Quick answer: A Debt Consolidation Plan (DCP) merges your unsecured debts across all banks into one loan at one lower rate. As of July 2026, EIRs across the 7 participating banks range roughly 6.3–10.9% p.a. You must be a Singapore Citizen/PR earning S$20,000–S$120,000/year with debt exceeding 12x your monthly income.
A Debt Consolidation Plan combines multiple unsecured credit lines into one monthly repayment, set at a fixed interest rate for a fixed period. The decision is not about ringing the lowest number—it is about aligning the tenure, the rate, and the subtle terms to the way your life is actually paced. Each bank shapes the journey a little differently.
Juggling credit card bills, a personal loan and maybe an overdraft, each with its own due date and rate? You’re not alone — Credit Counselling Singapore reports over 13,000 people are using Debt Consolidation Plans (DCPs) to manage an average personal debt of S$100,559. This guide covers how DCPs work, current rates, eligibility, and what to watch out for.
What is a Debt Consolidation Plan?
A DCP is a specific, MAS-regulated loan product — distinct from an ordinary personal loan — that lets you consolidate your unsecured debts spread across every bank into a single loan with one bank, at one monthly repayment. You apply to just one participating bank, and it pays off your qualifying balances at every other bank on your behalf.
What can be consolidated: credit card balances, unsecured personal loans, credit lines.
What’s excluded: renovation loans, education loans, medical loans, business credit facilities, joint accounts.
DCP rates by bank (as of July 2026)
| Bank | Advertised rate (p.a.) | EIR (p.a.) | Tenure |
|---|---|---|---|
| Standard Chartered | From 3.48% | From ~6.50–6.64% | Up to 10 years |
| Maybank | From 3.48% | From ~6.26% | Up to 10 years |
| DBS/POSB | From 3.58% | From ~8.40–8.49% | Up to 8 years |
| UOB | From 4.50% | From ~8.29% | Varies |
| HSBC | From 4.20% | From ~7.50% | Varies |
| Citibank | From 4.70% | From ~9.06% | Up to 7 years |
| OCBC | From 6.00% | From ~10.85% | 3–8 years |
These are promotional floors advertised for well-qualified applicants — always compare on EIR, which includes fees and reflects the real cost, and confirm your personalised rate directly with the bank, as promotional periods and cash-rebate offers change and expire regularly.
Who qualifies for a DCP
- Citizenship: Singapore Citizen or PR only — DCPs are not available to foreigners.
- Age: 21–65.
- Annual income: S$20,000–S$120,000.
- Net personal assets: below S$2 million.
- Debt level: unsecured debt exceeding 12 times your monthly income (i.e., you must already be over the general unsecured-credit limit to qualify for a DCP).
Benefits and drawbacks
Benefits: one monthly payment instead of several; typically a much lower rate than credit cards (which often exceed 25% p.a.); a fixed repayment schedule (up to 10 years); most DCPs include a credit card with a limit capped at your monthly income, encouraging disciplined spending; on-time repayment can help your credit standing over time.
Drawbacks: eligibility is strict (see above); fees can add up — processing fees, early redemption penalties (often around 5% of the outstanding balance), and late payment charges vary by bank, so check the fine print; and clearing your old cards can tempt you to re-borrow on them, recreating the debt cycle a DCP is meant to solve. If you don’t qualify for a DCP, speak to Credit Counselling Singapore about a Debt Management Programme (DMP) first — it restructures repayments with your existing banks directly. A licensed moneylender is a regulated but higher-cost last resort — verify the licence on the Ministry of Law’s Registry before proceeding.
How to apply
- Check your eligibility (citizenship/PR, income band, net asset threshold, debt level).
- Apply to one participating bank with your NRIC, income proof and Credit Bureau report.
- If approved, that bank pays off your qualifying unsecured balances at every other bank.
- Repay the consolidated loan in one fixed monthly instalment over your chosen tenure.
Approval typically takes a few days to about 10 working days, depending on the bank and how complete your application is.
Participating banks
All 7 banks below offer DCPs under the MAS programme. Rates and promotions change often — confirm current terms directly.
1. Standard Chartered
Generally among the more competitive DCP rates, with tenures up to 10 years and a fee-waived Platinum Mastercard included.
- Contact: 1800 747 7000 (Personal Banking)
- Website: sc.com/sg/…/debt-consolidation
This plan suits those who prefer a longer repayment horizon. The ten-year term gives you room to breathe, and the accompanying card arrives without the usual fees—an unspoken acknowledgement that you are putting things in order, not adding to them.
