Standard Chartered Debt Consolidation Plan Review: Low-Cost, Effective Method To Control Overwhelming Debt

Alevin Chan

Alevin Chan

Last updated 25 March, 2024

Those looking to tame high-interest, unsecured debt that has exceeded 12 months of their monthly income need to seriously consider signing up for the Standard Chartered Debt Consolidation Plan. 

Unsecured debt often comes with high interest rates - that’s the payoff for being able to borrow money without having to put up collateral. 

While it is okay to take on some unsecured debt from time to time, it is risky to treat unsecured debt without proper care. 

Recklessly taking on personal loans and maxing out credit cards is a sure fire way to ruin your finances. But not only that, past a certain point, unsecured debt can get to a point where you find yourself barely able to afford even the interest payments alone. (The authorities have determined this point to be 12 months or more of your monthly income).

That is a dangerous line you cannot afford to cross, as it means that your debt has likely grown beyond your ability to pay it off. 

For those who find themselves staring down at the yawning abyss of uncontrolled debt, there is a financial tool known as a Debt Consolidation Plan you can use to make a last-ditch effort to save yourself the ignominy of declaring bankruptcy

In today’s article, we review Standard Chartered’s Debt Consolidation Plan, and discuss whether it is right for you.  


Table of contents

  1. What the Standard Chartered Debt Consolidation Plan can do for you
  2. Why you should choose the Standard Chartered Debt Consolidation Plan
  3. For whom is the Standard Chartered Debt Consolidation Plan best suited?
  4. What charges or fees should you look out for?
  5. Eligibility criteria
  6. How to apply

What the Standard Chartered Debt Consolidation Plan can do for you

Standard Chartered Debt Consolidation Plan (DCP) product summary:

Interest rate: From 3.48% per annum (EIR from 6.33% per annum)
Loan tenure: 3 to 10 years
Minimum loan amount: Interest-bearing unsecured debts at least 12x of monthly income
Maximum loan amount: At bank’s discretion

Pros Cons
Significantly reduces interest charges from unsecured debt One-time processing fee of S$199
Reorganises massive debt into affordable repayment plan Early redemption fee of S$250 or 5% of outstanding balance (whichever is higher)
Tenure as long as 10 years Need to gather substantial paperwork for application

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Why you should choose the Standard Chartered Debt Consolidation Plan

Standard_Chartered_(2021) 1        

#1: Convenient and effective way to manage overwhelming debt

Standard Chartered’s DCP is a financial tool that is designed specifically to get runway debt back in control, and stop you from falling into an unending debt trap.

The scheme is a (literal) lifesaver for those whose unsecured debt from credit cards, credit lines and other borrowings have grown so massive that they are unable to pay even the interest payments

Make no mistake, this is a point of no return, beyond which there is very little recourse but to declare bankruptcy and to file for protection. 

However, with Standard Chartered DCP, you can lower your interest payments and work out an affordable repayment schedule involving only one payment each month. Thus, as long as you stick with your DCP, you will eventually clear your debt.

#2: Easier repayment with tenure of up to 10 years

Another benefit of the Standard Chartered DCP is the ability to spread out your debt repayment between 3 to 10 years. 

Such a flexible loan tenure allows you to choose a repayment schedule that suits your income and cash flow, which means you’ll have an easier time paying off your debt. It’s better to err on the side of caution and opt for a longer loan tenure to ensure you can keep up with your instalments comfortably.  

More affordable monthly payments also increase your ability to put aside funds, which you can use to meet minor emergencies or unexpected expenses (instead of resorting to borrowing again, adding to your debt burden). 

#3: Enjoy sign-up promotions from Standard Chartered    

Another reason to sign up for Standard Chartered DCP is to benefit from the ongoing promotions 

New customers who sign up online can receive a cashback of up to S$500, which will surely be welcome if you’re struggling with massive debt.

If you already have an existing DCP with another bank, you can re-finance with Standard Chartered and receive up to 6% cashback on the approved loan amount. (Do note that you’ll need to fulfil prevailing requirements before you may qualify for re-financing).

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For whom is the Standard Chartered Debt Consolidation Plan best suited? 

The Standard Chartered DCP is an ideal financial tool for anyone who is staring down an ever-growing mountain of debt, and no longer has the means to cope with paying off the debt while funding their living expenses at the same time.

You don’t even have to wait till such dire straits to consider subscribing. If you have exceeded 12x of your monthly income in unsecured debt, it is prudent to sign up as soon as possible, so you can start your journey towards financial stability


What charges or fees should you look out for?   

Fees and charges: 

  • One-time processing fee: S$199
  • Early-redemption: Higher of S$250 or 5% of outstanding
  • Late payment: S$100 per instance
  • Interest on account in default: EIR from 26.9% per annum (calculated on a daily basis at 0.074%)

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Eligibility criteria 

  • Singapore citizens and Permanent Residents only
  • Annual income: Between S$30,000 and below S$120,000
  • Unsecured outstanding balances: More than 12 times of monthly income
  • Age: 21 – 65 years

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How to apply

Simply click on the ‘Apply Now’ button on the Standard Chartered Debt Consolidation Plan page.

The following documents will be required during the application process:

  • Copy of NRIC (front and back)
  • Copy of your latest Credit Bureau report
  • Latest bank statements of your outstanding unsecured credit facilities (such as credit cards)
  • Copy of latest income documentations
    • Salaried employees and partial commission earners: Latest computerised payslip OR latest 6 months’ CPF contribution history statement
    • 100% commission earners: Latest Income Tax Notice of Assessment OR latest 3 months’ commission statement from a single employer
    • For self-employed persons: Latest Income Tax Notice of Assessment

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Read these next: 
Best Debt Consolidation Plans In Singapore 2021
4 Ways to Pay Off Credit Card Debt in Singapore
What is a Debt Consolidation Plan And How Does it Work In Singapore?
Do’s and Don’ts of a Debt Consolidation Plan
2 Strategies To Consider When Clearing Crushing Debt In Singapore
Best Standard Chartered Credit Cards in Singapore


An ex-Financial Planner with a curiosity about what makes people tick, Alevin’s mission is to help readers understand the psychology of money. He’s also on an ongoing quest to optimise happiness and enjoyment in his life.


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