Merge Debts, Conquer High Interest:
Top Debt Consolidation Plans & Loans
Escape high-interest debt and take control of your finances. Compare the best debt consolidation loan rates in Singapore on Personal Loan Finder and get your ideal debt consolidation loan plan that helps you save on interest and simplify your repayments!
See how different banks compare and apply for your new debt consolidation loan online to start your journey towards financial freedom today.
Disclaimer: Interest rates and promotions are subject to change and are accurate based on available public information. The final rate you receive may vary based on your personal credit assessment.
Standard Chartered Debt Consolidation Plan
Annual Interest Rate
From 3.48% p.a.
EIR
From 6.33% p.a.
Processing Fees
S$199
- Enjoy competitive interest rates from 3.48% p.a. (EIR from 6.33% p.a.)
- Up to S$500 cashback upon loan approval
- Get 6% cashback when you refinance your existing DCP with Standard Chartered
- Flexible loan tenure ranging from 3 to 10 years
- Receive a Platinum Mastercard® Credit Card with a perpetual waiver of the annual fee
Eligibility
- Aged 21–65 years old
- Singapore Citizen or Permanent Resident
- Annual income of at least S$30,000 and below S$120,000
Fees
- One-time joining fee of S$199
- Annual fee of S$192.60 (perpetually waived)
- Early repayment fee: S$250 or 5% of outstanding principal, whichever is higher
- Late payment fee: S$100
Features
- Enjoy competitive interest rates from 3.48% p.a. (EIR from 6.33% p.a.)
- Up to S$500 cashback upon loan approval
- Get 6% cashback when you refinance your existing DCP with Standard Chartered
- Flexible loan tenure ranging from 3 to 10 years
- Receive a Platinum Mastercard® Credit Card with a perpetual waiver of the annual fee
Loan details
Eligibility
- Aged 21–65 years old
- Singapore Citizen or Permanent Resident
- Annual income of at least S$30,000 and below S$120,000
Fees
- One-time joining fee of S$199
- Annual fee of S$192.60 (perpetually waived)
- Early repayment fee: S$250 or 5% of outstanding principal, whichever is higher
- Late payment fee: S$100
Standard Chartered Debt Consolidation Plan
Annual Interest Rate
From 3.48% p.a.
EIR
From 6.33% p.a.
Processing Fees
S$199
- Enjoy competitive interest rates from 3.48% p.a. (EIR from 6.33% p.a.)
- Up to S$500 cashback upon loan approval
- Get 6% cashback when you refinance your existing DCP with Standard Chartered
- Flexible loan tenure ranging from 3 to 10 years
- Receive a Platinum Mastercard® Credit Card with a perpetual waiver of the annual fee
Eligibility
- Aged 21–65 years old
- Singapore Citizen or Permanent Resident
- Annual income of at least S$30,000 and below S$120,000
Fees
- One-time joining fee of S$199
- Annual fee of S$192.60 (perpetually waived)
- Early repayment fee: S$250 or 5% of outstanding principal, whichever is higher
- Late payment fee: S$100
Features
- Enjoy competitive interest rates from 3.48% p.a. (EIR from 6.33% p.a.)
- Up to S$500 cashback upon loan approval
- Get 6% cashback when you refinance your existing DCP with Standard Chartered
- Flexible loan tenure ranging from 3 to 10 years
- Receive a Platinum Mastercard® Credit Card with a perpetual waiver of the annual fee
Loan details
Eligibility
- Aged 21–65 years old
- Singapore Citizen or Permanent Resident
- Annual income of at least S$30,000 and below S$120,000
Fees
- One-time joining fee of S$199
- Annual fee of S$192.60 (perpetually waived)
- Early repayment fee: S$250 or 5% of outstanding principal, whichever is higher
- Late payment fee: S$100
DBS/POSB Debt Consolidation Plan
Annual Interest Rate
From 3.58% p.a.
EIR
From 6.56% p.a.
Processing Fees
S$99
- Limited-time promotional rate of 3.58% p.a. (EIR from 6.56% p.a.)
- Repayment periods of up to 8 years
- Comes bundled with a DBS Visa Platinum Credit Card (no annual fee) for day-to-day spending needs, with a credit limit capped at 1x your monthly income
Eligibility
- Aged 21–65 years old
- Singapore Citizen or Permanent Resident
- Annual income of at least S$30,000 and below S$120,000
- Balance-to-Income Ratio (BTI) greater than 12x monthly income
Fees
- Processing fee: S$99
- Early repayment fee: 5% of outstanding balance
- Late payment fee: S$90
- No annual fee for the bundled DBS Visa Platinum Credit Card
Features
- Limited-time promotional rate of 3.58% p.a. (EIR from 6.56% p.a.)
