Best Debt Consolidation Plans in Singapore (2024)
Compare the best debt consolidation plan in Singapore on Singsaver.Find the best plans with low fees, competitive interest rates, and flexible repayment terms to speed up your debt repayment. With a debt consolidation plan, you can combine your debts into one monthly payment to save you interest charges and the hassle of keeping up with multiple bills. Apply for your ideal debt consolidation plan on Singsaver now to achieve your financial goals.
HSBC Debt Consolidation Plan
- Enjoy personalised interest rates starting from 3.4% p.a. (EIR 6.5% p.a.) + a S$0 processing fee, based on your personal credit profile
- Receive 5% cashback upon approval of your Debt Consolidation Plan refinancing with HSBC. Terms and Conditions apply.
- Only applicable for Singaporeans and Singapore Permanent Residents
- Enjoy interest savings as you manage only one account for all your outstanding balances with fixed monthly repayment
- Loan tenor of up to 10 years is available for affordable monthly repayment
- Enjoy the perks and benefits of HSBC Visa Platinum Card with credit limit of 1x of your monthly income and annual fee waiver
- Receive a free credit bureau report from HSBC; no loan application required
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Early repayment fee: 5 %
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Late repayment fee: S$ 75
1. Go to HSBC site and click the 'Apply Now' button under 'Personal Loans'
2. Fill out application and submit any and all required documents
3. Wait for approval of personal loan
1. NRIC (Front & back)
2. For salaried employees:
- Latest 3 months' computerized payslips; or
- Latest Notice of Assessment with latest 1 month's computerized payslip; or
- Latest 6 months' CPF statements with latest 1 month's computerized payslip or latest
- Notice of Assessment;
3.For self-employed/ commissioned-based earners:
- Last 2 years' Notice of Assessment -Latest Credit Bureau Report (consumer's version)
- Latest statements of the all existing unsecured credit facilities
Standard Chartered Debt Consolidation Plan
- Enjoy an interest rate from as low as 3.48% p.a. (EIR 6.33% p.a.). The interest rate offered to you may differ based on your personal credit profile.
- Enjoy interest savings as you manage only one account for all your outstanding balances with a fixed monthly repayment
- Loan tenor of 3 to 10 years available for affordable monthly repayment
- Enjoy the perks and benefits of Standard Chartered Platinum Mastercard with credit limit of 1x of your monthly income and annual fee waiver
- One-time joining fee of S$199
- Only applicable to Singaporeans and Singapore Permanent Residents
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Early repayment fee: S$ 250
-
Late repayment fee: S$ 100
1. Go to Standard Chartered site and click the “Apply Now” button under "Debt Consolidation Plans"
2. Fill out application and submit any and all required documents
3. Wait for approval of personal loan
1. NRIC (Front & back)
2. Copy of your latest Credit Bureau report
3. Latest bank statements of your outstanding unsecured credit facilities (such as credit cards)
4. Copy of latest income documentations
5. 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
6. For self-employed persons: Latest Income Tax Notice of Assessment
DBS Debt Consolidation
- Interest rates at 3.58% p.a. (EIR 8.22% p.a.)
- Loan tenor of 1 to 8 years is available for affordable monthly repayment
- Get a DBS Visa Credit Card to provide you with a convenient mode of payment for managing your daily essentials with credit limit of 1x of monthly income and annual fee waiver
- Only applicable to Singaporeans and Singapore Permanent Residents
- Your total interest-bearing unsecured debt on all credit cards and unsecured credit facilities with financial institutions in Singapore must exceed 12 times your monthly income in order to qualify for a Debt Consolidation Plan
- Processing fee: S$99
- Early termination fee: 5% on the balance outstanding at point of termination
- Late fee: S$90
The information displayed above is for reference only. The actual rates offered to you will be based on your credit score and is subject to the provider’s approval.
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Early repayment fee: 5 %
1. Go to DBS website
2. Download and fill up the editable Unsecured facilities Declaration PDF form.
3. Check that all required documents are in order.
4. Submit application online
1. NRIC (Front & back)
2.Latest Credit Bureau report
3.Income document(s)
4. Latest credit card and unsecured credit loan statements
5. Confirmation letter evidencing unbilled balances for unsecured credit instalment plans (if any)
6. Settlement notice from the original DC bank (only applicable to DCP refinancing applications)
POSB Debt Consolidation
- Interest rates at 3.58% p.a. (EIR 8.22% p.a.).
