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Debt Consolidation Plan – Interest Rate as low as 3.48% p.a. (EIR from 6.33% p.a.)

I want to consolidate
Loan Amount
Loan Period
Monthly Repayment
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

  • Enjoy competitive rates

    (EIR* from 6.33% p.a.)

  • Cashback upon approval

  • On interest charges

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


Debt Consolidation

Consolidate all your eligible unsecured outstanding balances into one simple account.

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 Repayment

Stretch your monthly repayments with loan tenures from 3 to 10 years.

Annual Fee Waiver

Annual Fee perpetually waived for your Platinum Mastercard® Credit Card.
Credit Cards from six banks
Debt Consolidation Plan
Payment Mode Minimum Payment³ of S$1,839 Monthly Instalment of S$1,832
Tenure 38 Years and 1 Month(s) (with only Minimum Payment³ made each month) 3 Years
Interest Rate EIR of 26% p.a. Interest Rate of 3.48% p.a. (EIR* from 6.33% p.a.)
Total Payable (without drawing new amounts) S$202,009 S$65,952
Savings (with Debt Consolidation Plan) S$136,057
Wish to speak to us for more information? SMS LOAN< space >DCPINFO< space >NAME to 77222 for us to call you back.

1The illustration is based on the assumption that: (a) the total outstanding balance of S$60,000 is subject to an effective interest rate (EIR) of 26% p.a. charged by the six banks; (b) the credit card statement’s minimum payment due is made; (c) no new amounts are drawn down; and (d) the total outstanding balance of S$60,000 is transferred to Standard Chartered Debt Consolidation Plan of a 3-year tenure and interest rate of 3.48% p.a. (EIR* from 6.33% 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 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 3-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.
3The Minimum Payment amount is based on 3% of the statement outstanding balance or S$50, whichever is higher.

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.

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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

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)

Early redemption fee

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

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.

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 >NAME to 77222 for us to call you back.

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.