- Repayment periods of up to 8 years
- Comes bundled with a DBS Visa Platinum Credit Card (no annual fee) for day-to-day spending needs, with a credit limit capped at 1x your monthly income
Loan details
Eligibility
- Aged 21–65 years old
- Singapore Citizen or Permanent Resident
- Annual income of at least S$30,000 and below S$120,000
- Balance-to-Income Ratio (BTI) greater than 12x monthly income
Fees
- Processing fee: S$99
- Early repayment fee: 5% of outstanding balance
- Late payment fee: S$90
- No annual fee for the bundled DBS Visa Platinum Credit Card
DBS/POSB Debt Consolidation Plan
Annual Interest Rate
From 3.58% p.a.
EIR
From 6.56% p.a.
Processing Fees
S$99
- Limited-time promotional rate of 3.58% p.a. (EIR from 6.56% p.a.)
- Repayment periods of up to 8 years
- Comes bundled with a DBS Visa Platinum Credit Card (no annual fee) for day-to-day spending needs, with a credit limit capped at 1x your monthly income
Eligibility
- Aged 21–65 years old
- Singapore Citizen or Permanent Resident
- Annual income of at least S$30,000 and below S$120,000
- Balance-to-Income Ratio (BTI) greater than 12x monthly income
Fees
- Processing fee: S$99
- Early repayment fee: 5% of outstanding balance
- Late payment fee: S$90
- No annual fee for the bundled DBS Visa Platinum Credit Card
Features
- Limited-time promotional rate of 3.58% p.a. (EIR from 6.56% p.a.)
- Repayment periods of up to 8 years
- Comes bundled with a DBS Visa Platinum Credit Card (no annual fee) for day-to-day spending needs, with a credit limit capped at 1x your monthly income
Loan details
Eligibility
- Aged 21–65 years old
- Singapore Citizen or Permanent Resident
- Annual income of at least S$30,000 and below S$120,000
- Balance-to-Income Ratio (BTI) greater than 12x monthly income
Fees
- Processing fee: S$99
- Early repayment fee: 5% of outstanding balance
- Late payment fee: S$90
- No annual fee for the bundled DBS Visa Platinum Credit Card
Citi Debt Consolidation Plan
Annual Interest Rate
From 3.99% p.a.
EIR
From 7.50% p.a.
Processing Fees
S$0 (no processing fee)
- No processing fee
- Loan tenure of up to 7 years
- Receive a Citi Credit Card with a limit up to 1x your monthly income
Eligibility
- Aged 21 and above
- Singapore Citizen or Permanent Resident
- Annual income of at least S$30,000 and below S$120,000 (or at least S$48,000 if not an existing Citi customer), with net personal assets under S$2 million
- Total outstanding unsecured debt must be at least 12x your monthly income
Fees
- Processing fee: S$0
- Early repayment fee: 5% of outstanding loan amount or S$100, whichever is higher
- Late payment fee: As specified in the Approval Letter
Features
- No processing fee
- Loan tenure of up to 7 years
- Receive a Citi Credit Card with a limit up to 1x your monthly income
Loan details
Eligibility
- Aged 21 and above
- Singapore Citizen or Permanent Resident
- Annual income of at least S$30,000 and below S$120,000 (or at least S$48,000 if not an existing Citi customer), with net personal assets under S$2 million
- Total outstanding unsecured debt must be at least 12x your monthly income
Fees
- Processing fee: S$0
- Early repayment fee: 5% of outstanding loan amount or S$100, whichever is higher
- Late payment fee: As specified in the Approval Letter
Citi Debt Consolidation Plan
Annual Interest Rate
From 3.99% p.a.
EIR
From 7.50% p.a.
Processing Fee
S$0 (no processing fee)
- No processing fee
- Loan tenure of up to 7 years
- Receive a Citi Credit Card with a limit up to 1x your monthly income
Eligibility
- Aged 21 and above
- Singapore Citizen or Permanent Resident
- Annual income of at least S$30,000 and below S$120,000 (or at least S$48,000 if not an existing Citi customer), with net personal assets under S$2 million
- Total outstanding unsecured debt must be at least 12x your monthly income
Fees
- Processing fee: S$0
- Early repayment fee: 5% of outstanding loan amount or S$100, whichever is higher
- Late payment fee: As specified in the Approval Letter
Features
- No processing fee
- Loan tenure of up to 7 years
- Receive a Citi Credit Card with a limit up to 1x your monthly income
Loan details
Eligibility
- Aged 21 and above
- Singapore Citizen or Permanent Resident
- Annual income of at least S$30,000 and below S$120,000 (or at least S$48,000 if not an existing Citi customer), with net personal assets under S$2 million
- Total outstanding unsecured debt must be at least 12x your monthly income
Fees
- Processing fee: S$0
- Early repayment fee: 5% of outstanding loan amount or S$100, whichever is higher
- Late payment fee: As specified in the Approval Letter
UOB Debt Consolidation Plan
Annual Interest Rate
From 4.50% p.a.
