A Debt Consolidation Plan is the one product in Singapore designed to do a single job: take every credit card and credit line balance you hold across banks, and turn them into one fixed instalment at a fraction of the card rate. Thirteen financial institutions are named as Participating FIs in the scheme's own terms, but only seven publish a rate you can read before you apply, and those seven are the ones below. Ranked on the published EIR, Maybank and Standard Chartered tie at the front on 3.48% p.a. (EIR 6.26% p.a.), and the tie breaks on fees: Standard Chartered charges a one-time S$199 joining fee, which its own calculator turns into an EIR of 6.48% on a S$20,000 ten-year loan, while Maybank publishes no joining fee and is paying a 5% cash rebate on the approved loan amount until 31 December 2026. On an S$80,000 consolidation that rebate is S$4,000, which is worth more than any rate gap on this page. DBS follows at 3.58% p.a., and its own terms carry three numbers its product page does not: a S$99 processing fee, a S$90 late fee, and an early termination fee of 5% of whatever is still outstanding. Then the field jumps. HSBC, UOB and OCBC all sit at 4.5% p.a. and Citi at 5.95% p.a. Two traps are worth naming before you read further. UOB's cheapest looking rate, a tiered plan starting at 2.28% p.a., carries the highest EIR the bank publishes because the rate jumps to 6.28% from Year 2, and every DCP hands you a brand new credit card running at roughly 27% to 29% p.a. Every rate, fee and promotion below was read off each bank's own site and terms on 6 September 2026.
Every bank here advertises a flat rate. What you actually pay is the EIR, and it is roughly double.
> Quick view: Maybank and Standard Chartered both start at 3.48% p.a. (EIR 6.26%). Maybank adds a 5% cash rebate; Standard Chartered charges a S$199 joining fee.
The joint-cheapest published rate in Singapore, and the only one paying you to take it. Maybank quotes 3.48% p.a. (EIR 6.26% p.a.) with a repayment period of up to 10 years, matching Standard Chartered on rate but publishing no joining fee against Standard Chartered's S$199. On top of that it is running a cash rebate on the approved loan amount: 5% if this is your first DCP, 3% if you are moving one from another bank, from 1 July to 31 December 2026. On a S$80,000 consolidation the 5% is S$4,000 back, which dwarfs the gap between first place and last place on rate. Eligibility is the scheme standard: Singaporean or PR, 21 and above, annual income S$30,000 to S$120,000, and total interest-bearing unsecured debt above 12 times your monthly income. The plan comes with a credit card capped at 1x your monthly income. There is no online application form. You SMS DCP followed by your name to 79898, or leave your details for a callback, then submit the signed form with your Credit Bureau report, proof of balances, NRIC and either 12 months of CPF contribution history or your latest payslip.
5% cash rebate on the approved loan amount for a new Debt Consolidation Plan, or 3% if you are refinancing an existing one from another bank. Promotion period 1 July to 31 December 2026.
Valid till 31 Dec 2026
Same 3.48% p.a. headline as Maybank and the same EIR from 6.26% p.a., but read the second number the bank prints beside it. Standard Chartered charges a one-time S$199 joining fee, and its own calculator restates the EIR as 6.48% p.a. once that fee is counted, on a S$20,000 loan over 10 years. Tenures run 3 to 10 years, the widest band here alongside Maybank and HSBC. Where it clearly wins is refinancing: if you already hold a DCP with another bank, Standard Chartered pays 6% cashback on the approved amount, and that promotion runs the full year from 1 January to 31 December 2026. Its worked example moves a S$60,000 DCP at 6.88% p.a. onto 3.48% and cuts the monthly instalment from S$1,059 to S$891. The fee schedule is the most completely published of the seven, and worth knowing before you sign: early redemption costs S$250 or 5% of the outstanding principal, whichever is higher, late payment is S$100, and the default rate is an EIR of 26.9% p.a. The complimentary Platinum Mastercard has its S$192.60 annual fee perpetually waived, with a limit equal to one month's salary.
6% cashback on the approved loan amount when you refinance an existing Debt Consolidation Plan from another financial institution. Promotion runs 1 January to 31 December 2026.
