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  1. Personal Loans and Mortgages
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  3. Debt Consolidation Plan Refinancing

Debt Consolidation Plan Refinancing

Enjoy lighter repayments with interest rates as low as 3.48% p.a. (EIR from 6.33% p.a.) and 6% cashback

Debt Consolidation Plan Refinancing Benefits

  • from
    3.48% p.a.

    Enjoy competitive loan interest rates (EIR from 6.33% p.a.)

  • save up to
    S$14K

    On refinanced debt interest charges

  • receive
    6%

    Cashback on Debt Consolidation Loan approved amount

Relevant terms and conditions apply. Receive a Platinum Mastercard Credit Card with annual fee perpetually waived.

Features

Save on Interest Payments

Refinance with Standard Chartered Debt Consolidation Plan (DCP) to save on interest payments with lower interest rate and tenures from 3 to 10 years

Credit Card

Receive a Platinum Mastercard® Credit Card with a credit limit2 equivalent to your monthly salary for your daily use (Credit limit is shared across all existing credit card).

Annual Fee Waiver

Annual Fee perpetually waived for your Platinum Mastercard® Credit Card.

Here’s an illustration1 of how DCP Refinancing works

(Assuming your existing DCP has an outstanding balance of S$60,000)

Table 2
STANDARD CHARTERED DEBT CONSOLIDATION PLAN REFINANCING
EXISTING DEBT CONSOLIDATION PLAN GRANTED BY ANOTHER FINANCIAL INSTITUTION
Monthly Instalment S$891 S$1,063
Tenure 7 Years 7 Years
Interest Rate 3.48% p.a. (EIR**6.53% p.a.) 6.88% p.a. (EIR* 12.12% p.a.)
Total Payable (without drawing new amounts) S$74,914 S$89,293
Interest Savings   (with Debt Consolidation Plan Refinancing) S$14,379
Wish to speak to us for more information? SMS LOAN< space >DCPINFO< space >NAME to 77222 for us to call you back.

1 The illustration is based on the assumption that: (a) the total outstanding balance of S$60,000 is subject to interest rates of 6.88% p.a. (EIR* from 12.12% p.a.) (b) no new amounts are drawn down; and (c) the total outstanding balance of S$60,000 is transferred to Standard Chartered Debt Consolidation Plan of a 7-year tenure and interest rate of 3.48% p.a. (EIR**6.53% p.a.). The interest rate offered to you is based on your personal credit profile as determined by us, and may differ from the published interest rate and the interest rate offered to other borrowers.

*For illustration, EIR is calculated based on average loan amount of S$60,000 and all instalment payments are paid by their respective due dates during the 7-year loan tenure.

**For illustration, EIR is calculated taking into consideration of S$199 joining fee and based on average loan amount of S$60,000 and all instalment payments are paid by their respective due dates during the 7-year loan tenure.

2The credit limit for the Platinum Mastercard Credit Card issued with Standard Chartered Debt Consolidation Plan is equivalent to your monthly salary as per the bank’s assessment with your latest income document.

Our Customer Terms, Current/Cheque/Savings Account and Time Deposit Terms, Personal Loan/Personal Line of Credit/Overdraft Terms, Credit Card Terms, Credit Card Tariff Sheet and Terms and Conditions Governing Debt Consolidation Facility apply.

Application Eligibility

  • Annual income: Between S$30,000 and below S$120,000
  • Existing Debt Consolidation Plan granted by another financial institution
  • Age: 21 – 65 years

Application Documents

  • Copy of NRIC (front and back)
  • Latest bank statements of your outstanding unsecured credit facilities from your existing DCP financial institution
  • Settlement notice from your existing DCP financial institution
  • Copy of latest income documentations

For Salaried Employees and Partial Commission-Based Earners

(i) Latest computerised payslip OR
(ii) Latest 6 months’ CPF contribution history statement
To be considered for a higher loan amount, please submit your latest Income Tax Notice of Assessment in addition to the above.

For 100% Commission-Based Earners

(i) Latest Income Tax Notice of Assessment OR
(ii) Latest 3 months’ commission statement from a single employer

For the Self-Employed

Latest Income Tax Notice of Assessment

Joining fee
$199

One time

Default interest (Effective Interest Rate – “EIR”) – minimum
26.9% p.a.

If payment is not received in full by the due date, finance charges will be calculated on a daily basis at 0.074% from the respective transaction dates for all transactions to the date the payment is received.

Annual fee (perpetually waived)
$192.60 (including GST)

For Standard Chartered Platinum Mastercard® Credit Card
Please click here for more information on the Platinum Mastercard® Credit Card, including the applicable fees and charges (such as the finance charges and late payment fee)

For more details on all other applicable fees and charges,  please click here.
Early redemption fee
$250

or 5% of the outstanding principal, whichever is higher.

Late Payment Charges
S$100

If we do not receive the minimum payment as per indicated on your statements by the due date, a late payment charge of $100 will be charged to your Debt Consolidation Plan facility and/or Platinum Mastercard® Credit Card respectively.

To refinance your existing DCP with SCB, click here

If you wish to speak to us for more information, you can SMS LOAN<space>DCR<space>NAME to 77222 for us to call you back.

To be eligible for DCP refinancing, you must:

  • be a Singapore Citizen or Permanent Resident;
  • earn between S$30,000 and below S$120,000 per annum
  • have an existing Debt Consolidation Plan granted by another financial institution
  • be aged 21 – 65 years old

We offer competitive interest rates with loan tenure from 3 – 10 years. The interest rate that we offer you is based on your personal credit profile as determined by us, and may differ from the published interest rate and the interest rate offered to other borrowers.

If you decide to pay off your loan early, there will be an early redemption fee of S$250 or 5% of your outstanding principal, whichever is higher.

For example, you borrowed S$60,000 and after a few years, you are left with an outstanding balance of S$10,000 before your loan tenure is up, you will have to pay an additional S$500, as the 5% fee is greater.

Our decision in all matters arising out of or in connection with this Promotion is final and conclusive and no correspondence will be entertained. Our Customer Terms, Personal Loan/Personal Line of Credit/Overdraft Terms and Debt Consolidation Facility Product Terms apply. All information is correct at the time of publishing. Click here for full Terms and Conditions on Current/Cheque/Savings Account/Time Deposit, Personal Loan/Personal Line of Credit/Overdraft Terms.

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