Debt Consolidation Plan
Debt Consolidation Plan (DCP) is a debt refinancing programme that offers individuals to consolidate unsecured credit facilities (such as credit cards and some types of unsecured loans) across multiple financial institutions in Singapore with one financial institution.
The DCP excludes the following types of unsecured loan accounts:
1. Loans granted under joint accounts
2. Renovation loans
3. Education loan
4. Medical loans
5. Business-related credit facilities
To be eligible for the Debt Consolidation Plan, you must meet the following criteria:
1. Be a Singapore Citizen or Permanent Resident;
2. Earn between S$30,000 and below S$120,000 per annum with Net Personal Assets of less than $2 million;
3. Have total interest-bearing unsecured debt on all credit cards and unsecured credit that exceeds 12 times of monthly income.
As the DCP is a Monetary Authority of Singapore (MAS) regulated loan product, individual financial institutions may set higher income criteria and approve applications based on their assessment.
Should your DCP application be approved, existing unsecured credit facilities with other financial institutions will be closed or suspended. The approving financial institution will grant you a revolving credit facility, fixed at one time your monthly income to provide you with a convenient payment mode for purchases of daily essentials.
Find out more
For more information or to apply for a Debt Consolidation Plan, you are best advised to approach participating financial institutions directly. The terms and conditions of DCP may vary across different financial institutions and approval is subject to the sole discretion of individual financial institutions.