Valid till 31 Dec 2026
Third on rate at 3.58% p.a., a tenth of a point behind the leaders, and the one whose real cost is hardest to read off the marketing. The product page carries the rate and almost nothing else: no EIR, no fee table, no worked example. The numbers live in the Terms and Conditions Governing Debt Consolidation Facility, version April 2026, and there are three you should know before applying. A S$99 processing fee. A S$90 late fee. And a cancellation or early termination fee of 5% on the balance outstanding at the point of settlement, which means switching out of a DBS DCP later costs 5% of whatever is left. The same document sets the prevailing rate on the accompanying revolving credit facility at 27.8% p.a., rising to 30.8% on interest adjustment. One more thing worth checking before you count on it: several comparison sites still quote a DBS DCP cashback of up to 5%, but the bank's own promotion page for it now redirects to the DBS homepage and the product page carries no cashback offer, so treat that promotion as finished until DBS republishes it.
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The first of the 4.5% p.a. group, quoted with an EIR of 8.0% p.a., and the one with the longest runway: HSBC will write a DCP as short as 1 year or stretch it to 10, where UOB and OCBC stop at 8. It charges the clearest processing fee of the seven, 1% of the approved loan amount subject to a minimum of S$88, so on a S$60,000 consolidation that is S$600. The detail most roundups get wrong is the income bar. The scheme floor of S$30,000 a year only applies to existing HSBC customers who hold at least S$50,000 in total relationship balances. If your balances with HSBC are under S$50,000, or you are new to the bank, the salaried floor is S$65,000, and the ceiling in every case is S$119,999. Self-employed and commission-based applicants start from S$40,000 on the equivalent tiers. Age is 21 to 65, you must be Singaporean or PR, and your interest-bearing balances must exceed 12 times your monthly income. A complimentary HSBC Visa Platinum credit card comes with the plan.
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UOB publishes the fullest rate table of the seven, which is exactly why its cheapest looking option should be avoided. The plain fixed plan is 4.50% p.a. (EIR 8.22% p.a.) over 1 to 6 years, or 5.50% p.a. (EIR 9.67% p.a.) over 7 to 8 years. Beside it sits a tiered plan advertised from 2.28% p.a., and that 2.28% is a Year 1 rate only: it becomes 6.28% p.a. for Years 2 to 6, and UOB's own table puts the resulting EIR at 9.04% p.a., a full 0.82 points above its plain 4.50% plan over the same 72 months. The 7 and 8 year tiers behave the same way, 2.99% in Year 1 then 6.99% after, for EIRs of 10.35% and 10.41% against 9.67% fixed. In other words, at every tenure UOB offers, the tiered rate is the more expensive choice. Its worked example is the clearest illustration on this page of what a DCP does: S$80,000 spread over 72 months at a fixed S$1,411.11 a month, S$21,600 of total interest. There is no online application. You download the form and email it to uobdcp@uobgroup.com with your documents.
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The only bank here that prints an EIR for every single tenure, and the ladder runs the opposite way to most people's intuition: 4.5% p.a. flat at all lengths, but an EIR of 8.41% at 3 years, 8.36% at 4, 8.29% at 5, 8.22% at 6, 8.14% at 7 and 8.06% at 8. The longest plan carries the lowest EIR and the largest total interest bill, so do not pick a tenure on the EIR alone. Terms run 36 to 96 months. OCBC's published fee sheet states no processing fee, but late repayment is S$200, the highest here, the termination fee is 5% of your outstanding loan and interest owing, and paying over the counter costs S$25 a transaction. The accompanying Debt Consolidation Card is an OCBC Platinum with no annual fee and a limit of 1x your monthly income, and its rates are printed on the same sheet: 26.88% p.a. on purchases, 28.92% p.a. on cash advances, S$100 late payment. One rule from the terms that catches first-timers: your loan is your total balances plus an extra 5% to cover interest and charges, and that 5% allowance is only granted if you have never had a DCP approved before.
