Learn What is a Debt Consolidation Plan, and How It Can Help You

The Debt Consolidation Plan (DCP) is a debt refinance scheme. It lets people combine unsecured credit facilities from several Singapore financial institutions into a single institution. These facilities include credit cards and certain unsecured loans. Pay off your bills at 3.58% per year. This is your key to stress-free living and saving money.

The following categories of unsecured lending accounts are not included in the DCP:

1. Loans made available through joint accounts

2. Loans for renovations

3. Loans for education

4. Medical loans

5. Credit facilities pertaining to businesses

For whom is a debt consolidation plan appropriate?

You need to fulfill the following requirements in order to qualify for the Debt Consolidation Plan:

• Be a citizen or permanent resident of Singapore;
• Make between S$20,000 and less than S$120,000 annually while having less than $2 million in net personal assets;
• Have more than 12 times your monthly salary in interest-bearing unsecured debt from all credit cards and unprotected loans.
• *All bids received by applicants who match the specified income standards are subject to the evaluations of individual FIs because the DCP is a commercial product.

The DCP is a loan product regulated by the Monetary Authority of Singapore (MAS). Some financial institutions may set higher income requirements and approve applications based on their own review.

Existing unsecured credit arrangements with other banks will be closed or discontinued if your DCP application is accepted. To give you a convenient way to pay for everyday necessities, the authorized financial institution will offer you an ongoing credit line that is fixed at one point in time with your monthly income.

For Instance:

The Visa Credit Card

A DBS Visa Platinum Credit Card is included with the DBS Debt Consolidation Plan to give you a practical way to pay for your everyday necessities.

• The maximum credit limit on this card is equal to one time your monthly income.
• No yearly charge.
• Qualifications for eligibility
• Country of origin
• Permanent Resident or Singaporean
• Age
• 21 to 65 years old (when the debt matures)
• Revenue
• From S$30,000 to less than S$120,000 per year
• The BTI, or balance to income ratio, is greater than 12 times monthly income.
• Documents Needed
• most recent report from the Credit Bureau AND
• Documentation of income (any ONE of the following)

Employees on a variable commission basis, self-employed, and salaried

Latest Notice of Income Tax Assessment 2: One year

Payment of Salaries to DBS/POSB Accounts

The most recent computerized payslip

How do I apply?

Apply right away.

To repay the loan, you will require a DBS or POSB deposit account (but not a Joint All, Trust, MSA, SAYE, FCCA, or POSB current account).

Before starting your Debt Consolidation Plan application, you must apply for a DBS or POSB account if you don't already have one.

Using digibot to apply

First Step:

The customizable Debt Consolidation Plan PDF request form can be downloaded and completed. Please use Adobe Acrobat Reader on your PC to fill out the form for the best experience.

The Second Step

• Make sure that the required documentation is in order.
• For People Who Have Never Consolidated Debt
• filled-out application in PDF format
• Income records
• Credit Bureau Report (current or less than two months old)
• Every bank statement (The bank's name, account number, and outstanding balances must be displayed properly in the statement.)
• Regarding the DBS Debt Consolidation Plan Refinance
• completed application form in PDF format

Step Three

• Easily submit your application online with our digibot's full assistance. You must verify your identity using:
• Your Digibank PIN and User ID, OR
• PIN and ATM, debit, or charge card number
• The digibot will walk you through your application after a few seconds of waiting for it to be launched.

Please be aware that you can only submit a maximum of five files. JPG, PNG, and PDF files are supported. No more than 4 MB per person. To learn how to integrate your documents, you can consult this guide.