BOC Debt Consolidation Plan

    A Debt Consolidation Plan (DCP) is a facility that allows you to take one loan and consolidate all your existing credit facilities such as credit card dues and specific unsecured loans (education loans, joint accounts, medical loans, and renovation loans are not eligible).

    The BOC Debt Consolidation Plan (DCP) allows you to reduce your monthly repayment amounts by lowering the interest rates that apply to your credit dues and loans. BOC offers low interest rates and flexible tenures to help make repayments easier.

    Features and Benefits

    • BOC charges some of the lowest interest rates for DCP.

    • You can choose from a range of tenures from 1 year to 10 years.
    • Get a complimentary credit card from BOC with a credit limit of up to one month’s income.
    • BOC charges only a low one-time processing fee.
    • Be free from keeping track of multiple payments to various banks and financial institutions.
    • Reduce your monthly repayment amounts by applying to the BOC Debt Consolidation Plan that has much lower interest rates than what you currently pay on most credit cards and other personal loans.
    • As your monthly repayments become more affordable, you get greater financial freedom and flexibility.
    • With low interest rates and suitable tenures, you can repay your loan faster and be free of debt.
    • Interest Rates

      The applied interest rates and Effective Interest Rates (EIR) that apply to various tenures are given below.

      Tenure New Customers Existing Customers
      1 to 7 years From 9% p.a. From 9.93% p.a. From 7.8% p.a. From 8.63% p.a.
      8 to 10 years  From 10% p.a. From 10.84% p.a. From 8.8% p.a. From 9.53% p.a.


      • AIR - Applied Interest Rate
      • EIR - Effective Interest Rate

      How the BOC Debt Consolidation Plan Works

      The total amount granted to you as a loan is broken into a number of monthly instalments based on the tenure chosen by you. The other factors that determine the size of the instalments are the principal amount and total interest amount. The total interest amount depends on the EIR applicable to the repayment period you choose. The mode and manner of payment are given in your approval letter along with the due dates by which you must make the monthly repayments. Make sure that you pay your dues by the last date. The bank charges a late payment fee for every late repayment you make. Make the repayments only in Singapore dollars. The bank converts any foreign currency payments into Singapore Dollars at the rates prevailing at the time of conversion.

      If you want to terminate the DCP option, you can do so by informing the bank of the same in writing. All unpaid amounts at the time of termination (either by you or by the bank) become immediately payable. BOC charges a termination fee or early repayment fee as applicable for cancelling the facility or for any prepayment you make. The bank charges you S$200 if you want to change the repayment period of your DCP. If you want to use your revolving credit facility (RCF), ensure that you repay the amounts by the due dates. BOC charges late payment fees if you fail to pay by the last date. Finance charges as determined by the bank also apply to delayed RCF payments.

      Check Your Eligibility

      In order to process your DCP application, BOC requires you to fulfil the following criteria:

      • You must be a Singaporean or a Singapore Permanent Resident.
      • You must earn a minimum annual income of at least S$30,000.
      • Your age must be at least 25 years.
      • The total of all your credit card debts and other credit facilities (unsecured) held at various Singaporean financial institutions must be more than twelve times your monthly income.

      Documents Required

      You must submit the following documents while applying for the BOC DCP:

      • Front and back copies of your NRIC.
      • The latest report from the Credit Bureau.
      • The latest income documents as the bank prescribes.
      • Latest statements of all your credit cards.
      • Documents that verify all your unsecured credit loans.
      • Other confirmation letters that confirm all your unsecured credit instalment plans (unbilled balances) if any.

      How to Apply for This Loan

      You can apply for the BOC Debt Consolidation Plan in two ways:

      • Through SMS:Send an SMS to the bank in the required format and to the given number.
      • Via Phone:You can call the bank on their dedicated customer care helpline and apply. This facility is available 24/7.

      Frequently Asked Questions

      What will my total DCP amount be?

      The amount given to you includes the total of all your outstanding principal balances (this includes any fees, charges, and interest amounts that accrue on such principal balances) and a 5% added allowance over this amount. This applies to your 1st DCP loan.

      What if my DCP amount is not enough to pay off all my existing unsecured credit facilities fully?

      If this amount is not sufficient to pay off all your unsecured credit dues, you will remain liable to such financial institutions till you pay off your remaining debts.

      What is the purpose of the revolving credit facility?

      The bank gives you a revolving credit facility to the extent of one month’s income as survival credit. You can use this amount to pay for your monthly expenses and daily essentials.

      Can I request for a lower or higher credit limit on the revolving credit facility?

      No. This amount is determined by the bank and cannot be changed once it is set. However, you need not use the facility unless you feel it is necessary. The annual fee for RCF is waived off for the entire duration of the DCP loan.

      Can I get another participating financial institution to refinance my current DCP loan?

      Yes, you can, but only after a period of 3 months after the approval of your current DCP. Any penalties imposed by your current financial institution also apply to such changes.

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