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The most expensive published rate of the seven at 5.95% p.a., and the shortest maximum tenure at 7 years, but it is also the only one that charges no processing fee at all, which is worth something against HSBC's 1% minimum S$88 and DBS's S$99. Citi's own illustration takes S$60,000 of outstanding balances and turns them into a fixed S$1,011.64 a month over 7 years, at an effective interest rate of 10.5% p.a. That EIR is the highest on this page, so Citi only makes sense if you have been declined elsewhere or you already bank with Citi and want the process simple. Eligibility is the scheme standard for existing customers, Singaporean or PR aged 21 and above with annual income of S$30,000 to S$120,000 and interest-bearing balances of at least 12 times monthly income, but the floor rises to S$48,000 a year if you are not already a Citi customer. As with every plan here, the consolidated loan comes with a credit card for day-to-day spending, which you should treat as a debit card in disguise.
Visit website| Bank | Flat rate p.a. | EIR from | Fees | Max tenure | Current cashback |
|---|---|---|---|---|---|
| Maybank | 3.48% | 6.26% | None published | 10 yrs | 5% new / 3% refinance, till 31 Dec |
| Standard Chartered | 3.48% | 6.26% (6.48% with fee) | S$199 joining fee | 10 yrs | 6% on refinance, till 31 Dec |
| DBS / POSB | 3.58% | Not published | S$99 processing | Per approval letter | None published |
| HSBC | 4.5% | 8.0% | 1% of loan, min S$88 | 10 yrs | None published |
| UOB (fixed) | 4.50% | 8.22% | Not published | 6 yrs | None published |
| OCBC | 4.5% | 8.06% to 8.41% | No processing fee stated | 8 yrs | None published |
| Citi | 5.95% | 10.5% | No processing fee | 7 yrs | None published |
Debt consolidation is the one corner of Singapore consumer lending where the marketing and the maths point in opposite directions. The rate you see is a flat rate applied to the original principal for the whole tenure, so it stays the same while your balance falls. The EIR is what you actually pay, and across these seven plans it runs between 1.75 and 1.9 times the advertised number. Rank the market on the headline and you get one order. Rank it on the EIR and Maybank and Standard Chartered lead, and UOB's cheapest looking product drops to the bottom.
We read every rate, fee and promotion below off the bank's own product page, rate table or terms document on 6 September 2026, not off a comparison site.
UOB is the only bank here offering a tiered structure, and its own published table shows what that costs. Over 72 months, tiered pays 2.28% in Year 1 and 6.28% for Years 2 to 6, for an EIR of 9.04%. The plain fixed plan over the same 72 months is 4.50% throughout, for an EIR of 8.22%. The same reversal holds at 7 and 8 years. A first-year rate is a discount on the smallest year of the loan, and the increase applies to the rest.
OCBC publishes an EIR for each tenure, and it falls as the loan gets longer: 8.41% over 3 years down to 8.06% over 8. That is an artefact of how EIR annualises a fixed cost over more years. The 8 year plan has the lower EIR and the bigger total interest bill, because you are borrowing for five more years. Pick the shortest tenure whose instalment you can actually service, then compare EIRs only between banks at that same tenure.
Four of the seven publish an exit cost, and it is material. DBS charges 5% of the balance outstanding at settlement. OCBC charges 5% of the outstanding loan plus interest owing. Standard Chartered charges S$250 or 5% of outstanding principal, whichever is higher. These are the numbers that make Standard Chartered's 6% refinancing cashback interesting, because it is roughly designed to cover the other bank's exit fee.
This is the part of the product that deserves more suspicion than it gets. A DCP is not just a loan; it is a loan plus a revolving credit facility, and that card runs at card rates. OCBC prints 26.88% p.a. on purchases and 28.92% p.a. on cash advances. DBS's terms set its facility at 27.8% p.a., rising to 30.8% on interest adjustment. Standard Chartered's default EIR is 26.9% p.a. The limit is capped at one month's income, which is the guardrail, but the product that fixes credit card debt issues you a credit card at the rate that caused it.
The eligibility rules are set by the scheme rather than by each bank, and they are narrow at both ends. You must be a Singapore citizen or PR, aged 21 and above, with an annual income between S$30,000 and under S$120,000, and total interest-bearing unsecured balances across all financial institutions exceeding 12 times your monthly income. Earn S$120,000 or more and you are out, no matter how much you owe. Owe less than 12 times your monthly income and you are also out, in which case a plain personal loan or a balance transfer is the product to look at instead.
