Debt consolidation Plan

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ch33rix86

ch33rix86

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Hi guys may I know which bank has the lowest interest rate? From what I see online HSBC is 4.7% and SCB is 4.98% looking at loan tenure of 3 years
 
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idoitboy

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Lifesotough said:
Anyone heard of successful DCP application for outstanding amount more than 18x monthly salary?

I know Citi and BOC Max is 18 months.

standard chartered says no limit, I tried applying for 10 years tenure earlier before I saw this thread (naively thinking that the application should be easy since the bank gets to earn more interest) with credit rating FF and was rejected.

Now looking at through the thread I reapplied with HSBC for 5 years tenure, waiting for results.

My outstanding now including 5% buffer now 152k. They quote me a monthly repayment instalment of $3125 over 5 years which total up to 187.5k which is more than 21x my monthly salary..
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So BOC above 18 reject immediately?
 
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melbourne10

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just pulled my latest cbs report, the rating has not changed after 2 applications (the record can be seen though), still FF (1772).

the outstanding has been updated to reflect the total as of jan17 (which does not include the RCPL from Citi hence the rejection by HSBC and subsequent review).

just fyi, for those who are applying again - there may be an impact on credit score, there may not be... :s11:
 
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melbourne10

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my citi accounts reflect M for the latest month, "Account status not available for the particular month", hmm. the cso did mention to check again after 15th march, oops, went in too early i think. -.-"""
 
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Louis81

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Hey bros, for dbs instalment loan. Citi need letter. I called DBS they said No. DBS say they send a official email to Citi. For those w DBS how u all settle ? Sianz
 
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Carlingford

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melbourne10 said:
Just called HSBC, still no outcome. Fingers still crossed.
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Probably call on Wed again lor (alternate days)...for myself I don't even call up HSBC anymore (wasting my mobile talktime only)..looking forward to Info-Talk with CCS next Monday instead..(of course that doesn't mean I totally give up on DCP). Since DBS suddenly hike their interest rates to 20%+ (close to Credit Card rates), could it mean it become easy to get approval ? (just thinking about it nia).
 
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Carlingford

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Louis81 said:
Hey bros, for dbs instalment loan. Citi need letter. I called DBS they said No. DBS say they send a official email to Citi. For those w DBS how u all settle ? Sianz
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Same predicament, that's why I gave up on Citi & went to SCB. (Anyway my debt to income ratio is 18 months, so wasting my effort anyway).
 
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Louis81

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aang1971 said:
i think salary to debt ratio is more important than tenure
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Bro, BOC disburse the funds to banks w instalment plans including interest or without interest. I know where citibank is coming from. Statement reflect instalment with interest and citi can only disburse funds without interest.
 
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Louis81

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By the time DCP result out i think already meeting ccs officer liao.

Looking at it. BOC interest really high not worth it.
 
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