Maybank Debt Consolidation, Consolidate all your unsecured credit facilities (credit card/credit line) outstanding balances across multiple financial institutions into one fixed monthly repayment with Maybank Debt Consolidation Plan.
Maybank Debt Consolidation Plan (DCP)
Easy Debt Repayment at Low Interest Rates
Enjoy interest rate from as low as 4.20% p.a. (EIR 7.64% p.a.)^ and up to 10 years loan repayment period!
^The approved interest rate may differ from the published rate. TOP
How it works
| Debt Consolidation Loan Account Consolidate all unsecured outstanding balances from multiple banks under Maybank Debt Consolidation Account into fixed monthly repayment +Revolving Credit Facility Credit Card of up to 1X your monthly income for your daily essential needs that comes with Debt Consolidation Plan |
Benefits
| Ease of repayment Allows you to take control of your finances with fixed monthly repayment and ease of repayment to only one (1) Financial Institution | Complimentary credit card A credit limit of 1X your monthly income will be given for your daily expenses. |
| Loan Tenure Choice of repayment period up to 10 years for affordable monthly repayment | Lower interest rate Enjoy interest savings with lower interest rate as compared to credit cards and credit lines for faster pay down of your outstanding balances |
| Refinance your existing Debt Consolidation Plan to Maybank now and enjoy: | |
| Low Interest rates Enjoy savings on the interest charges with interest rate lower than your existing DCP. |
Eligibility
- Minimum age:
- 21 years and above
- Nationality:
- Singapore Citizen or Permanent Resident
- Annual Income:
- At least S$30,000 and less than S$120,000
- Balance to Income Ratio (BTI):
- At least 12 times your monthly income
Documents Requirement
- Completed and signed application form
- Copy of NRIC (front and back)
- Latest copy of your Credit Bureau Report (Get a copy of your Credit Bureau Report at www.creditbureau.com.sg)
- Proof of Balances reflecting billed and/or unbilled balances and/or new balance transfer/ loan for all your unsecured facilities (Credit Card/ Line of Credit) such as paper/online statements and confirmation letter
- Latest Income Documents
- For Fully Salaried: Latest 12 months’ CPF contribution history statement* or latest computerised payslip
- For Commission/Variable Income Earner: Latest 12 months’ CPF contribution history statement* or latest 3 months’ computerised payslip
- For Self Employed/Fully Commissioned: Latest 2 years’ Income Tax Notice of Assessment
| Understanding Debt Consolidation Plan In order to cope with the various demands or unforeseen emergencies in life, it may be inevitable that you may get into unsecured debt. If you are facing difficulty managing your existing debt or keeping up with the multiple payments every month, the newly launched Debt Consolidation Plan (DCP) will be a welcome solution. |
| What is DCP? |
| DCP is a repayment scheme which allows you to bring together your unsecured outstanding balances on credit cards and unsecured loans from various banks to a single monthly payment with one bank. DCP is beneficial to borrowers and can definitely help in managing your escalating debt. |
| Some reasons why you should take up DCP: Better cash flow- A manageable monthly repayment amount and an ideal payment period can be worked out based on your financial situation and servicing capability. Cultivate a disciplined payment habit-Monthly servicing of a fixed amount is required based on agreed terms throughout the loan tenure. Having just one payment date also makes it easier for you to manage your finance.Reduced interest on the total outstanding amount you owe -Interest charges tend to be significantly lower than the usual credit facilities, hence the monthly payment will pay off more of the principal amount than what you were previously paying. Lastly, you can be assured of achieving financial freedom at the end of your DCP loan tenure! |
| How does a Debt Consolidation Plan work? |
| Various banks have started offering DCP as a commercial product. Interest charges and terms of borrowing vary from bank to bank so do shop around beforehand for the most favourable terms. Maybank is one of the participating financial institutions and has a team of professional DCP consultants who can offer personalised financial assessments to work out a schedule that caters best to your servicing capacity. |