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Citibank Debt Consolidation Loan

Consolidate your debt with a loan that spans 3–7 years.

Debt consolidation loans from Citibank allow you to merge debts into one account with a fixed interest rate. Citibank bundles the debt consolidation loan into the Citibank Debt Consolidation Plan. This plan also provides you with a capped revolving credit facility, to be used as a payment method for daily expenses. If you need to get your debts organised, consider a debt consolidation plan from Citibank.

Pros and cons


  • Flexible loan terms
  • No processing fees


  • Regular card fees apply for the revolving credit facility
  • Some debts, such as education loans, cannot be consolidated

Main points to consider with a Citibank debt consolidation loan

It is important to remember that a debt consolidation loan from Citibank is a part of the Citibank Debt Consolidation Plan. This plan remains in place for the duration of your loan, for three to seven years. Interest rates are applied during the application process, so be sure to read contracts carefully and weigh the pros and cons of the interest rate you receive.

Features of a debt consolidation loan from Citibank

  • Fixed interest rates. Once you’ve provided all the information regarding your debt, you’ll be provided with an interest rate from Citibank. It will be clearly stated in the contract of your loan and will be fixed for the duration of the loan. Interest rates are calculated by Citibank.
  • Loan size. Your loan size will be 5% more than the amount needed to consolidate your debts. This added amount is a cover for any extra interest or fees that are incurred between the time of approval and the settling of debts.
  • Credit card. You will receive a credit card that has a limit of 1x your monthly income. This is the revolving credit facility mentioned in the debt consolidation plan.
  • Complimentary protection insurance. You may be eligible for complimentary protection insurance with a ceiling of S$160,000.
  • Repayment Calculator. Citibank has an online repayment calculator that estimates the monthly repayments your loan would require. Remember these figures are only an estimate and the actual size of your repayments will depend on your specific financial circumstances.
  • Flexible loan terms. Your loan repayment time will be set between three and seven years.
  • Repayment instalments. You will pay off your loan in monthly instalments.
  • Debt settlement. Your loan will not be deposited into your accounts. Rather the funds will be distributed directly to the institutions that hold your debt.
  • Application process. You can apply for a debt consolidation loan online, over a phone call or via SMS.

How much does the loan cost?

The total cost of your loan will depend on the amount of debt you have, the length of the loan and the interest rate set in your loan contract.

The following fees may apply to your loan:

  • Missed payment and default fees
  • Regular fees associated with the revolving credit facility (card) you receive

How to apply for a Citibank debt consolidation loan

To be eligible you must, at a minimum:

  • Be Singaporean or a Singapore permanent resident (PR)
  • Be 21 years of age or older
  • Earn an annual income between S$30,000 and S$120,000 (minimum of $48,000 for non-existing Citibank customers)
  • Have a total interest-bearing debt that exceeds 12 times your monthly income

When applying for a loan you generally need to provide:

  • A copy of your NRIC (front and back)
  • Latest Credit Bureau Report
  • Latest income documents (Tax Notice of Assessment, income payslips or CPF history)
  • Proof of balances (billed and unbilled)

Guide: Debt consolidation loans

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