Convenience of making repayment to a single bank
Option 1
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- 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 of Citi Debt Consolidation Plan
No processing fee
Lower interest rate
Option to choose a loan tenure of up to 7 years
A credit card with limit of 1X your monthly income
Lower monthly repayments
How It Works
How does Debt Consolidation work?
James has a total outstanding balance of
S$60,000
Previous Monthly Payment
All Banks' Credit Cards and / or Personal Loans
S$2,000
James pays to multiple banks a total monthly sum of S$2,000 at prevailing interest rate.
New Monthly Payment
Citi Debt Consolidation Plan
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 this reduction in interest, James is also able to better manage his finances to his living expenses and commitments.
The above is on the assumption that the interest rate of this program is 5.95% p.a for a tenure of 7 years which translates to an effective interest rate of 10.5% p.a. This will apply to the entire outstanding balance of S$60,000, currently at an effective interest rate of 25% p.a., which will be transferred to Citibank and consolidated via DCP.
Eligibility
Eligibility to apply for a Citi Debt Consolidation Plan
Age
21 years old & above
Singaporeans & PRs
Annual income between
S$30,000 - 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 for a Citi Debt Consolidation Plan
Option 2
Call us at
6397 4888
Call us at 6397 4888
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
FAQs on 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.
How to Refinance
How does refinancing to debt consolidation work?
Alex has an outstanding
Debt Consolidation Plan loan with Bank A
S$60,000
Refinance to Citi Debt
Consolidation Plan
Consolidation Plan
Alex has an outstanding amount
on his revolving credit facility with Bank A
S$2,500
Carry over to
Citi Revolving Credit Facility
Citi Revolving Credit Facility
How to refinance to Citi Debt Consolidation Plan
Option 2
Call us at
6397 4888
Call us at 6397 4888
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.
To find out how much you need to repay each month, check our Monthly Repayment Calculator.
- Citi Debt Consolidation Plan Terms and Conditions (Effective on and from 24th July 2023)
- Citi Debt Consolidation Plan Terms and Conditions (Effective before 24th July 2023)