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

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

Best promotion for debt consolidation loan refinancing.

Good for

  • Borrowers seeking to refinance their debt consolidation plan

Bad for

  • Borrowers seeking the cheapest possible debt consolidation loan

Editor's Rating

4.0/5.0

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: 5% cashback (refinancing only)

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

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
William Hofmann

William is a Product Manager at ValueChampion Singapore, focusing on banking and SMEs. He previously was an Economic Consultant at Industrial Economics Inc.

Comments and Questions

Debt Consolidation Plans
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