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POSB Debt Consolidation Plan

POSB Debt Consolidation Plan
  • For Singaporeans and PRs between 21 to 65 years old
  • Annual income of $30,000 to $120,000
  • Balance to Income (BTI) Ratio: 12x monthly salary
  • Loan tenures of 12 – 96 months
  • Interest rate begins from 3.98% p.a. and EIR is at 7.23% p.a. (may be higher)
  • A processing fee of $99 applies
  • New POSB/ DBS customers can receive $1,200 cashback with no principal loan amount
  • Customers will receive $2,000 to $3,000 cashback if they refinance their debt consolidation loan

For borrowers who are confused with their never-ending bills, POSB offers a debt consolidation plan. The bank offers the plan to Singaporeans and PRs who are between 21 to 65 years old, with an annual income of $30,000 to $120,000. The balance to income ratio (BTI) should also be at least 12 times of their monthly income. Interest rates are of 3.98% p.a. and above with 7.23% p.a. EIR. POSB offers loan tenures of 12 – 96 months with early settlement fee of 5% of outstanding loan amount. Actual interest rates charged however, may be higher than the advertised amount depending on individual’s loan amount and risk assessment. A processing fee of $99 also applies and as with most financial institutions, and POSB will provide a DBS VISA Platinum Credit Card to all applicants with a maximum credit limit of 1x their monthly income with no annual fee.

Additionally, POSB is offering a $1,200 cashback to new DBS/ POSB customers with no minimum principal loan amount. Should customers choose to refinance their debt consolidation loan, they will also receive a cashback of $2,000 to $3,000, depending on the loan amount.

Bank of China (BOC) Debt Consolidation Plan

Bank of China (BOC) Debt Consolidation Plan
  • For Singaporeans and PRs with a minimum income of $30,000
  • Debt to balance ratio should be more than 12x of borrower’s income
  • Loan tenures of 1 – 10 years
  • Interest rates for new customers are at 9% p.a. for 1 – 7 year loans, 10% p.a. for 8 – 10 year loans. EIR is at 9.93% p.a. for shorter term loans and 10.84% for longer term loans
  • Lower rates for existing BOC customers
  • Interest rates for existing customers range from 7.8% p.a. to 8.8% p.a., and EIR ranges from 8.63% to 10% p.a. depending on loan tenure
  • Complimentary BOC credit card provided for all applicants

BOC provides debt consolidation plans for Singaporeans and PRs with a minimum annual income of $30,000. The plan offers fixed monthly repayments and the debt balance to income ratio should exceed 12x of borrower’s monthly income. Applicants also need to be 25 years old and above. While most banks only offer loan tenures of up to 8 years, BOC offers 1 – 10 years, providing greater flexibility for borrowers.

Interest rates are slightly different for new and existing BOC customers. For new customers, interest rate starts from 9% p.a. for 1 – 7 year loans and from 10% p.a. for 8 – 10 year loans. EIR for 1 – 7 year loans start from 9.93% p.a. and from 10.84% p.a. for 8 – 10 year loans. As for existing customers, they are generally given lower interest rates. Interest rate starts from 7.8% p.a. for 1 – 7 year loans and from 8.8% p.a. for 8 – 10 year loans. EIR starts from 8.63% p.a. for shorter loan tenures and 8 – 10% p.a. for longer loan periods. Similar to other banks, BOC also provides a complimentary BOC credit card for all applicants. If you are an existing customer, signing up for a debt consolidation plan with BOC might bring more benefits such as the lower interest rates provided for members and longer loan tenures.

Citibank Debt Consolidation Plan

Citibank Debt Consolidation Plan
  • Annual income required for members range from $30,000 to $120,000
  • Annual income required for non-existing Citibank members is higher, at $48,000
  • For all Singaporeans and PRs
  • Net personal assets have to be below $2 million
  • Loan tenures of 1 – 7 years
  • Interest rates and EIR varies with each applicants credit evaluation and loan amount
  • All plans come with complimentary protection insurance coverage of up to $160,000

To qualify for Citibank’s debt consolidation plan, applicants must have a stable annual income between $30,000 and $120,000. For non-existing Citibank customers, the minimum annual income required is at lest $48,000. These apply to all Singaporean and PR applicants. Net personal assets have to be less than $2 million. Borrowers can also choose loan repayment periods of up to 7 years, and they will also be given a Citibank credit card with a limit of 1x monthly income. As with other banks, the borrower’s total debts must be at least 12x their monthly income.