One more rule from the terms: if this is your first DCP, the loan written is your total balances plus 5% to cover interest and charges. If you have had one approved before, that 5% allowance is not granted.
The Terms and Conditions Governing the Debt Consolidation Facility, April 2026 version, name thirteen Participating FIs: American Express International, Bank of China Singapore, CIMB Bank Berhad, Citibank Singapore, DBS Bank, Diners Club Singapore, HSBC Bank (Singapore), Industrial and Commercial Bank of China, Malayan Banking Berhad, OCBC, RHB Bank Berhad, Standard Chartered Bank (Singapore) and United Overseas Bank.
Seven of them publish a DCP product page with a rate on it, and those seven are ranked above. Two others we checked directly and could not find one: CIMB's Personal Financing menu lists its Personal Loan and nothing else, and RHB publishes no DCP product page on its Singapore site. Hong Leong Finance, which several roundups list as a DCP provider, is not named in the participating list at all, and its personal loans menu carries only car loans, property loans and share loans.
On the published effective interest rate, Maybank and Standard Chartered tie at 3.48% p.a. (EIR 6.26% p.a.). Maybank is the better of the two on total cost because it publishes no joining fee and is paying a 5% cash rebate on the approved loan amount for a new plan until 31 December 2026, while Standard Chartered charges a one-time S$199 joining fee that lifts its own quoted EIR to 6.48% p.a. on a S$20,000 ten-year loan. The exception is if you already hold a DCP elsewhere: Standard Chartered pays 6% cashback on refinancing, against Maybank's 3%. DBS/POSB is next at 3.58% p.a., then HSBC, UOB and OCBC at 4.5% p.a., and Citi at 5.95% p.a. Note that the rate you are offered depends on your credit profile and may be higher than the published one.
The criteria are set by the scheme, so they are the same at every participating bank. You must be a Singapore citizen or permanent resident, aged 21 and above, with an annual income of at least S$30,000 and below S$120,000, and your total interest-bearing unsecured balances across all financial institutions in Singapore must exceed 12 times your monthly income. Renovation loans, education loans and business credit facilities are excluded from that calculation. Two individual banks set a higher floor than the scheme minimum: HSBC requires S$65,000 a year unless you are an existing customer with at least S$50,000 in total relationship balances, and Citi requires S$48,000 if you are not already a Citi customer.
Because a DCP has two parts: the loan account that absorbs your balances, and a revolving credit facility for day-to-day spending, since every other card you hold is closed or suspended when the plan starts. The card's limit is capped at one times your monthly income, but its interest rate is a normal card rate. OCBC's published sheet puts its Debt Consolidation Card at 26.88% p.a. on purchases and 28.92% p.a. on cash advances. DBS's terms set its facility at a prevailing 27.8% p.a., rising to 30.8% p.a. on interest adjustment. Standard Chartered's default EIR is 26.9% p.a. Treat that card as a payment convenience to be cleared in full every month, not as credit.
More than most people expect, which is why the first choice matters. DBS charges a cancellation or early termination fee of 5% on the balance outstanding at the point of settlement. OCBC charges a termination fee of 5% of the total of your outstanding loan amount and interest owing. Standard Chartered charges an early redemption fee of S$250 or 5% of the outstanding principal, whichever is higher. On a S$60,000 remaining balance, a 5% exit fee is S$3,000. That is the context for the refinancing offers: Standard Chartered pays 6% cashback on a refinanced DCP through 31 December 2026 and Maybank pays 3%, so a switch can be close to cost-neutral if the new rate is genuinely lower.
It is decided by one number: whether your total interest-bearing unsecured debt exceeds 12 times your monthly income. Below that, you do not qualify for a DCP at all, and a personal loan or a balance transfer is the route, at rates that start far lower, from 0.90% p.a. flat and an EIR of 1.75% p.a. Above that threshold, a DCP is usually the better instrument even though its rate looks higher, because it takes in every balance across every bank at once, closes the cards that caused the problem, and fixes the instalment for up to 10 years. A personal loan large enough to clear the same debt would need approval you are unlikely to get at that debt-to-income ratio.
