Benefits
from
3.48% p.a.
Enjoy competitive interest
rates (EIR from 6.26% p.a.)
save
S$18K
On interest charges/year
*Receive a Platinum Mastercard Credit Card with annual fee perpetually waived. Relevant terms and conditions apply. The Effective Interest Rate (EIR) calculation is based on a 10-year tenure and not including of the joining fee of S$199. Taking into consideration the joining fee of S$199, the EIR will be 6.48% p.a. for a loan amount of S$20,000 at a 10-year tenure. The applied interest rate of 3.48% p.a. is our lowest rate. The interest rate offered to you in your application will be based on your credit profile as determined by us.
Features
Debt Consolidation Plan (DCP)
Do you have multiple personal loans and credit cards to manage? With DCP, you will be able to manage your finances easily as you consolidate your payments and bills into a single loan, and at a lower interest rate.
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).
Manageable Debt Repayment
Stretch your monthly repayments with a consolidated loan tenures from 3 to 10 years.
Annual Fee Waiver
Annual Fee perpetually waived for your Platinum Mastercard® Credit Card.
Here’s an illustration of how DCP works
(Assuming you have an outstanding balance of S$80,000)
| 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 6.48% p.a.) |
| Interest Savings (with DCP) | S$18,693/year | |
Wish to speak to us for more information?
SMS LOAN< space >DCPINFO< space >NAME to 77272 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 6.48% 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) 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.
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
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.
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
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
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.
To apply, 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.
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.
To refinance your existing DCP with SCB, click here
Click here for more FAQs.
- Singaporean Citizens & PR
Application Eligibility
Annual income: Between S$30,000 and below S$120,000
Unsecured outstanding balances: More than 12 times of monthly income
Age: 21 – 65 years
Application Documents
Copy of NRIC (front and back)
Copy of your latest Credit Bureau report
Latest bank statements of your outstanding unsecured credit facilities (such as credit cards)
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 One time
| $199 | Early redemption fee or 5% of the outstanding principal, whichever is higher. | $250 |
Default interest (Effective Interest Rate – “EIR”) – minimum 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. | 26.9% p.a. | Late Payment Charges 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. | S$100 |
Annual fee (perpetually waived) For Standard Chartered Platinum Mastercard® Credit Card | $192.60 (including GST) | ||
For more details on all other applicable fees and charges, please click here. | |||
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 CashOne Product Terms apply. All information is correct at the time of publishing. Click here for full Terms and Conditions.
