Consolidation Loan

Consolidate all your outstanding loans from multiple financial institutions and banks with our Consolidation Loan, to avoid the high interests and the hassle of multiple payment arrangements.

  • Interest Rate

    6.99% p.a. flat

  • Maximum Loan Amount

    Up to 6x combined income or $50,000, whichever is lower

  • Repayment Period

    Up to 5 years

Eligibility Criteria

Main / Joint Applicant:

  • Singapore Citizen or Singapore Permanent Resident
  • Age between 21 and 60 years old
  • Earning a minimum monthly basic salary of $1,200
  • Open to salaried or contract staff, self-employed, private hired drivers
  • TCC Membership application will be processed together with loan application (for non-members)

Surety (if any):

  • Singapore Citizen
  • Age between 21 and 55 years old
  • Earning a minimum monthly basic salary of $2,000

The Complete Guide to Consolidation Loans in Singapore

Who can apply for a consolidation loan?

TCC offers COVID Assistance Loan (consolidation loan) to Singapore citizens and Singapore permanent residents, either salaried or contract employees, self-employed and those in gig economy.

What are consolidation loans?

Consolidation loans help settle outstanding balances from financial institutions to avoid high interest rates and consolidate payments to one financial institutions instead of paying to multiple financial institutions.

What documents are needed to apply for a consolidation loan?

(1) Credit bureau report (
(2) NRIC, front & back
(3) Moneylenders’ report (
(4) TCC Application form

For salaried employees:
(1) Latest month payslip
(2) 15 months cpf contribution statement

For self-employed individuals:
Latest 2 years tax notice of assessment

For gig economy individuals:

  • Latest 2 years tax notice of assessment
  • Last 6 months of income statements

How long can I take to repay the consolidation loan?

You can choose a repayment period between 1 to 5 years.

How much is the interest rate? Does it increase over time?

The interest rate for a COVID Assistance loan is at 6.99% per annum and it is a flat rate.

What is the maximum limit for the amount that someone can loan?

The maximum amount you can get from your consolidation loan is up to 6 times of monthly income or $50,000, whichever is lower. If you need assistance for a higher loan amount, it will be evaluated on a case-to-case basis.

How long does it take to process a consolidation loan?

Once all the documents are received by us, it may take up to 7 working days for approval.

How can I contact TCC to apply for a consolidation loan?

You can contact us at 6319 3700 or email us at

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