Debt Consolidation Plan Refinancing Benefits
from
3.48% p.a.
Enjoy competitive loan interest rates (EIR from 6.26% 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)
STANDARD CHARTERED DEBT CONSOLIDATION PLAN REFINANCING
| EXISTING DEBT CONSOLIDATION PLAN GRANTED BY ANOTHER FINANCIAL INSTITUTION
| |
|---|---|---|
| Monthly Instalment | S$891 | S$1,059 |
| Tenure | 7 Years | 7 Years |
| Interest Rate | 3.48% p.a. (EIR**6.53% p.a.) | 6.88% p.a. (EIR* 12.08% p.a.) |
| Total Payable (without drawing new amounts) | S$74,914 | S$88,881 |
| 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 77272 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 12.08% 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 6.51% p.a. - calculated taking into consideration the S$199 joining fee, assuming all instalment payments are paid by their respective due dates during the loan tenure). 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$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.
FAQs
To refinance your existing DCP with SCB, click here
If you wish to speak to us for more information, you can SMS LOAN <space> DCPINFO <space> YOUR NAME to 77272 for us to call you.
- 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
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.
