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Standard Chartered Debt Consolidation Plan Review: Should You Consider It?

Best promotion for debt consolidation loan refinancing.
PROMO: Receive S$200 Cashback

Standard Chartered Debt Consolidation Plan Review: Should You Consider It?

Best promotion for debt consolidation loan refinancing.

3.8/5.0

ValueChampion Rating ValueChampion Icon

Pros

  • Good for borrowers seeking to refinance their debt consolidation plan

Cons

  • Not the cheapest possible debt consolidation loan
PROMO: Receive S$200 Cashback

Standard Chartered does not offer the least expensive debt consolidation loans for new customers. However, it is a great option for those seeking to refinance their existing debt consolidation plan, due to its current promotion.

Summary of Standard Chartered's Debt Consolidation Loans
Competitive Interest Rates: from 3.98% p.a. (7.70% EIR)
High Processing Fee: S$199
Promotion: S$200 cashback upon approval

Table of Contents

What Makes Standard Chartered's Debt Consolidation Plans Stand Out to Borrowers

Standard Chartered charges one of the lowest interest rates (from 3.98% p.a.) on the market for debt consolidation loans. However, the bank also charges a processing fee of S$199, which is much more than those of other lenders. For this reason, Standard Chartered is not the best choice for those seeking to apply for a debt consolidation plan for their outstanding loans.

With that being said, Standard Chartered's current promotion makes it a great option for those seeking to refinance their current debt consolidation loan. The bank is currently offering 5% cashback to refinancing customers, which drives down the overall cost significantly. This is especially true for debt consolidation loans with larger balances, as borrowers with these loans stand to earn more cashback. Please keep in mind that Standard Chartered advertises interest rates starting from 3.98% p.a. (7.70% EIR). This suggests that not all borrowers will receive this low rate. This makes it important to enquire about your eligibility before applying.

Who Can Apply: Eligibility Criteria

PROMO: Receive S$200 Cashback
Consider this if want to refinance your existing debt consolidation loan
  • Balance to Income Ratio
    • More than 12x monthly income
    • Early Repayment Fee
      • $250 or 5% of the outstanding principal
      • Late Payment Fee
        • S$80
        • Processing Fee
          • S$199

          Only Singapore Citizens and Permanent Residents are eligible for Standard Chartered's debt consolidation loans. Furthermore, the Standard Chartered DCP is only available to those that earn S$30,000 - S$120,000 annually, who also have unsecured outstanding balance of more than 12 times their monthly income. Finally, eligible applicants must be 21-65 years old.

          Standard Chartered Debt Consolidation Plan Eligibility

          • Citizenship: Singapore Citizen or Permanent Resident
          • Annual Income: Minimum $30,000 to less than $120,000
          • Unsecured Outstanding Balances: 12x of monthly income
          • Age: 21-65 years old

          Other Charges and Fees

          FeeAmount
          Processing FeeS$199
          Early Redemption Fee$250 or 5% of the outstanding principal (whichever is higher)
          Late FeeS$80

          How to Apply: Application Process

          You can easily apply for Standard Chartered's debt consolidation plan by clicking any of the buttons on this page. You will be prompted to submit personal and financial information and documentation. These are standard across most DCP lenders and help the bank better understand your borrowing profile.

          Standard Chartered DCP - Required Application Documents

          • NRIC (front & back)
          • Credit Bureau (CBS) Report
          • Latest Credit Card & Unsecured Credit Facilities Statements
          • Latest Income Documents
          Stephen Lee

          Stephen Lee is a Senior Research Analyst at ValueChampion, specializing in insurance. He holds a Bachelor of Arts degree in International Studies from the University of Washington, and his prior work experience include risk management and underwriting for professional liability and specialty insurance at Victor Insurance. Additionally, Stephen is a former US Peace Corps Volunteer in Myanmar (serving between 2018-2020), where he continues to provide business development consulting services to HR companies in Asia Pacific.

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