Who can apply for the Citi Debt Consolidation Plan?
To apply for the Citi Debt Consolidation Plan, you must be over 21 years old, a resident of Singapore, and provide proof of income as required by the bank. This profile includes salaried employees with debts of at least 12 times their monthly income.
Even those who are not current Citibank customers can apply, as long as they meet the minimum income. The plan offers an opportunity to reduce the total cost of debt and better manage payments by consolidating them into a single loan.
Requirements to purchase the Citi Debt Consolidation Plan
✔ 21 years or older
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
Mandatory Documents:
✔ Completed and signed application form
✔ Copy of NRIC (front and back)
✔ Latest copy of your Credit Bureau Report
✔ Proof of balances (billed and unbilled) for all your credit cards and/or unsecured credit facilities such as statements and confirmation letters
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)
A tip for you!
The debt consolidation plan allows you to save significantly with a much lower interest rate compared to other financing options. In addition, having only one due date and a single financial institution to pay off your installments provides clarity and prevents delays that could impact your credit.
To avoid future problems, carefully evaluate your monthly expenses and see how much you can allocate to paying the fixed installment. This approach will ensure that the consolidation process actually improves your financial situation without affecting your budget.
What are the rates of Citi Debt Consolidation Plan?
The Citi Debt Consolidation Plan offers a competitive interest rate of 5.95% per year.
For those who want longer terms, Citi allows up to 7 years to pay off the loan, distributing the balance in affordable, fixed monthly installments. This stability makes financial planning easier, as you know exactly how much you will pay each month.
How to apply for a Citi Debt Consolidation Plan
You can apply for a consolidation loan online on the CITI website or by phone. Have your documents on hand for a quick process and take the opportunity to clarify any questions you may have before completing the application. On the website, you provide the information and CITI will call you back.
Transform your finances and achieve financial freedom today! Click the button below, go directly to the CITI page and find out how!