Tax Notice of Assessment; or

    - Latest 12 months' CPF Contribution History Statement (only applicable for income earner of S$6,000 or less per month)

Proof of balances (billed and unbilled) for all your credit cards and/or unsecured credit facilities such as statements and confirmation letters.

FAQs

FAQ

Citibank Debt Consolidation Plan

What is Debt Consolidation Plan (DCP)?

Debt Consolidation is a debt refinancing program which offers a customer the option to consolidate all his unsecured credit facilities (such as credit cards and some types of unsecured loans) across financial institutions with 1 participating financial institution. Certain categories of unsecured loans are excluded from DCP, such as joint accounts, renovation loans, education loan, medical loans, and/or credit facilities granted for businesses or business purposes.

Can I apply for a DCP with a Participating FI that I am not a customer with?

Yes, this is no different from applying for a new unsecured credit facility or credit card today.

Can I consolidate the outstanding under an existing renovation loan, education loan and joint account under DCP?

No, the DCP excludes any renovation loan, education loan, medical loan, credit facility granted for businesses or business purposes and/or outstanding debts under joint accounts.

In recognition of the purposeful or needs-based nature of such loans, MAS has exempted them from the industry-wide and per-FI borrowing limits.

What will be the total DCP amount?

The DCP amount is equivalent to the total principal outstanding including interest and any other fees and/or charges accruing on your statement accounts plus an additional 5% allowance over and above the total DCP amount, for the first DCP.

If the approved DCP Amount is insufficient to repay your outstanding under any existing unsecured credit facilities in full, you will remain responsible for paying off the balance of these amounts directly to your existing FIs.

What is the purpose of the additional 5% over and above the total DCP amount?

It is to cater for any incidental charges (e.g. interest and fees payable) incurred from the time the DCP is approved till the time the disbursed DCP amount is received by the financial institutions.

Can I do a partial consolidation of my balances?

No, DCP must be done in full with one Participating FI so that you may pay down your total outstanding amounts with a single FI.

Can I continue to use my existing credit facilities after I apply for DCP but before it's being approved?

No. Further usage of existing unsecured credit facilities will not be allowed once a borrower decides to takes up the DCP.

If the approved DCP Amount is insufficient to repay your outstanding under any existing unsecured credit facilities in full, you shall remain fully responsible for the payment of any extra costs / expenses / shortfall incurred in accordance with the terms and conditions governing such DCP. Your obligations under such unsecured credit facilities shall remain unchanged and continue.

Will I be able to continue using my unsecured credit facilities once my DCP application is approved?

No, all your unsecured credit facilities will be closed or suspended once your DCP application is approved. However, you are still able to use the 1x revolving credit facility.

Click here to view more FAQs
How to RefinanceHow to Refinance

HOW IT WORKS

Refinance Head
bill

Alex has an outstanding

Debt Consolidation Plan loan with Bank A

S$60,000

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Refinance to Citi Debt
Consolidation Plan
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bill

Alex has an outstanding amount

on his revolving credit facility with Bank A

S$2,500

Down Arrow
Carry over to
Citi Revolving Credit Facility

HOW TO APPLY

To refinance your Debt Consolidation Plan

Icon Notepad

Option 1

Click here to submit your

details for us to call you back.

Click here to submit your details for us to call you back.

Icon Phone

Option 2

Call us at

6397 4888

Call us at 6397 4888

Icon Cell

Option 3

SMS <DCP>

to 72484

SMS <DCP> to 72484

Mandatory Documents:

You will need to submit the following documents to apply:

  • Completed and signed application form.

  • Copy of NRIC (front and back);

  • Latest copy of your Credit Bureau Report.

  • Latest income documents (dated within last 3 months):

    - Latest computerized payslip; or

    - Latest Income Tax Notice of Assessment; or

    - Latest 12 months' CPF Contribution History Statement (only applicable for income earner of S$6,000 or less per month)

Proof of balances (billed and unbilled) for all your credit cards and/or unsecured credit facilities such as statements and confirmation letters.

Icon Calculator

To find out how much you need to repay each month, check our Monthly Repayment Calculator.

Terms & Conditions: