Currently, all financial institutions who provide unsecured credit facilities and/or credit cards offer debt consolidation plans. You do not need to be an existing customer of that particular financial institution in order to apply for a debt consolidation loan.
To be eligible, you must have:
- An annual income between S$20,000 and S$120,000
- A net value of personal assets not exceeding S$2 million
- A net size of unsecured debts exceeding 12 times your monthly income
Upon application, approval for debt consolidation loan applicants are subject to the assessment of the individual banks or financial institutions.