Debt Consolidation Plan

To apply, you must be a Singapore citizen or permanent resident (PR).

You must also have an annual income of at least:

You must also hold unsecured credit facilities with financial institutions in Singapore. The total interest-bearing balances[@interest-bearing-balances] of these facilities must exceed 12× your monthly income.

All applicants must provide a photocopy of their NRIC (front and back); their latest Credit Bureau Report (consumer's version); and the latest statements from all their existing unsecured credit facilities. 

If you're a salaried employee, you will also need to provide one of the following:

• Your latest 3 months' computerised pay slips and bank statements, showing salary crediting
• Your latest Notice of Assessment, and latest computerised pay slip
• Your Central Provident Fund (CPF) statement from the last 6 months, and latest computerised pay slip or Notice of Assessment 

If you're a self-employed or commission-based earner, please provide your Notice of Assessment from the last 2 years. 

You may submit your income and CPF statement using Myinfo (for Singpass users only). 

You should take note of the following fees and charges:

• Processing fee: 1% of the approved loan amount, subject to a minimum of SGD88
• Early repayment fee: 5% of the redemption amount
• Overdue interest: 2.5% and prevailing interest[@prevailing-interest] on the overdue amount
• Late payment fee: SGD120 for each monthly repayment that's not received in full by the due date

For more information on other fees and charges, refer to fees and charges (PDF).

No, you must take up a Debt Consolidation Plan in full with one participating financial institution. This is so that you may pay down your total outstanding amounts with that institution. 

No, you only need to apply to one in order to take up a Debt Consolidation Plan. But before you apply, we would encourage you to compare the terms and conditions from different participating financial institutions.

We'll need 2 weeks to process your application from the time we receive your submission. Please make sure that you've submitted all the required supporting documents along with your completed application form.