EIR
From 8.22% p.a.
Processing Fees
NA
- Flexible loan tenure of up to 8 years
- Start with lower monthly repayments under the Tiered Interest Rate offer: 2.28% p.a. for year one, then 6.28% p.a. (EIR: 9.04% p.a.) for the rest of a 6-year loan, with 7- and 8-year options available.
- Complementary Visa Platinum Card for managing daily expenses
Eligibility
- Aged 21–65 years
- Singapore Citizen or Permanent Resident
- Annual income of at least S$30,000 and below S$120,000
- Outstanding unsecured balances of at least 12x monthly income
Fees
- Processing fee: S$0 (waived)
- Early repayment fee: 5% flat rate on the total outstanding loan amount or S$200, whichever is higher, for tenures of 1-6 years; 8% on the total outstanding amount of S$300, whichever is higher, for tenures of 7-8 years (also applies for tiered interest options)
- Late payment fee: S$90
Features
- Flexible loan tenure of up to 8 years
- Start with lower monthly repayments under the Tiered Interest Rate offer: 2.28% p.a. for year one, then 6.28% p.a. (EIR: 9.04% p.a.) for the rest of a 6-year loan, with 7- and 8-year options available.
- Complementary Visa Platinum Card for managing daily expenses
Loan details
Eligibility
- Aged 21–65 years
- Singapore Citizen or Permanent Resident
- Annual income of at least S$30,000 and below S$120,000
- Outstanding unsecured balances of at least 12x monthly income
Fees
- Processing fee: S$0 (waived)
- Early repayment fee: 5% flat rate on the total outstanding loan amount or S$200, whichever is higher, for tenures of 1-6 years; 8% on the total outstanding amount of S$300, whichever is higher, for tenures of 7-8 years (also applies for tiered interest options)
- Late payment fee: S$90
UOB Debt Consolidation Plan
Annual Interest Rate
From 4.50% p.a.
EIR
From 8.22% p.a.
Processing Fee
NA
- Flexible loan tenure of up to 8 years
- Start with lower monthly repayments under the Tiered Interest Rate offer: 2.28% p.a. for year one, then 6.28% p.a. (EIR: 9.04% p.a.) for the rest of a 6-year loan, with 7- and 8-year options available.
- Complementary Visa Platinum Card for managing daily expenses
Eligibility
- Aged 21–65 years
- Singapore Citizen or Permanent Resident
- Annual income of at least S$30,000 and below S$120,000
- Outstanding unsecured balances of at least 12x monthly income
Fees
- Processing fee: S$0 (waived)
- Early repayment fee: 5% flat rate on the total outstanding loan amount or S$200, whichever is higher, for tenures of 1-6 years; 8% on the total outstanding amount of S$300, whichever is higher, for tenures of 7-8 years (also applies for tiered interest options)
- Late payment fee: S$90
Features
- Flexible loan tenure of up to 8 years
- Start with lower monthly repayments under the Tiered Interest Rate offer: 2.28% p.a. for year one, then 6.28% p.a. (EIR: 9.04% p.a.) for the rest of a 6-year loan, with 7- and 8-year options available.
- Complementary Visa Platinum Card for managing daily expenses
Loan details
Eligibility
- Aged 21–65 years
- Singapore Citizen or Permanent Resident
- Annual income of at least S$30,000 and below S$120,000
- Outstanding unsecured balances of at least 12x monthly income
Fees
- Processing fee: S$0 (waived)
- Early repayment fee: 5% flat rate on the total outstanding loan amount or S$200, whichever is higher, for tenures of 1-6 years; 8% on the total outstanding amount of S$300, whichever is higher, for tenures of 7-8 years (also applies for tiered interest options)
- Late payment fee: S$90
HSBC Debt Consolidation Plan
Annual Interest Rate
From 4.5% p.a.
EIR
From 8.0% p.a.
Processing Fees
1% of approved loan amount (minimum SGD 88)
- Flexible loan tenor from 1 to 10 years
- Enjoy 5% cashback on the approved loan amount when refinancing an existing Debt Consolidation Plan
- Complimentary HSBC Visa Platinum Credit Card for financial flexibility
- Free credit bureau report (limited-time offer)
Eligibility
- Singapore Citizen or Permanent Resident
- Annual income of S$30,000 – S$119,999 for salaried employees
- Annual income S$40,000 – S$119,999 for self-employed/commission-based earners
- Total interest-bearing unsecured balances must exceed 12x monthly income
Fees
- Processing fee: 1% of loan amount (min SGD 88)
- Early repayment fee: 5% of the repayment amount
- Late payment fee: S$120 for each missed monthly repayment
Features
- Flexible loan tenor from 1 to 10 years
- Enjoy 5% cashback on the approved loan amount when refinancing an existing Debt Consolidation Plan
- Complimentary HSBC Visa Platinum Credit Card for financial flexibility
- Free credit bureau report (limited-time offer)
Loan details
Eligibility
- Singapore Citizen or Permanent Resident
- Annual income of S$30,000 – S$119,999 for salaried employees
- Annual income S$40,000 – S$119,999 for self-employed/commission-based earners
- Total interest-bearing unsecured balances must exceed 12x monthly income
Fees
- Processing fee: 1% of loan amount (min SGD 88)
- Early repayment fee: 5% of the repayment amount
- Late payment fee: S$120 for each missed monthly repayment
HSBC Debt Consolidation Plan
Annual Interest Rate
From 4.5% p.a.