- Loan tenor of 1 to 8 years is available for affordable monthly repayment
- Get a DBS Visa Credit Card to provide you with a convenient mode of payment for managing your daily essentials with credit limit of 1x of monthly income and annual fee waiver
- Only applicable to Singaporeans and Singapore Permanent Residents
- Your total interest-bearing unsecured debt on all credit cards and unsecured credit facilities with financial institutions in Singapore must exceed 12 times your monthly income in order to qualify for a Debt Consolidation Plan
- Processing fee: S$99
- Early termination fee: 5% on the balance outstanding at point of termination
- Late fee: S$90
The information displayed above is for reference only. The actual rates offered to you will be based on your credit score and is subject to the provider’s approval.
-
Early repayment fee: 5 %
-
Late repayment fee: S$ 90
1. Go to POSB website
2. Download and fill up the editable Unsecured facilities Declaration PDF form.
3. Check that all required documents are in order.
4. Submit application online
1. NRIC (Front & Back)
2. Latest Credit Bureau report
3. Income documents
Citi Debt Consolidation Plan
- Enjoy interest savings with no processing fees
- Interest rates from as low as 3.99% p.a. (EIR 7.50% p.a.)
- Enjoy interest savings as you manage only one account for all your outstanding balances with a fixed monthly repayment
- Loan tenor of up to 7 years available for affordable monthly repayment
- Get a credit card with credit limit 1x your monthly income
- Receive complimentary insurance coverage of up to S$160,000. More information here
The information displayed above is for reference only. The actual rates offered to you will be based on your credit score and is subject to the provider’s approval.
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Early repayment fee: 5 %
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Late repayment fee: 1 %
Visit the Citibank website and select 'Debt Consolidation Plans' under 'Loans', click the “How To Apply” button.
Option 1: Dial Citi at 6397 4888
Option 2: SMS <DCP> to 72484
Option 3: Click here to submit your details for Citi to call you back.
1. Completed and signed application form.
2. Copy of NRIC (Front & back)
3. Latest copy of your Credit Bureau Report.
4. Latest income documents (dated within last 3 months):
- Latest computerised payslip;
- Latest Income Tax Notice of Assessment;
- Latest 12 months' CPF Contribution History Statement (only applicable for income earner of S$6,000 or less per month)
5. Proof of balances (billed and unbilled) for all your credit cards and/or unsecured credit facilities such as statements and confirmation letters.
UOB Debt Consolidation Plan
- Only applicable to Singaporeans and Singapore Permanent Residents
- Enjoy interest savings from as low as 4.50% p.a. (EIR 8.22% p.a.) with loan tenure of 6 years
- Loan tenor of up to 6 years available for affordable monthly repayment
- Receive a complementary Visa Platinum card with a credit limit 1x your monthly income
- Manage only one account for all your outstanding balances with fixed monthly repayment
The information displayed above is for reference only. The actual rates offered to you will be based on your credit score and is subject to the provider’s approval.
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Early repayment fee: 5 %
-
Late repayment fee: S$ 90
Contact UOB loan associates at +65 6715 5690 (Mon – Fri, 9am – 6pm)
OR
Provide your details here and UOB loan associates will be in touch with you within 2 business days.
OR
Complete the application form together with your supporting documents and email them to uobdcp@uobgroup.com
1. NRIC (Front & back)
2. Latest Credit bureau report
3. Latest Income Documents:
4. For salaried employees – Latest computerised payslip (in Singapore Dollar currency)
5. For self-employed – Latest Income Tax Notice of Assessment
6. Latest credit card & credit line statements of other banks which you have outstanding balances
7. Confirmation letter evidencing unbilled balances for unsecured credit instalment plans (If any)
OCBC Debt Consolidation Plan
- Monthly repayment remains identical throughout the 8-year loan tenure
- Enjoy an affordable interest rate of 6% p.a. (EIR 10.46% p.a.) on your Debt Consolidation loan amount
- Receive a complimentary OCBC Platinum Credit Card with credit limit 1x your monthly income
The information displayed above is for reference only. The actual rates offered to you will be based on your credit score and is subject to the provider’s approval.
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Early repayment fee: 3 %
-
Late repayment fee: S$ 200
1. Download the application form and submit it together with your supporting documents
2. Get notified by email in about 10 working days once your application has been approved
3. Upon approval, your funds take up to 5 working days to be transferred to pay your outstanding amounts with the respective banks. Existing unsecured credit facilities will also be suspended.
1. NRIC (Front and back)
2. Latest Credit Bureau Report
3. Income Documents -Latest computerised / electronic payslip and Latest Income Tax Notice of Assessment -Latest 6 month’s CPF contribution history statement (for monthly income <=S$6,000)
4. Proof of Balances
What is a debt consolidation plan for?
As its name suggests, a debt consolidation plan (DCP) helps those who have amassed multiple debts with several creditors, by centralising it to just a single debt to service. It saves the trouble of tracking different repayment deadlines, bills and payments. You may also find that DCPs come with friendlier interest rates.
What are the types of debt that you can consolidate under a debt consolidation plan?
