Best Debt Consolidation Plans in Singapore (2020)

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Standard Chartered Debt Consolidation Plan

Standard Chartered Debt Consolidation Plan

SingSaver's Exclusive OfferFeatured
Standard Chartered Debt Consolidation Plan
3.98%
Annual Interest RateEIR 7.7% p.a.
S$199
Processing Fees
S$933
Monthly Repayment
SingSaver's Exclusive Offer:
Get up to $400 cash and 5% cashback upon approval. T&Cs apply.
HSBC Debt Consolidation Plan

HSBC Debt Consolidation Plan

Popular
HSBC Debt Consolidation Plan
3.8%
Annual Interest RateEIR 7% p.a.
S$0
Processing Fees
S$928
Monthly Repayment
BOC Debt Consolidation Plan

BOC Debt Consolidation Plan

BOC Debt Consolidation Plan
3.83%
Annual Interest RateEIR 7.48% p.a.
S$600
Processing Fees
S$929
Monthly Repayment
Citi Debt Consolidation Plan

Citi Debt Consolidation Plan

Citi Debt Consolidation Plan
3.99%
Annual Interest RateEIR 7.5% p.a.
S$0
Processing Fees
S$933
Monthly Repayment
UOB Debt Consolidation Plan

UOB Debt Consolidation Plan

UOB Debt Consolidation Plan
4.5%
Annual Interest RateEIR 8.41% p.a.
S$0
Processing Fees
S$946
Monthly Repayment
DBS Debt Consolidation

DBS Debt Consolidation

Popular
DBS Debt Consolidation
4.58%
Annual Interest RateEIR 8.65% p.a.
S$99
Processing Fees
S$948
Monthly Repayment
POSB Debt Consolidation

POSB Debt Consolidation

Popular
POSB Debt Consolidation
4.58%
Annual Interest RateEIR 8.65% p.a.
S$99
Processing Fees
S$948
Monthly Repayment
OCBC Debt Consolidation Plan

OCBC Debt Consolidation Plan

OCBC Debt Consolidation Plan
6%
Annual Interest RateEIR 11.08% p.a.
S$0
Processing Fees
S$983
Monthly Repayment
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.

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.

Need some help?

No worries, we've got you covered!

What is a Debt Consolidation Plan (DCP) and how does it work?

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

How does a Debt Consolidation Plan affect my credit score (Credit Bureau records)?

Who can apply for a Debt Consolidation Plan?

What kinds of debt cannot be consolidated under a DCP?

Where can I apply for a Debt Consolidation Plan?

How much will you owe the bank under a DCP?

What are some of the benefits of a Debt Consolidation Plan?

What is the typical tenure of a Debt Consolidation Plan?

Am I required to consolidate all of my outstanding debt? (Or can i just consolidate a portion of my debt?)

What are the fees and charges incurred for a Debt Consolidation Plan?

What else should you be aware of?

What documents do you need to apply for a DCP?

How to choose a Debt Consolidation Plan?

How to apply for a Debt Consolidation Plan?

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?

Do I need to apply to all Participating FIs for a Debt Consolidation Plan?

Can I apply to more than one Participating FI?

I found a DCP with a lower interest rate than my current one. Can I refinance?

What are the differences between a Debt Consolidation Plan and a general personal loan?

How long will the Debt Consolidation Plan account stay in my Credit Bureau report?

Confused by terms used in Personal Loan?

Glossary terms to know for first-time personal loan applicants

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