EIR
From 8.0% p.a.
Processing Fees
1% of approved loan amount (minimum SGD 88)
- Flexible loan tenor from 1 to 10 years
- Enjoy 5% cashback on the approved loan amount when refinancing an existing Debt Consolidation Plan
- Complimentary HSBC Visa Platinum Credit Card for financial flexibility
- Free credit bureau report (limited-time offer)
Eligibility
- Singapore Citizen or Permanent Resident
- Annual income of S$30,000 – S$119,999 for salaried employees
- Annual income S$40,000 – S$119,999 for self-employed/commission-based earners
- Total interest-bearing unsecured balances must exceed 12x monthly income
Fees
- Processing fee: 1% of loan amount (min SGD 88)
- Early repayment fee: 5% of the repayment amount
- Late payment fee: S$120 for each missed monthly repayment
Features
- Flexible loan tenor from 1 to 10 years
- Enjoy 5% cashback on the approved loan amount when refinancing an existing Debt Consolidation Plan
- Complimentary HSBC Visa Platinum Credit Card for financial flexibility
- Free credit bureau report (limited-time offer)
Loan details
Eligibility
- Singapore Citizen or Permanent Resident
- Annual income of S$30,000 – S$119,999 for salaried employees
- Annual income S$40,000 – S$119,999 for self-employed/commission-based earners
- Total interest-bearing unsecured balances must exceed 12x monthly income
Fees
- Processing fee: 1% of loan amount (min SGD 88)
- Early repayment fee: 5% of the repayment amount
- Late payment fee: S$120 for each missed monthly repayment
Bank of China Debt Consolidation Plan
Annual Interest Rate
From 6% p.a.
EIR
From 7.48% p.a.
Processing Fees
As specified in the Approval Letter
- Fixed monthly repayments for up to 10 years
- Complimentary BOC Family Card (annual fee waived during loan tenure)
Eligibility
- Singapore Citizen or Permanent Resident
- Annual income of S$30,000 and above
- At least 25 years old
- Total interest-bearing unsecured debt must exceed 12x monthly income
Fees
- Processing fee: As specified in the Approval Letter
- Early repayment fee: 5% on the outstanding balance or S$200, whichever is higher
- Late payment fee: As determined by the Bank
Features
- Fixed monthly repayments for up to 10 years
- Complimentary BOC Family Card (annual fee waived during loan tenure)
Loan details
Eligibility
- Singapore Citizen or Permanent Resident
- Annual income of S$30,000 and above
- At least 25 years old
- Total interest-bearing unsecured debt must exceed 12x monthly income
Fees
- Processing fee: As specified in the Approval Letter
- Early repayment fee: 5% on the outstanding balance or S$200, whichever is higher
- Late payment fee: As determined by the Bank
Bank of China Debt Consolidation Plan
Annual Interest Rate
From 6% p.a.
EIR
From 7.48% p.a.
Processing Fees
As specified in the Approval Letter
- Fixed monthly repayments for up to 10 years
- Complimentary BOC Family Card (annual fee waived during loan tenure)
Eligibility
- Singapore Citizen or Permanent Resident
- Annual income of S$30,000 and above
- At least 25 years old
- Total interest-bearing unsecured debt must exceed 12x monthly income
Fees
- Processing fee: As specified in the Approval Letter
- Early repayment fee: 5% on the outstanding balance or S$200, whichever is higher
- Late payment fee: As determined by the Bank
Features
- Fixed monthly repayments for up to 10 years
- Complimentary BOC Family Card (annual fee waived during loan tenure)
Loan details
Eligibility
- Singapore Citizen or Permanent Resident
- Annual income of S$30,000 and above
- At least 25 years old
- Total interest-bearing unsecured debt must exceed 12x monthly income
Fees
- Processing fee: As specified in the Approval Letter
- Early repayment fee: 5% on the outstanding balance or S$200, whichever is higher
- Late payment fee: As determined by the Bank
CIMB Debt Consolidation Plan
Annual Interest Rate
From 2.77% p.a.
