What is Debt Consolidation Plan (DCP)?

Debt Consolidation is a debt refinancing program which offers a customer the option to consolidate all his unsecured credit facilities (such as credit cards and some types of unsecured loans) across financial institutions with 1 participating financial institution. Certain categories of unsecured loans are excluded from DCP, such as joint accounts, renovation loans, education loan, medical loans, and/or credit facilities granted for businesses or business purposes.

How can a DCP help with my debts?

Instead of paying varying amounts to different institutions each month, you just lump it all into a single monthly payment. There are three main benefits to doing this. Easier tracking and planning: When you have so many disparate payments to make each month, it can be hard to keep track of them all. Consolidating your debt into one single payment means you know exactly how much you must pay each month. Potentially lower interest rates: You can often get debt consolidation loans at a lower interest rate compared to your outstanding debts, especially if it comprises mostly credit card debts. This means that you usually end up paying a lesser amount overall. Enforced financial discipline: If you are considering a debt consolidation loan, then you already know that you need to improve your financial discipline and spending habits. By consolidating all your debts into an easily trackable single monthly payment, financial discipline is easier to uphold

Who is eligible to apply?

To be eligible for DCP, you must: ● be a Singapore Citizen or Permanent Resident; ● earn between S$30,000 and below S$120,000 per annum ● have total interest-bearing unsecured debt on all credit cards and unsecured credit facilities with financial institutions in Singapore that exceeds 12 times of your monthly income ● be aged 21 - 65 years old

To apply, click here If you wish to speak to us for more information, you can SMS LOAN< space >DCPINFO< space >NAME to 77222 for us to call you back.

If I choose to pay off my loan early, will there be a fee?

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.

I have an existing DCP with other bank. How can I seek to refinance my existing DCP with SCB?

To refinance your existing DCP with SCB, click here

Debt Consolidation Plan

Q: What are the interest rates and loan tenure?

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.

This is to inform that by clicking on the hyperlink, you will be leaving sc.com/sg and entering a website operated by other parties.

Such links are only provided on our website for the convenience of the Client and Standard Chartered Bank does not control or endorse such websites, and is not responsible for their contents.

The use of such website is also subject to the terms of use and other terms and guidelines, if any, contained within each such website. In the event that any of the terms contained herein conflict with the terms of use or other terms and guidelines contained within any such website, then the terms of use and other terms and guidelines for such website shall prevail.

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Proceed

Apply for Debt Consolidation Plan Apply for Debt Consolidation Plan

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Consolidate your repayments into 1 easy plan and save with lower interest rate from 3.48%p.a (EIR from 6.33% p.a.)

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I want to consolidate

Loan Amount

Loan Period

year(s)

Monthly Repayment

S$85.53

Illustrative Interest Rate

3.88% p.a.

(EIR 7.67% p.a.)

Note:Monthly Repayment and Illustrative Interest Rate displayed here is for reference only and is subject to credit approval

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Benefits

from

3.48_{% p.a.}

Enjoy competitive interest

rates (EIR from 6.33% p.a.)
receive up to

S$500

Cashback upon approval
save

S$18K

On interest charges/year

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

	Current Monthly Payment (To multiple banks)	New Monthly Payment (with DCP)
Monthly Payment	S$2,000 paid to multiple banks at prevailing interest rates	S$1,187.95 fixed instalment at a lower interest rate (based on 7-year loan)
Interest Charges	S$21,520/year^* ^*Calculated based on EIR 26.9% p.a.	S$2,826.89/year^# ^#Calculated based on 3.48% p.a. (EIR 6.50% p.a.)
Interest Savings (with DCP)	S$18,693/year

Current Monthly Payment
(To multiple banks)

New Monthly Payment
(with DCP)

Monthly Payment

S$2,000

paid to multiple banks at prevailing interest rates

S$1,187.95

fixed instalment at a lower interest rate (based on 7-year loan)

Interest Charges

S$21,520/year^*

^*Calculated based on EIR 26.9% p.a.

S$2,826.89/year^#

^#Calculated based on 3.48% p.a. (EIR 6.50% p.a.)

Interest Savings (with DCP)

S$18,693/year

APPROVED LOAN AMOUNT	TENURE (YEARS)	CASHBACK AMOUNT
Less than S$60,000	3 – 10	S$300
S$60,000 to less than S$80,000	3 – 10	S$400
S$80,000 and above	3 – 10	S$500

Wish to speak to us for more information? SMS LOAN< space >DCPINFO< space >NAME to 77222 for us to call you back.

¹The illustration above is based on the assumption that: (a) the total outstanding balance of S$80,000 is subject to an effective interest rate (EIR) of 26.9% p.a. charged by the other banks; (b) no new amounts are drawn down; (c) the total outstanding balance of S$80,000 is transferred to Standard Chartered Debt Consolidation Plan of a 7-year loan tenure and interest rate of 3.48% p.a. (EIR 6.50% p.a.) and interest is subject to compounding if not serviced. 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 taking into consideration of S$199 joining fee and based on average loan amount of S$80,000 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.

How can we help you today?

What kind of loan are you looking for?

Debt Consolidation Plan (DCP)

Credit Card

Manageable Debt Repayment

Annual Fee Waiver

Here’s an illustration¹ of how DCP works

(Assuming you have an outstanding balance of S$80,000)

Debt Consolidation Plan Cashback Promotion: Receive up to S$500 Cashback

Promotion

Apply online now and receive up to S$500 Cashback.

Debt Consolidation Plan Refinance

Get 6% cashback^{^} when you refinance your existing Debt Consolidation Plan with us.

Eligibility & Documents

Application Eligibility

Application Documents

For Salaried Employees and Partial Commission-Based Earners

For 100% Commission-Based Earners

For the Self-Employed

Fees and Charges

FAQs

Terms & Conditions