However, the final interest rate and EIR for the borrower’s DCP will be printed on their approval letter. The bank has advertised that they provide lower interest rates, lower monthly repayments as compared to the standard 25% p.a. charged by other credit cards. One of the more notable benefits of Citibank’s DCP is that it comes with a complimentary protection insurance coverage of up to $160,000.

OCBC Debt Consolidation Plan

OCBC Debt Consolidation Plan
  • Available for Singaporeans and PRs who are 21 years old and above
  • Annual income of $30,000 to $120,000
  • Loan tenures of 36 – 96 months with fixed monthly repayments
  • 1 OCBC$ given for every dollar spent using the complimentary OCBC credit card
  • Interest rate is at 6% p.a., with EIR from 10.46% to 11.08% p.a.. A lower rate for longer loans.

OCBC offers this plan to Singaporeans and PRs who are 21 years old and above. Their annual income has to be between $30,000 to $120,000 and have a balance to income ratio of at least 12x their monthly income. Like most banks in Singapore, OCBC’s loan tenures range from 36 – 96 months with fixed monthly repayments.

Borrowers will also be given a complimentary credit card that has a limit of 1x their monthly income with no annual fee. 1 OCBC$ will be given for every $1 spent using the card. The interest rate is at 6% p.a. while the EIR ranges from 10.46% to 11.08% p.a. with a lower percentage for longer loans. The benefit is that one can enjoy the usual interest rates even if they are non-existing OCBC members.

UOB Debt Consolidation Plan

UOB Debt Consolidation Plan
  • For Singaporeans and PRs aged 21 years old and above
  • Annual income of $30,000 to $120,000
  • Loan tenures of 1 – 10 years depending on individual’s credit risk assessment
  • Interest rate begins from 4.20% p.a. and EIR from 7.64% p.a.
  • Comes with complimentary credit card with 1x credit limit of applicant’s salary
  • Cash rebate of $388 for successful DCP application (promotion period only)

UOB’s interest rate for their debt consolidation plan is at 4.50% p.a. for new UOB customers and 4.99% p.a. for existing UOB customers. EIR is at 8.22% p.a. for new customers and 9.04% p.a. for existing UOB customers. These rates are based on 6-year loan tenures. The final interest rate for each applicant may differ as the banks will determine a figure based on borrower’s credit risk assessment.

To qualify for UOB’s DCP, Singaporeans and PRs need to have an annual income of $30,000 to $120,000. Their balance to income (BTI) ratio must also be more than 12 times their monthly income. To improve the application process for each individual, UOB provides a personalized consultation for each customer to customize the best solution for their personal finances. Applicants are given the opportunity to speak with UOB Loan Associates to discuss more about their financial situation. As with most banks, all applicants will also receive a Visa Platinum Card for their daily expenses.

Standard Chartered Debt Consolidation Plan

Standard Chartered Debt Consolidation Plan
  • For Singaporeans and PRs aged 21 to 65 years old
  • Annual income of $30,000 to $120,000
  • Loan tenures of 3 – 10 years
  • Interest rate ranges from 4.50% to 5.88% p.a. and EIR ranges from 8.64% to 10.11% p.a. (lower rates for shorter loan terms)
  • One-time processing fee of $199
  • Early repayment charge of $250 or 3% outstanding principal redemption fee, whichever the higher amount
  • All applicants given a Platinum Mastercard Credit Card with credit limit of 1x monthly salary and annual fee of $192.60 waived

Standard Chartered provides DCPs for Singaporeans and PRs with loan tenures of 3 – 10 years. The bank’s minimum income requirement is at $30,000 to $120,000 and are available for borrowers aged 21 to 65 years old. Interest rates for the loan ranges from 4.50% to 5.88% p.a. and EIR ranges from 8.64% to 10.11% p.a., with lower percentages for shorter loan terms.