EIR
From 7% p.a.
Processing Fees
1% of approved loan amount
- Full consolidation of interest-bearing balances across all banks in Singapore
- Structured monthly repayments for up to 5 years
- CIMB credit card with a credit limit amounting to your monthly income will accompany the DCP product
Eligibility
- Singapore Citizen or Permanent Resident
- Annual income of S$30,000 to S$120,000
- Total eligible interest-bearing unsecured debt must be more than 12x monthly income
Fees
- Processing fee: 1% of approved loan amount
- Early repayment fee: 3% of outstanding principal amount or S$250, whichever is higher
- Late payment fee: S$100
Features
- Full consolidation of interest-bearing balances across all banks in Singapore
- Structured monthly repayments for up to 5 years
- CIMB credit card with a credit limit amounting to your monthly income will accompany the DCP product
Loan details
Eligibility
- Singapore Citizen or Permanent Resident
- Annual income of S$30,000 to S$120,000
- Total eligible interest-bearing unsecured debt must be more than 12x monthly income
Fees
- Processing fee: 1% of approved loan amount
- Early repayment fee: 3% of outstanding principal amount or S$250, whichever is higher
- Late payment fee: S$100
CIMB Debt Consolidation Plan
Annual Interest Rate
From 2.77% p.a.
EIR
From 7% p.a.
Processing Fees
1% of approved loan amount
- Full consolidation of interest-bearing balances across all banks in Singapore
- Structured monthly repayments for up to 5 years
- CIMB credit card with a credit limit amounting to your monthly income will accompany the DCP product
Eligibility
- Singapore Citizen or Permanent Resident
- Annual income of S$30,000 to S$120,000
- Total eligible interest-bearing unsecured debt must be more than 12x monthly income
Fees
- Processing fee: 1% of approved loan amount
- Early repayment fee: 3% of outstanding principal amount or S$250, whichever is higher
- Late payment fee: S$100
Features
- Full consolidation of interest-bearing balances across all banks in Singapore
- Structured monthly repayments for up to 5 years
- CIMB credit card with a credit limit amounting to your monthly income will accompany the DCP product
Loan details
Eligibility
- Singapore Citizen or Permanent Resident
- Annual income of S$30,000 to S$120,000
- Total eligible interest-bearing unsecured debt must be more than 12x monthly income
Fees
- Processing fee: 1% of approved loan amount
- Early repayment fee: 3% of outstanding principal amount or S$250, whichever is higher
- Late payment fee: S$100
Maybank Debt Consolidation Plan
Annual Interest Rate
From 3.48% p.a.
EIR
From 6.26% p.a.
Processing Fees
As indicated in your DCP Approval Letter
- Up to 5% cash rebate on the approved loan amount
- Easy monthly repayments for up to 10 years
- Complimentary credit card with up to one month’s income for making easy daily transactions
Eligibility
- Aged 21 and above
- Singapore Citizen or Permanent Resident
- Annual income of S$30,000 to S$120,000 or Net Personal Asset < S$2million
- Total permitted interest-bearing unsecured debt must be more than 12x monthly income
Fees
- Processing fee: As determined by Maybank
- Early repayment fee: 5% of your remaining outstanding balance or S$800, whichever is higher
- Late payment fee: 5% of your minimum monthly instalment amount or S$100, whichever is higher
- Admin fee: 4% on the additional loan amount should there be a need to increase your DCP loan sum
Features
- Up to 5% cash rebate on the approved loan amount
- Easy monthly repayments for up to 10 years
- Complimentary credit card with up to one month’s income for making easy daily transactions
Loan details
Eligibility
- Aged 21 and above
- Singapore Citizen or Permanent Resident
- Annual income of S$30,000 to S$120,000 or Net Personal Asset < S$2million
- Total permitted interest-bearing unsecured debt must be more than 12x monthly income
Fees
- Processing fee: As determined by Maybank
- Early repayment fee: 5% of your remaining outstanding balance or S$800, whichever is higher
- Late payment fee: 5% of your minimum monthly instalment amount or S$100, whichever is higher
- Admin fee: 4% on the additional loan amount should there be a need to increase your DCP loan sum
Maybank Debt Consolidation Plan
Annual Interest Rate
From 3.48% p.a.
EIR
From 6.26% p.a.
