Apply Online for HSBC Singapore Debt Consolidation Loan
"It just take a minute to complete and submit your
HSBC Debt Consolidation Plan online application."
Consolidates your outstanding balances
Combine all your outstanding balances into one account with fixed monthly repayments and ease of repayment to only one (1) Financial Institution.
Get the hsbc debt consolidation loan Singapore to enjoy the financial freedom today!
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- Low interest rates
Get interest rates from as low as 4.0% p.a. (EIR 7.5% p.a.) to 5.7% p.a. (EIR 10% p.a.)1
- Loan tenor of up to 10 years
Affordable monthly repayment available from one (1) to 10 years (conditions apply).
- Revolving Credit Facility
Enjoy perks and benefits with a HSBC Visa Platinum credit card with a credit limit equivalent to your monthly income.
- Free Credit Bureau Report Promotion (Limited time only!)
1 Terms and conditions apply.
Upon approval of Debt Consolidation Plan application,
- no cancellation is allowed
- all existing unsecured credit facilities will be suspended/ closed
Frequently Asked Questions
What is Debt Consolidation Plan (DCP)?
Debt Consolidation is a debt refinancing program which offers a customer the option to consolidate all his unsecured credit facilities (such as credit cards and some types of unsecured loans) across financial institutions with one (1) participating financial institution. Certain categories of unsecured loans are excluded from DCP, such as joint accounts, renovation loans, education loan, medical loans, and/ or credit facilities granted for businesses or business purposes.
Who are the participating banks?
All financial institutions who provide unsecured credit facilities and/ or credit cards are participating financial institutions. Currently, there are 14 participants (subject to revision):-
- American Express International, Inc.
- Australia and New Zealand Banking Group Limited
- Bank of China Limited Singapore
- CIMB Bank Berhad
- Citibank Singapore Limited
- DBS Bank Ltd
- Diners Club Singapore Pte Ltd
- HSBC Bank (Singapore) Limited
- Industrial and Commercial Bank of China Limited
- Standard Chartered Bank (Singapore) Limited
- Malayan Banking Berhad
- Oversea-Chinese Banking Corporation Limited
- RHB Bank Berhad
- United Overseas Bank Limited
New financial institution(s) may be added and/ or substituted from time to time.
Can I do a partial consolidation of my balances?
No, DCP must be done in full with one (1) participating financial institution so that you may pay down your total outstanding amounts with a single financial institution.
I am currently under the RAS scheme. Am I eligible for DCP?
Yes, RAS outstanding amounts will be transferred to DCP upon approval and shall abide by DCP Terms and Conditions at new DCP interest rates.
What will be the total DCP amount?
The DCP amount is equivalent to the total principal outstanding including interest and any other fees and/ or charges accruing on your statement accounts plus an additional 5% allowance over and above the total DCP amount, for the first DCP.
If the approved DCP amount is insufficient to repay your outstanding under any existing unsecured credit facilities in full, you will remain responsible for paying off the balance of these amounts directly to your existing financial institutions.
What is the purpose of the additional 5% over and above the total DCP amount?
It is to cater for any incidental charges (e.g. interest and fees payable) incurred from the time the DCP is approved till the time the disbursed DCP amount is received by the financial institutions.
Can I choose not to have this 5% allowance?
The allowance is fixed at 5% for the first approved DCP loan. It is intended as a buffer against any incidental charges that may be incurred from the time the DCP is approved till the DCP amount is disbursed to the financial institutions. Any excess from the 5% allowance will be credited/ refunded to you by the relevant financial institutions.
However, 5% allowance is not applicable for subsequent refinancing of DCP.
Can I request for the DCP amount to be deposited into my designated savings or current account?
No, the DCP amount will be disbursed directly to the respective financial institutions with whom you have outstanding unsecured credit facilities.
What is the maximum tenor and can I apply for the maximum tenor?
For HSBC's Debt Consolidation Plan, the maximum tenor is 10 years, you can select your preferred tenor and it will be subject to review and approval by HSBC.