Multiple banks. Different interest rates. Call it a "conflict of interest".
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    We found 2 HL Bank Debt Consolidation Plan
    Bank Name
    Interest Rate
    Loan Tenure
    Joining Perks
    From 3.5% p.a. EIR from 6.63% p.a.
    Up to 10 years
    What you'll love
    What you need
    What you need to consider
    What it costs
    From 5.5% p.a. EIR from 10.66% p.a.
    1-5 years
    What you'll love
    What you need
    What you need to consider
    What it costs
    HL Bank Debt Consolidation Plan
    Debt Consolidation Plan BYTES FROM OUR KITCHEN

    HL Bank Debt Consolidation Plan

    Hong Leong Bank’s Debt Consolidation Plan (DCP) allows you to combine all your outstanding credit card, personal line of credit and certain other types of personal loan dues to create a single loan and a single payment. The plan has been designed to help you lower your monthly repayments and pay off your debts quickly.

    Features and Benefits

    • Pay instalments to one bank instead of keeping track of multiple repayments with different banks.
    • Low interest rates – starting from 3.50% p.a. (Effective Interest Rates: 6.63% p.a.).
    • Choose from tenures ranging from 1 to 10 years.
    • Pay off your debts faster with lower monthly instalments.
    • Get a credit facility (revolving) to the extent of your monthly income to help cover your daily expenses.
    • The bank charges a processing fee of S$300 or 1.5% of your approved amount, whichever is higher.

    How the HL Bank Debt Consolidation Plan Works

    Once your DCP application is approved, HL Bank will consolidate all the outstanding balances from other institutions and the credit facilities from these financial institutions will be cancelled automatically. The bank will, then, provide you with a revolving credit facility with a limit as much as your monthly income, along with the plan. This will help you meet your everyday expenses.

    Check Your Eligibility

    The eligibility criteria for this DCP are as follows:

    • You must be a Permanent Resident or Singapore Citizen.
    • Age requirement – between 25 and 65 years old.
    • Income requirement – at least S$30,000 p.a. and not more than S$119,999 p.a. (Your net personal assets must be less than S$2 million.)
    • The total of all your unsecured debts (credit facilities + credit cards) with various financial institutions in the country must be more than 12 times your monthly income.

    Documents Required

    • The application form – filled-in and signed.
    • Copies of the front and back of your NRIC (for Singapore Citizens).
    • For Permanent Residents – Copies of your valid Passport and front and back of your NRIC.
    • Your Credit Bureau report (latest copy).
    • Income documents (dated within the last 3 months).
      • For salaried individuals: Latest Income Tax Notice of Assessment and computerised payslip or CPF contribution statement for the last 12 months.
      • For commission earners and self-employed individuals: Income Tax Notice of Assessment (last 2 years).
    • Proofs from all related financial institutions regarding the balances of your personal loans, lines of credit, and credit cards:
      • Latest statements with balance amounts (billed).
      • Charge slips with unbilled balance amounts.
      • Confirmation letters or any other documents that can verify the balances or account information.

    How to Apply for This Loan

    Online Application: Fill up the online form and submit it.

    Apply at the branch:Approach the bank’s branch and talk to a Relationship Manager about your requirements. The address is: 1 Wallich Street, #29-01 Guoco Tower, Singapore – 078881.

    Frequently Asked Questions

    Is it mandatory to opt for the Revolving Credit facility?

    DCP and the Revolving Credit facility are usually provided together. But if you feel you don’t need it, you can choose not to use it.

    Is there any annual fee for the Revolving Credit facility?

    Yes, there is an annual fee for this facility. First year annual fee is waived.

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

    Yes, you can, but only after 3 months from when your latest DCP was approved. This is subject to penalty charges that apply on your original DCP for early termination.

    How long will my DCP reflect in my Credit Bureau report?

    This information will stay in your Credit Bureau report for a period of 3 years after you close your DCP.

    How fast will the bank process my application?

    Once you submit the completed form, the bank will take between 7 to 14 days to process it.

    Can I apply for DCP if I am under the RAS Scheme?

    Yes, you can apply for DCP if you are under the RAS Scheme as the RAS outstanding balances will be moved to DCP at new DCP interest rates.

    If I am not a customer of a participating FI, can I still apply for a DCP?

    Yes, you can apply for a DCP with a participating FI you are not a customer with.

    How is the first DCP amount calculated?

    The first DCP amount consists of your total outstanding balances, which includes interest rates and any other charges along with an extra 5% allowance on top of the total DCP amount.

    Is the 5% allowance mandatory?

    The allowance is mandatory for your first DCP upon approval as it is a buffer that can be used to pay for any incidental charge you may incur between the time the loan is approved and the amount is disbursed.

    What if the DCP amount is not enough to pay my outstanding balances?

    If the total approved DCP amount is insufficient to pay your balances, then you must pay off the balance amount directly to your chosen FI.

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