Processing Fees
As indicated in your DCP Approval Letter
- Up to 5% cash rebate on the approved loan amount
- Easy monthly repayments for up to 10 years
- Complimentary credit card with up to one month’s income for making easy daily transactions
Eligibility
- Aged 21 and above
- Singapore Citizen or Permanent Resident
- Annual income of S$30,000 to S$120,000 or Net Personal Asset < S$2million
- Total permitted interest-bearing unsecured debt must be more than 12x monthly income
Fees
- Processing fee: As determined by Maybank
- Early repayment fee: 5% of your remaining outstanding balance or S$800, whichever is higher
- Late payment fee: 5% of your minimum monthly instalment amount or S$100, whichever is higher
- Admin fee: 4% on the additional loan amount should there be a need to increase your DCP loan sum
Features
- Up to 5% cash rebate on the approved loan amount
- Easy monthly repayments for up to 10 years
- Complimentary credit card with up to one month’s income for making easy daily transactions
Loan details
Eligibility
- Aged 21 and above
- Singapore Citizen or Permanent Resident
- Annual income of S$30,000 to S$120,000 or Net Personal Asset < S$2million
- Total permitted interest-bearing unsecured debt must be more than 12x monthly income
Fees
- Processing fee: As determined by Maybank
- Early repayment fee: 5% of your remaining outstanding balance or S$800, whichever is higher
- Late payment fee: 5% of your minimum monthly instalment amount or S$100, whichever is higher
- Admin fee: 4% on the additional loan amount should there be a need to increase your DCP loan sum
OCBC Debt Consolidation Plan
Annual Interest Rate
4.50% p.a.
EIR
From 8.06% p.a. to 8.41% p.a. depending on loan tenure
Processing Fees
Unable to find info from OCBC T&Cs
- Fixed monthly repayment amount makes for easy budgeting
- Lower interest rate compared to credit card and overdraft facilities’ interest rates
- Flexible loan tenure from 3 to 8 years
- Free Debt Consolidation Card (OCBC Platinum Credit Card) for your daily needs and expenses, with a credit limit of up to 1 month’s salary
Eligibility
- Aged 21 and above
- Singapore Citizen or Permanent Resident
- Earn an annual salary between S$30,000 and S$120,000
- Balance-to-Income (BTI) greater than or equal to 12x their monthly salary
Fees
- Processing fee: Unable to find info from OCBC T&Cs
- Early repayment fee: 5% outstanding loan amount
- Late payment fee: S$200
- Over the counter payment/deposit fee: S$25 for each transaction
Features
- Fixed monthly repayment amount makes for easy budgeting
- Lower interest rate compared to credit card and overdraft facilities’ interest rates
- Flexible loan tenure from 3 to 8 years
- Free Debt Consolidation Card (OCBC Platinum Credit Card) for your daily needs and expenses, with a credit limit of up to 1 month’s salary
Loan details
Eligibility
- Aged 21 and above
- Singapore Citizen or Permanent Resident
- Earn an annual salary between S$30,000 and S$120,000
- Balance-to-Income (BTI) greater than or equal to 12x their monthly salary
Fees
- Processing fee: Unable to find info from OCBC T&Cs
- Early repayment fee: 5% outstanding loan amount
- Late payment fee: S$200
- Over the counter payment/deposit fee: S$25 for each transaction
OCBC Debt Consolidation Plan
Annual Interest Rate
4.50% p.a.
EIR
From 8.06% p.a. to 8.41% p.a. depending on loan tenure
Processing Fees
Unable to find info from OCBC T&Cs
- Fixed monthly repayment amount makes for easy budgeting
- Lower interest rate compared to credit card and overdraft facilities’ interest rates
- Flexible loan tenure from 3 to 8 years
- Free Debt Consolidation Card (OCBC Platinum Credit Card) for your daily needs and expenses, with a credit limit of up to 1 month’s salary
Eligibility
- Aged 21 and above
- Singapore Citizen or Permanent Resident
- Earn an annual salary between S$30,000 and S$120,000
- Balance-to-Income (BTI) greater than or equal to 12x their monthly salary
Fees
- Processing fee: Unable to find info from OCBC T&Cs
- Early repayment fee: 5% outstanding loan amount
- Late payment fee: S$200
- Over the counter payment/deposit fee: S$25 for each transaction
Features
- Fixed monthly repayment amount makes for easy budgeting
- Lower interest rate compared to credit card and overdraft facilities’ interest rates
- Flexible loan tenure from 3 to 8 years
- Free Debt Consolidation Card (OCBC Platinum Credit Card) for your daily needs and expenses, with a credit limit of up to 1 month’s salary
Loan details
Eligibility
- Aged 21 and above
- Singapore Citizen or Permanent Resident
- Earn an annual salary between S$30,000 and S$120,000
- Balance-to-Income (BTI) greater than or equal to 12x their monthly salary
Fees
- Processing fee: Unable to find info from OCBC T&Cs
- Early repayment fee: 5% outstanding loan amount
- Late payment fee: S$200
- Over the counter payment/deposit fee: S$25 for each transaction
Other financial institutions
Annual Interest Rate
Up to 48% p.a.
