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Standard Chartered Debt Consolidation Plan

Features

Only applicable for Singaporeans and Singapore Permanent Residents (PR)
Enjoy interest savings as you manage only one account for all your outstanding balances with fixed monthly repayment
Enjoy a low interest rate of 4.5% p.a. (EIR 8.34% p.a.) to 5.88% p.a. (EIR 10.24% p.a.) from 1 July 2018 to 30 Sept 2018.
Loan tenor of 3 - 10 years is 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 $199

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.

HSBC Debt Consolidation Plan

Features

Only applicable for Singaporeans and Singapore Permanent Residents (PR)
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

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.

UOB Debt Consolidation Plan

Features

Only applicable to Singaporeans and Singapore Permanent Residents (PR)
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 is available for affordable monthly repayment
Get a complementary Visa Platinum card with a credit limit of 1x of 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.

Citi Debt Consolidation Plan

Features

Enjoy interest saving with NO processing fees & FREE credit report
Only applicable to salaried Singaporeans and Singapore Permanent Residents (PR) with annual income between S$30,000 to S$120,000
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 is available for affordable monthly repayment
Get a credit card with limit of 1x of your monthly income
Get complimentary protection insurance coverage of up to $160,000
Get free credit bureau report

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.

OCBC Debt Consolidation Plan

Features

Monthly repayment remains the same 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 of 1x your monthly income for your convenience

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.
SingSaver compares the best Personal Loans in Singapore that range from 1-year to 7-year tenures. The effective interest rate (EIR) you can enjoy from the loans on our site range from 7.0% p.a. to 18.72% p.a. The EIR of your loan will depend on the annual interest rate (or bank advertised nominal interest rate) and the tenure of your loan. For example: a loan of S$10,000 over 3 years at 3.88% p.a. nominal interest would equate to monthly repayments of S$310.11, and the total cost of the loan that you pay back would be S$11,164. This is not inclusive of any administrative or processing fees that may apply.

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What is a Debt Consolidation Loan and how does it work?

A Debt Consolidation Loan, or Debt Consolidation Plan (DCP) is a means of restructuring all your outstanding debts. It is usually the option to consider if your credit score is so bad that you are unlikely 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 loan for you. You’ll be charged a lower personal loan interest rate than usual. The DCP needs 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.

Is it a good idea to get a Debt Consolidation Loan?

A debt consolidation loan works when you are already having trouble paying off high-interest and high monthly repayments for existing loans. This is because a debt consolidation loan can offer lower interest rates and a longer loan tenure for you. It also streamlines existing payments to one credit facility.

How does debt consolidation loan affect my credit score?

Your credit bureau report will be updated to reflect your debt consolidation loan should you choose to take it up. It can have a positive effect on your credit score as long as you make prompt repayments towards your debt consolidation loan.

Can i get a debt consolidation loan from my bank?

Currently, all financial institutions who provide unsecured credit facilities and/or credit cards offer debt consolidation plans. You do not need to be an existing customer of that particular financial institution in order to apply for a debt consolidation loan.

To be eligible, you must 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

Upon application, approval for debt consolidation loan applicants are subject to the assessment of the individual banks or financial institutions.

Confused by terms used in Personal Loan?

Glossary terms to know for first-time personal loan applicants