A debt consolidation plan combines all your unsecured credit into one account. Certain categories of unsecured loans are excluded, such as joint accounts, renovation loans, education loan, medical loans, and credit facilities for businesses. You can consolidate the following types of debt:
- Credit card debt
- Personal loans
- Credit lines
Can anyone get a debt consolidation plan?
Debt consolidation plans are only for customers that have multiple debts to pay. During the application, you will have to show proof of your outstanding debt. For example, this could be in the form of a confirmation letter that shows unbilled balances for your credit card and instalment plans.
Read this article to find out what a debt consolidation plan is and how it works in Singapore.
What are the tenures and maximum APR for each loan?
Debt Consolidation Plan |
Min. Repayment |
Max. Repayment |
Max. APR |
Total Loan (Based on S$30k across 3 years) |
Standard Chartered Debt Consolidation Plan |
3 years |
10 years |
3.14% |
S$33,330.88 |
HSBC Debt Consolidation Plan |
1 year |
10 years |
6.22% |
S$33,401 |
DBS Debt Consolidation |
1 year |
8 years |
3.08% |
S$33,321 |
POSB Debt Consolidation |
1 year |
8 years |
3.08% |
S$33,321 |
BOC Debt Consolidation Plan |
1 year |
10 years |
4.42% |
S$34,644 |
Citi Debt Consolidation Plan |
3 years |
7 years |
4% |
S$33,588 |
UOB Debt Consolidation Plan |
1 year |
8 years |
5% |
S$34,047.92 |
OCBC Debt Consolidation Plan |
3 years |
8 years |
4% |
S$34,050 |
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What is a Debt Consolidation Plan (DCP) and how does it work?
A Debt Consolidation Plan (DCP), like its name suggests, allows you to combine all your multiple outstanding unsecured debts into one singular repayment plan. It is usually the option to consider if you have a poor credit score and are unlikely to be able to get any loans from any bank.
Through a DCP, your preferred bank will pay off all outstanding debts with other banks and consolidate them into one single loan for you. You’ll be charged a lower interest rate than the typical interest rates of a personal loan. The DCP has to be repaid in fixed monthly instalments over a period of up to 10 years. The minimum amount that can be consolidated under the DCP is 12 times your monthly salary.
What else should you be aware of?
There is a possibility that your approved DCP amount may be insufficient to cover all your outstanding debts. If so, you will need to make alternative arrangements to pay off the amounts not covered by your DCP. You should also be aware that the interest rate offered to you could differ based on your personal credit profile.
You can also read this guide on DCP, what it is and how it works in Singapore.
Is it a good idea to get a Debt Consolidation Plan?
A DCP is most effective when you are already having trouble paying off existing high-interest loans, including credit card debt. This is because a DCP can offer lower interest rates and a longer loan tenure for you to better manage your monthly repayment amounts. It also streamlines existing payments to one credit facility, allowing you to manage one single loan rather than to juggle a few outstanding loans at the same time.
What documents do you need to apply for a DCP?
Before you apply, make sure you have the following documents ready:
- Photocopy of your NRIC (front and back)
- Latest Income Documents (e.g. latest computerised payslip, Income Tax Notice Of Assessment or 12 months CPF Contribution History Statement)
- Latest credit card and unsecured loan statements
- Latest Credit Bureau Report
- A confirmation letter that shows unbilled balances for your unsecured credit card and instalment plans
How does a Debt Consolidation Plan affect my credit score (Credit Bureau records)?
DCP is an unsecured credit product and your credit bureau record will be updated to reflect your DCP should you choose to take one. However, it could have a positive effect on your credit score as long as you meet your monthly repayments.
How to choose a Debt Consolidation Plan?
Here are some things to consider when choosing a DCP:
- Annual interest rate
- Effective interest rate
- Processing fees
- Loan tenure
- Ongoing promotions: For example, some banks give you 5% cashback when your loan is approved
Based on the factors that you deem to be more important, you can then decide on the DCP to take. For example, not all banks offer 10 year loan tenures. Some banks also offer to waive processing fees, but charge higher interest rates.
Who can apply for a Debt Consolidation Plan?
You have to be a Singapore citizen or PR to be eligible for a DCP. Additionally, you need to have:
- An annual income between S$20,000 and S$120,000
- A net value of personal assets not exceeding S$2 million
- A net size of unsecured debts exceeding 12 times your monthly income
How to apply for a Debt Consolidation Plan?
You can first compare different DCP on the SingSaver website. You can sort the DCP options by monthly repayment, annual interest rate or processing fee. Refine your search by entering your loan amount, repayment period or selecting a specific provider.
What kinds of debt cannot be consolidated under a DCP?