Processing Fees
Up to 10% of the loan principal
Loan Tenure
Up to 2 years
- Fast loan approval
- No credit score restrictions
- Same-day disbursement available
- No minimum loan amount
- Borrow up to 6x your monthly income if you earn at least S$20,000/year, open to all nationalities
- Maximum loan amount of S$3,000 for Singaporeans/PRs earning below S$20,000/year
- Maximum loan amount of S$3,000 for foreigners with annual income of at least S$10,000 but less than S$20,000; S$500 for foreigners who earn less than S$10,000/year
Eligibility
- Aged 18 and above
- Must have a stable source of income
Fees
- Processing fee: Up to 10% of the loan principal
- Late payment fee: Up to S$60 per month for overdue payments
- No early repayment fees
Features
- Fast loan approval
- No credit score restrictions
- Same-day disbursement available
- No minimum loan amount
- Borrow up to 6x your monthly income if you earn at least S$20,000/year, open to all nationalities
- Maximum loan amount of S$3,000 for Singaporeans/PRs earning below S$20,000/year
- Maximum loan amount of S$3,000 for foreigners with annual income of at least S$10,000 but less than S$20,000; S$500 for foreigners who earn less than S$10,000/year
Loan details
Eligibility
- Aged 18 and above
- Must have a stable source of income
Fees
- Processing fee: Up to 10% of the loan principal
- Late payment fee: Up to S$60 per month for overdue payments
- No early repayment fees
Other financial institutions
Annual Interest Rate
Up to 48% p.a.
Processing Fees
Up to 10% of the loan principal
Loan Tenure
Up to 2 years
- Fast loan approval
- No credit score restrictions
- Same-day disbursement available
- No minimum loan amount
- Borrow up to 6x your monthly income if you earn at least S$20,000/year, open to all nationalities
- Maximum loan amount of S$3,000 for Singaporeans/PRs earning below S$20,000/year
- Maximum loan amount of S$3,000 for foreigners with annual income of at least S$10,000 but less than S$20,000; S$500 for foreigners who earn less than S$10,000/year
Eligibility
- Aged 18 and above
- Must have a stable source of income
Fees
- Processing fee: Up to 10% of the loan principal
- Late payment fee: Up to S$60 per month for overdue payments
- No early repayment fees
Features
- Fast loan approval
- No credit score restrictions
- Same-day disbursement available
- No minimum loan amount
- Borrow up to 6x your monthly income if you earn at least S$20,000/year, open to all nationalities
- Maximum loan amount of S$3,000 for Singaporeans/PRs earning below S$20,000/year
- Maximum loan amount of S$3,000 for foreigners with annual income of at least S$10,000 but less than S$20,000; S$500 for foreigners who earn less than S$10,000/year
Loan details
Eligibility
- Aged 18 and above
- Must have a stable source of income
Fees
- Processing fee: Up to 10% of the loan principal
- Late payment fee: Up to S$60 per month for overdue payments
- No early repayment fees
Table of Contents
Debt Consolidation Loan vs Debt Consolidation Plan in Singapore 101
What is a debt consolidation plan?
A Debt Consolidation Plan (DCP) is a financial product specifically designed to help individuals with a substantial unsecured debt burden. It merges all your existing unsecured loans—such as credit card balances, personal loans, and credit lines—into one single new loan with a lower, fixed interest rate.
This new loan replaces your old debts, leaving you with just one manageable monthly payment — streamlining your debt and making things so much easier to track. In case you didn’t already know, the debt consolidation plan is regulated by the Monetary Authority of Singapore (MAS), and is a structured way to get a handle on your finances and work towards becoming debt-free.
How do debt consolidation plans work?
After gaining approval for a debt consolidation plan, your new loan will be disbursed directly to your existing creditors — don’t be alarmed! The bank or financial institution that issued the debt consolidation plan will pay off your outstanding balances on your credit cards and other unsecured loans on your behalf, ensuring that funds are put to their intended use.
After the debts are settled, your old accounts are closed, leaving you with only the new debt consolidation plan to repay. You will then make a single, fixed monthly payment throughout your loan tenure, often at a lower interest rate than what you were paying on your overdue credit card bills and loans.
Where can I get debt consolidation plans from?
Many major banks in Singapore offer debt consolidation plans. These are often separate from their standard personal loan products. The list of participating banks includes DBS, OCBC, UOB, HSBC, Citibank, and Maybank, among others.
Note that each bank has its own specific terms and promotional interest rates, so it’s essential to compare their offers to determine the most optimal debt consolidation plan for your needs.
How much can you borrow on a debt consolidation plan from banks and financial institutions?
The loan amount for a debt consolidation plan is based on the total of your existing unsecured debts. The loan quantum is designed to be adequate for paying off your eligible outstanding balances from all participating banks and financial institutions. The plan typically also includes a small amount of cash on top of the consolidated sum, usually up to 5% of the approved loan, which can be used to cover any fees or for personal needs.
