Citi Advance, the consumer finance arm of Citi Thailand, has introduced a new debt consolidation service that is reported to offer a 1% to 2% interest rate reduction for customers.
According to Citi, the debt consolidation service allows customers to structure multiple small repayments into a “one loan plan” within a fixed tenor period. The consolidation plan is available for both credit card outstanding balances and installment loans.
The debt consolidation service is free of charge and Citi Advance will promote this to clients with higher debt who want to structure their payments to more affordable monthly rates, said Citi. The repayment period can be extended to as long as 48 months.
Shahnawaz Lalani, director of Citicorp Leasing Thailand, said: Debt consolidation is an excellent opportunity for customers to manage their personal finances. At a time of economic uncertainty, it is important to maintain good credit behaviour by making monthly repayments affordable over a fixed loan tenor. This will minimise monthly debt burdens and help tide over difficult situations.
“CitiAdvance will target clients who have a minimum monthly income of 10,000 Baht, both Bangkok and Upcountry. CitiAdvance branches will be situated in strategic locations to be close to where our customers live and work and enjoy their lifestyles.”