Debt Consolidations Plans are meant for unsecured debt, such as credit card balances and personal loans. Secured debts, such as car or housing loans, cannot be consolidated under DCP. Loans taken out for specific purposes, such as renovation loans, education loans, medical loans, and business loans, also cannot be consolidated under DCP.
Can I apply for a Debt Consolidation Plan with a bank that I am not banking with, or a Participating FI where I am not currently a customer with?
Yes. Just like how you can apply for credit cards from any banks, you can apply for a DCP with a bank that you are not currently banking with. You can make your own decision on the bank to apply for a DCP with, based on your own decision criterias.
Do I need to apply to all Participating FIs for a Debt Consolidation Plan?
You do not have to apply to all participating FIs for a DCP. You may approach any of the 14 participating FIs to apply. Different FIs have different application requirements for DCP and ultimately, it is up to the FI to decide whether to offer you a DCP.
Can I apply to more than one Participating FI?
While you may apply to more than one bank for a DCP, you can ultimately only take a DCP with one bank at any one time. Your DCP must be done in full with one Participating FI so that you may pay down your total outstanding amounts with a single FI.
I found a DCP with a lower interest rate than my current one. Can I refinance?
Yes, you can refinance your DCP. In the event that you find a bank or FI with a better deal, you can transfer your current DCP over. Notify your current bank/FI of your intent to refinance and they will be able to advise you on the process and fees, if any. However, do keep in mind that you may only do so at least 3 months after the approval of your latest DCP. The transfer is also subject to any penalty fee imposed by the original DCP financial institution for early termination.
Where can I apply for a Debt Consolidation Plan?
Debt consolidations plans are currently available at 14 participating financial institutions (FI) in Singapore:
- American Express International, Inc.
- Bank of China Limited Singapore
- CIMB Bank Berhad
- Citibank Singapore Limited
- DBS Bank Ltd
- Diners Club Singapore Pte Ltd
- HL Bank
- HSBC Bank (Singapore) Limited
- Industrial and Commercial Bank of China Limited
- Standard Chartered Bank (Singapore) Limited
- Maybank Singapore Limited
- Oversea-Chinese Banking Corporation Limited
- RHB Bank Berhad
- United Overseas Bank Limited
You can apply for a DCP from any financial institution of your choice, even if you don’t bank with them currently. It is important to note that each financial institution will have their own terms, conditions, rates, fees and promotions for DCPs.
How much will you owe the bank under a DCP?
Firstly, you will owe the bank your total outstanding debt, including interest. You will also have to pay an additional 5% over and above the total DCP amount. This 5% is to cater for any incidental charges, such as interest and fees payable, incurred from the time the DCP is approved till the time the disbursed DCP amount is received by the FI. The 5% buffer is also mandatory for the individual’s first approved DCP loan.
What are some of the benefits of a Debt Consolidation Plan?
It can be the first step to helping you get out of debt, especially when you have too much outstanding debt to pay off. A DCP also offers relatively low interest rates, when compared to other high interest debts such as credit card bills. You can also get a DCP from a bank that you do not currently bank with, giving you more flexibility when it comes to choosing a DCP that suits you. You can also read this guide on DCP, what it is and how it works in Singapore.
What is the typical tenure of a Debt Consolidation Plan?
DCP loan tenures can range from 3 years up to 10 years. The maximum loan tenure differs from bank to bank, for example, Citibank DCP has a loan tenure of up to 7 years, while Standard Chartered DCP offers a loan tenure of up to 10 years.
Am I required to consolidate all of my outstanding debt? (Or can i just consolidate a portion of my debt?)
You have to consolidate all of your outstanding debt that is unsecured. This is so that you can enter a DCP in full with a single bank. Ultimately, it is to consolidate all of your debts with a single bank so that you can pay off a single loan amount instead.
What are the differences between a Debt Consolidation Plan and a general personal loan?
A DCP is typically for those that have a large amount of debt to clear, for example, when you have outstanding debt that is more than 12 times your monthly salary. A DCP would help to consolidate all debts into a single loan with a bank. If you have smaller debt amounts, you can consider other unsecured loans such as a balance transfer or personal loans. Personal loans can also be considered during situations when a sum of cash is required for purposes such as a home renovation, wedding, unexpected medical expenses, buying a car and more.
What are the fees and charges incurred for a Debt Consolidation Plan?
There are a few fees and charges that you could incur:
- Processing fees: This processing fee can range from $0 to about $600. While some banks offer $0 processing fees, this could come with a higher interest rate.
- Early termination fee: A fee you would incur should you opt to repay your loan before the loan tenure is up.
- Late fee: Applies if you fail to pay the monthly repayment on time.
How long will the Debt Consolidation Plan account stay in my Credit Bureau report?
Similar to the practice for other products, your credit information will stay on your Credit Bureau report for 3 years after DCP closure.