To be eligible for debt consolidation, individuals in Singapore typically need to meet the following criteria:
You must be at least 21 years old and not exceeding the maximum age set by the financial institution.
Debt consolidation is typically available to Singapore citizens, permanent residents, and foreigners with a valid work permit.
Minimum Income Requirement:
Lenders usually have a minimum income requirement to ensure that borrowers have the means to repay the consolidated loan. The specific income threshold may vary among financial institutions.
To qualify for debt consolidation, you should have existing unsecured debts, such as credit card bills, personal loans, or outstanding balances with various lenders.