Standard Chartered Debt Consolidation Plan Review: Should You Consider It?
Standard Chartered Debt Consolidation Plan Review: Should You Consider It?
ValueChampion Rating 
Pros
- Good for borrowers seeking to refinance their debt consolidation plan
Cons
- Not the cheapest possible debt consolidation loan
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 3.48% p.a. (6.33% EIR) |
| High Processing Fee: S$199 |
| Promotion: Receive up to S$500 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 3.48% 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 6% 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. The bank is also offering up to S$500 cashback successful online applications.
Please keep in mind that Standard Chartered advertises interest rates starting from 3.48% p.a. (6.33% EIR). This suggests that not all borrowers will receive this low of an effective interest rate. This makes it important to enquire about your eligibility before applying.
Who Can Apply: Eligibility Criteria
- Balance to Income Ratio
- More than 12x monthly income
- Early Repayment Fee
- $250 or 5% of the outstanding principal
- Late Payment Fee
- S$100
- 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
| Fee | Amount |
|---|---|
| Joining Fee | S$199 |
| Early Redemption Fee | $250 or 5% of the outstanding principal (whichever is higher) |
| Late Fee | S$100 |
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
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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.