2. DBS Bank
Offers tenures up to 8 years and an online DCP calculator to estimate repayments.
- Contact: 1800 111 1111
- Website: dbs.com.sg/…/debt-consolidation-plan
The online calculator lets you quietly model different scenarios before anyone knows you are looking. By the time you speak to a banker, you already have a clear picture. It suits the person who likes to do the sums in their own time, on their own terms.
3. Maybank
Offers tenures up to 10 years and has run cash-rebate promotions on approval — confirm current offers directly, as these expire and renew periodically.
- Contact: 1800 629 2265 (1800 MAYBANK)
- Website: maybank2u.com.sg/…/debt-consolidation-plan
Approval here can come with a cash rebate that softens the early months, though the offer renews from time to time—so check what is current. It rewards a timely application with a small, immediate lift, turning a careful step into a gentle advantage.
4. UOB
One of the 7 participating banks; confirm current DCP rate and tenure options directly, as UOB’s promotional terms change frequently.
- Contact: 1800 222 2121
- Website: uob.com.sg/…/debt-consolidation-plan
Because UOB refreshes its promotional terms frequently, the right moment to apply is the moment you confirm the latest offer. This plan rewards the borrower who stays attentive and moves when the terms align, without rushing.
5. HSBC
Offers a DCP with EIR generally among the more moderate options in the current market comparison.
- Contact: 1800-HSBC NOW (1800-4722 669)
- Website: hsbc.com.sg/…/debt-consolidation
This plan appeals to those who appreciate straightforward financial solutions. The moderate effective interest rate aligns with a sensible, long-term repayment strategy, while the application process is handled with a calm, professional approach that respects your need for privacy and clarity. It is a quiet step toward regaining your financial footing.
6. Citibank
Offers tenures up to 7 years — confirm current processing-fee terms directly, as waivers change with promotions.
- Contact: +65 6225 5225 (Self-Service Hotline)
- Website: citibank.com.sg/…/debt-consolidation-plan
A seven-year ceiling offers a neat, manageable horizon. When processing-fee waivers are in effect, the entry cost becomes very light. It rewards acting during those promotional windows, so the application step itself feels straightforward and unburdened.
7. OCBC Bank
Offers tenures from 3 to 8 years with flexible repayment options; currently sits at the higher end of the EIR range among the 7 banks, so compare carefully.
- Contact: 1800 363 8888
- Website: ocbc.com/…/debt-consolidation
Tips for choosing a DCP
- Compare EIR, not the headline rate — it’s the only number that reflects the true cost across banks.
- Check the fees — early redemption penalties and late payment charges vary and can offset a lower headline rate.
- Use the bank’s calculator to estimate your actual monthly repayment before applying.
- Change your spending habits — a DCP only works if you don’t run the old cards back up.
- Watch for scams — genuine DCPs only come from the 7 MAS-approved banks; see our guide to spotting loan scams if anyone else offers you one.
FAQs about debt consolidation in Singapore
With tenures from three to eight years and notably flexible repayment options, this plan suits those who want room to adjust as circumstances shift. Its rate sits higher, so it is a deliberate choice for borrowers who prioritise adaptability over the lowest possible number.
Who is eligible for a Debt Consolidation Plan in Singapore?
Singapore Citizens and PRs aged 21–65, earning S$20,000–S$120,000 a year, with net personal assets under S$2 million and unsecured debt exceeding 12 times their monthly income.
What debts can be consolidated under a DCP?
Unsecured debts like credit card balances, personal loans and credit lines. Renovation, education, medical, business and joint-account debts are excluded.
How long does DCP approval take?
Typically a few days to about 10 working days, depending on the bank and how complete your application is.
Will a DCP affect my credit score?
Timely repayments can help your credit standing over time, though taking on a new loan may cause a small initial dip. The bigger risk is re-borrowing on cards you’ve just cleared.
Last updated July 2026. Rates, eligibility criteria and participating-bank list verified against MAS, MoneySmart and SingSaver comparisons, and each bank’s own site, on 22 July 2026 — confirm your personalised rate directly with the bank before applying.
Disclaimer: This article is for general information only and is not financial advice. Compiled from publicly available sources; while we aim for accuracy, we do not guarantee completeness. Confirm all terms directly with the bank before applying. Let us know if you spot anything that needs correcting.
