Managing multiple debts can be overwhelming, but the DBS Debt Consolidation plan offers a simple and effective way to regain control of your financial health. Here’s everything you need to know about applying and making the most of this service.
What do you need to apply?
✅ Be a Singaporean or Permanent Resident.
✅ Be between 21 and 65 years old (at loan maturity).
✅ Have an annual income between S$30,000 and below S$120,000.
✅ Maintain a Balance-to-Income ratio of over 12 times your monthly income.
Essential documents to have
✅ NRIC or other government-issued identification.
✅ A recent credit bureau report.
✅ Proof of income, such as CPF contributions or payslips.
✅ Records of outstanding unsecured debts, like bank statements or confirmation letters.
Approval depends on meeting these criteria, and DBS may request additional documents if necessary.
How to apply for DBS Debt Consolidation
Applying is straightforward. Begin by downloading the application form from the DBS website. Fill it out accurately and gather all required documents, including your credit bureau report, income proof, and details of outstanding debts.
Submit the application online via the DBS Digibot, which will guide you through the process step by step. Once submitted, the bank will review your application. If approved, you’ll receive instructions to proceed. If declined, take the feedback provided, address any issues, and reapply when ready.
Paying off your monthly instalments
Repaying your DBS Debt Consolidation plan is hassle-free. Choose between digital options like the Digibank app, GIRO for automatic payments, or payments at DBS/POSB ATMs. Setting up auto-pay ensures you never miss a payment, helping you avoid late fees and stay on track with your financial goals.
Fees and costs
While the DBS Debt Consolidation plan provides financial relief, it comes with associated costs. The processing fee is S$99, and a late payment incurs a charge of S$90.
The effective interest rate (EIR) is 6.56% per annum, and early termination of the plan results in a fee of 5% of the remaining balance. By understanding these fees upfront, you can plan your repayments responsibly.
Why DBS Debt Consolidation Is worth it
The DBS Debt Consolidation plan is ideal for simplifying debt repayment. With a competitive interest rate of 3.58% per annum and repayment periods of up to 8 years, it offers flexibility and financial relief. The included DBS Visa Platinum Credit Card adds convenience for managing everyday expenses responsibly.
However, it’s important to use this product wisely. While the extended repayment tenure reduces monthly instalments, it requires consistent financial discipline. If you’re looking for a structured way to clear your debts, this plan provides a comprehensive solution.
Taking control of your financial health starts with responsible decisions. Consolidating your debts with DBS allows you to focus on a single repayment, reducing stress and creating clarity in your finances. Stay committed to making timely payments and leveraging the tools provided by DBS to ensure long-term stability.
Ready to take charge of your finances?
Apply for DBS Debt Consolidation today and start your journey to a more secure financial future.