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    We found 2 DBS/POSB Debt Consolidation Plan
    Bank Name
    Interest Rate
    Loan Tenure
    Joining Perks
    From 3.98% p.a. EIR from 7.23% p.a.
    Up to 8 years
    S$100 CAPITAVOUCHERS BANKBAZAAR EXCLUSIVE DEAL
    What you'll love
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    BankBazaar Exclusive Deal
    From 3.88% p.a. EIR from 7.56% p.a.
    1-5 Years
    What you'll love
    What you need
    What you need to consider
    What it costs
    DBS/POSB Debt Consolidation Plan
    Debt Consolidation Plan BYTES FROM OUR KITCHEN

    DBS/POSB Debt Consolidation Plan

    A Debt Consolidation Plan (DCP) is a debt refinancing tool, intended to let you consolidate all your unsecured debts from all financial institutions into a single loan with one financial institution. You can do exactly this with DBS/POSB DCP. You can merge all your unsecured borrowings into one loan with a lower interest rate and a tenure that suits your necessities and financial goals.

    Things You Would Love to Know

    • Consolidate all your outstanding unsecured balances to a single loan.
    • Enjoy the freedom to choose a loan tenure of up to eight years.
    • Save on your interest expenses.
    • Receive a DBS Visa Platinum Credit Card with a limit equal to your salary per month.

    What is the Interest Rate?

    The interest rate charged by DBS/POSB starts from 3.98% p.a. (EIR 7.23% p.a.) and can vary according to the tenure you select. You can contact the bank for further details on the interest rates that will be charged to your DCP.

    Here’s How This Plan Works

    To get a better understanding of how the DCP can help lower your interest expenses and merge your multiple debts into one debt, take a look at the illustration below:

    A Few Things to Consider Before Applying

    • You are liable to pay for the shortfall in case the loan amount is not sufficient to pay the DCP amount in full.
    • All payments have to be made in Singapore dollar.
    • In case of termination, the outstanding amount on your DCP will become due immediately.
    • You can refinance your DCP with a different bank three months after the approval of your latest DCP.
    • Your Credit Bureau report will have the DCP product code, which will remain in the record for three years after the plan closure.

    What You Need to be Eligible

    • You must be between the ages of 21 and 65 years.
    • You must either be a Singaporean or a Permanent Resident of Singapore.
    • Your annual income should be equal to or more than S$30,000, but less than S$120,000.
    • Your total outstanding balances across banks should be more than 12 times your monthly salary.

    Documents You Need to Submit

    Salaried individuals

    • NRIC.
    • Recent Credit Bureau report.
    • Latest Income Tax NOA, last 12 months’ CPF contribution statement OR DBS/POSB salary crediting OR most recent computerised payslip.

    Commission/variable income earning individuals

    Self-employed individuals

    How to Apply for This Loan

    To apply for this facility, you can choose any one of the following ways:

    • Call the bank on their dedicated customer care number from 9:00 a.m. to 6:00 p.m., between Monday and Friday.
    • Fill out an online form with your contact details to have the bank reach out to you.
    • Visit any nearest POSB/DBS branch.

    Frequently Asked Questions

    What is the 5% allowance and can I opt out of it?

      The 5% allowance is a buffer amount against any extra costs you may incur between the DCP loan approval and the amount getting disbursed. Hence, you cannot opt out of it.

    Can I consolidate my balances partially?

    No, you are not allowed to partially consolidate your balances. It is mandatory to combine all your unsecured balances.

    Do I have to pay an early settlement fee for DBS/POSB DCP?

    Yes, you have to pay a fee of 5% of the outstanding balance if you wish to settle the DCP before the end of the tenure.

    Is there a late payment fee on DBS/POSB DCP?

    Yes, you have to pay a fee of S$90 if you fail to pay the monthly instalments on time.

    Can the DCP amount get deposited in my current/savings account?

    No, the loan amount will be transferred to the banks with whom you have unpaid balances.

    DBS/POSB offers a revolving credit facility. Do I have the option to not take it?

    The revolving credit facility is a component of the DCP package. However, you have the option to not to use it since there is no annual fee. If you decide to not use it, you will not incur any charges.

    Do I have to cancel my GIRO arrangement once my DCP is approved?

    Once it is approved, you must terminate any GIRO arrangements you have on your existing credit facilities.

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