What’s the loan tenure of a debt consolidation plan?
The loan tenure for a debt consolidation plan ranges from 1 to 10 years. The loan tenure you go for has a direct impact on your monthly payments and the total amount of interest you’ll pay over time.
How so? Well, a shorter tenure means you’ll need to pay off the loan quicker with higher monthly payments, but lower overall interest charges. On the contrary, a longer tenure results in lower, more manageable monthly payments, at the cost of higher total interest.
What are the benefits of taking a debt consolidation plan?
- Simplifies Repayment and Tracking: A debt consolidation plan streamlines your finances by merging all eligible unsecured debts into a single, manageable monthly payment to one bank.
- Lower Interest Rates: The interest rate on a debt consolidation plan is typically much lower and fixed compared to the high, compounding interest rates on credit cards and overdue loans. This can mean significant savings on your total interest payments.
- Fixed Repayment Term: With a fixed tenure and a great deal of commitment, you have a clear timeline for working towards becoming debt-free.
- Prevents Further Debt: After your debt consolidation plan is approved, your existing unsecured credit facilities (e.g., credit cards) will be suspended or cancelled, preventing you from accumulating more debt.
I’ve heard of debt consolidation loan. What exactly is this?
Think of debt consolidation loans as a type of personal loan from alternative legal loan providers that allow you to combine and streamline debts for easier repayment.
Do banks offer debt consolidation loans?
No, banks do not offer debt consolidation loans. Debt consolidation loans are only available at alternative legal loan providers — not traditional banks and financial institutions.
Is it easy to qualify for a debt consolidation loan?
Absolutely, it is much easier to qualify for a debt consolidation loan as there is no minimum income requirement, and you do not need to be so deep in debt in order to utilise this credit facility. Case in point, your outstanding unsecured debts do not have to be equal or more than 12 times your monthly salary.
Who Can Get a Debt Consolidation Plan in Singapore?
While a debt consolidation plan is indeed a powerful tool for managing multiple debts, it is not made for everyone and anyone. In any case, to be eligible for a debt consolidation plan, you must meet all three criteria set by the MAS:
- Citizenship: The plan is exclusively for Singapore Citizens and Permanent Residents.
- Financial Status: You must earn a gross annual income of between S20,000 and S120,000. Additionally, your net personal assets must be less than S$2 million.
- Outstanding Debt: To qualify, your total outstanding unsecured debt must be equal to or greater than 12 times your monthly salary. Only those who genuinely need to manage a substantial debt burden can access the plan.
What If You Can’t Qualify for a Debt Consolidation Plan?
If you don’t meet the eligibility requirements for a debt consolidation plan, don’t worry — a standard personal loan can serve a similar purpose. A personal loan is a versatile financial tool that can be used to pay down high-interest debt, such as overdue credit card balances.
Here’s a simple, three-step guide on how to use a personal loan to consolidate your debt:
Step 1: Secure a Personal Loan
Start by comparing personal loan options to find a package that fits your needs. Look for competitive interest rates and favourable terms. For instance, a loan with a low interest rate, such as the one offered by Standard Chartered, could be a great choice for this purpose.
Step 2: Pay Off Your Existing Debts
Once your personal loan is approved and the funds are disbursed, use the money to pay off your outstanding high-interest debts, such as credit card bills. It’s crucial to use the entire amount for this purpose and not for discretionary spending. Focus on paying down your debts, especially high-interest debts!
Step 3: Stay Disciplined
The key to success is to stick to your new personal loan repayment plan. To avoid falling back into debt, consider cutting up or canceling the credit cards you just paid off. This helps you build healthy financial habits and keeps you on the path to becoming debt-free.
Debt Consolidation Plan FAQs
What kind of debts cannot be consolidated under a debt consolidation plan?
While a DCP is designed for unsecured debts, it has specific exclusions. The following types of loans cannot be consolidated under a DCP:
- Secured loans (e.g., car loans and home loans)
- Renovation loans
- Education loans
- Medical loans
- Credit facilities granted for business purposes
- Joint accounts
What documents do I need to apply for a debt consolidation plan?
To apply for a debt consolidation plan, you will generally need to provide the following documents:
- A completed and signed application form.
- A copy of your NRIC (front and back).
- Your latest Credit Bureau Report.
- Proof of income (e.g., latest computerised payslip, CPF contribution history, or Income Tax Notice of Assessment).
- Latest statements from all your existing unsecured credit facilities, showing your outstanding balances.
Should I consider a debt consolidation loan instead?
You can consider a debt consolidation loan offered by a legitimate loan provider in Singapore if you aren’t able to secure a debt consolidation plan or personal loan product from a major bank — their loans are highly accessible and easy to qualify for. However, be aware that their interest rates, loan terms and conditions may vary greatly from those of major banks and financial institutions in Singapore.