30/10/2024
17h01
Debt Consolidation Plan from SC

Who can apply for the Debt Consolidation Plan from Standard Chartered?

The Debt Consolidation Plan from Standard Chartered is available to Singaporean citizens and permanent residents.

Applicants must provide adequate documentation to confirm their financial situation. This includes a thorough credit profile assessment, which will be considered during the approval process.

Requirements to purchase the Debt Consolidation Plan from Standard Chartered

✔ Annual income: Between S$30,000 and below S$120,000
✔ Unsecured outstanding balances: More than 12 times of monthly income
✔ Age: 21 – 65 years

Application Documents

✔ Copy of NRIC (front and back)
✔ Copy of your latest Credit Bureau report
✔ Latest bank statements of your outstanding unsecured credit facilities (such as credit cards)
✔ Copy of latest income documentations

For Salaried Employees and Partial Commission-Based Earners

✔ Latest computerised payslip OR
✔ Latest 6 months’ CPF contribution history statement
✔ To be considered for a higher loan amount, please submit your latest Income Tax Notice of Assessment in addition to the above

For 100% Commission-Based Earners

✔ Latest Income Tax Notice of Assessment OR
✔ Latest 3 months’ commission statement from a single employer

For the Self-Employed

✔ Latest Income Tax Notice of Assessment

A tip for you!

When considering a loan, it is essential to understand your financial situation and plan your expenses carefully. Analyzing your debts and monthly payments can help identify if the debt consolidation is the best solution for you. It’s important not only to consolidate debt but also to avoid new balances, ensuring healthy financial control.

Additionally, consider using the cashback received from the loan to accelerate debt repayment. This can expedite your path to financial freedom, reducing the total interest paid over time. A solid and realistic financial plan is essential for long-term success.

What are the rates of the Debt Consolidation Plan from Standard Chartered?

The debt consolidation from Standard Chartered offers an introductory interest rate of 3.48% p.a. (EIR of 6.33% p.a.), highly competitive in the market. Note that the interest rate may vary according to the applicant’s credit profile, so maintaining a solid financial history can help secure the best rates.

The loan’s default rate is minimum EIR of 26.9% p.a. in case of delays.The effective interest rate includes a joining fee of S$199, which should be considered in calculating the loan’s total cost.

How to apply for Debt Consolidation Plan from Standard Chartered?

Applying for the debt consolidation from Standard Chartered is a simple and straightforward process. You can start your online application through the Standard Chartered website, where you’ll need to fill in a form with your personal and financial information. 

Once submitted, your request will be reviewed, and you’ll receive a prompt response to begin your journey to healthier finances.

Ready to simplify your finances? Visit the Standard Chartered website today to explore the Debt Consolidation Plan from Standard Chartered and discover how it can help you take control of your debts. Don’t wait, your financial freedom is just a click away!