A one-time fee of $199 applies and should the borrowers repay the entire sum before the deadline, there is a charge of $250 or 3% of outstanding principal redemption fee, where the bank will take the higher amount. Standard Chartered will also provide a Platinum Mastercard Credit Card with a limit of 1x of your monthly salary for borrower’s daily use. The card’s annual fee of $192.60 will also be waived.

HSBC Debt Consolidation Plan

HSBC Debt Consolidation Plan
  • Annual income of $30,000 to $119,999
  • Balance to Income (BTI) Ratio: 12x monthly salary
  • 1 – 10 year loan tenures
  • Interest rate ranges from 4.0% – 5.7% p.a.
  • EIR ranges from 7.5% p.a. to 10.0% p.a.
  • Processing fee waived and $100 cashback (for online loan applicants)

HSBC offers debt consolidation plans with monthly repayments for Singaporeans and PRs with annual incomes between $30,000 to $119,999. The total interest-bearing debt balances with various financial institutions should also be greater than 12 times of borrower’s monthly income. Compared to other banks in Singapore, HSBC provides a longer loan tenure period of 1 – 10 years. Their estimated interest rates are 4.0% p.a. for 1 – 7 year loans and 5.7% p.a. for 8 – 10 year loans. Estimated EIR is at 7.5% p.a. for 1 – 7 year loans and 10% for 8 – 10 year loans. With HSBC’s current promotion, they are waiving the processing fee and also offering a $100 cashback for all online loan applicants.

HSBC’s debt consolidation plan is one of the more attractive packages in the financial market as it offers longer loan tenures, lower interest rates at 4% p.a. (compared to other banks) and a waiver for processing fees. It provides consumers with more options and flexibility. Early repayment fee will be 5% of the redemption amount.

CIMB Debt Consolidation Plan

CIMB Debt Consolidation Plan
  • For Singaporeans and PRs
  • Annual income of $30,000 to $120,000
  • 12 – 96 months loan repayment period
  • Interest rates at 2.77% p.a. and above, EIR at 7% p.a.
  • 1% handling fee
  • Borrowers will be provided with a credit card with a limit of 1x their monthly income

CIMB offers debt consolidation plans to Singaporeans and PRs with annual income ranging from $30,000 to $120,000. The plan settles all of the borrower’s unsecured balances across various banks and loan repayment periods vary between 12 – 96 months. As with other financial institutions, CIMB provides a credit card with a credit limit of 1x monthly income for their customers. Interest rates start from 2.77% p.a. with a one-time handling fee of 1% and EIR of 7% p.a.. However, the actual cost and rate varies for each individual client.

Maybank Debt Consolidation Plan

Maybank Debt Consolidation Plan
  • For Singaporeans and PRs aged 21 and above
  • Annual income of $30,000 to $120,000
  • Loan tenures of 1 – 10 years depending on individual’s credit risk assessment
  • Interest rate begins from 4.20% p.a. and EIR from 7.64% p.a.
  • Comes with complimentary credit card with 1x credit limit of applicant’s salary
  • Cash rebate of $388 for successful DCP application (promotion period only)

Maybank also offers their debt consolidation plans to Singaporeans and PRs who are 21 years and above. They need to have an annual monthly income of $30,000 to $120,000 with a balance to income (BTI) ratio of at least 12 times their monthly income. Loan repayment periods are up to 10 years with an estimated interest rate of 4.20% p.a. and EIR 7.64% p.a., depending on each individual’s credit risk assessment. The final rates and loan term may be different for each applicant.

Currently, Maybank is giving away a $388 cash rebate for each successful DCP application. Maybank will also provide a complimentary credit card with 1x credit limit of borrower’s salary for their daily expenses. The good part is that non-existing Maybank members can also enjoy the same interest rates for the loan.

Choosing the Best Debt Consolidation Plan for Yourself

With all the different debt consolidation packages and rates, it can be confusing and difficult to make a decision. First, you need to consider your monthly expenses and decide on how long you wish to take to repay your debt. Most of the banks provide loan tenures of 1 – 7 years, with only a few that allows for 8 – 10 years of repayment. After shortlisting the banks that fulfill your criteria, compare their rates, processing fees, promotions to measure the cost. Do note that certain banks such as UOB or Citibank have different requirements or promotions for existing and non-existing customers. Always remember that your objective is to have easier and more convenient repayments. Look for the bank that provides the most suitable plan and rates for you.