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Looking to streamline your finances and simplify debt repayment? The Best Debt Consolidation Plan Interest Rates for 2024 could be your solution. By combining multiple debts into a single manageable loan, you can potentially lower your overall interest rate and monthly payments. This guide explores the top debt consolidation plans with competitive interest rates, helping you make informed financial decisions and achieve greater financial stability in the new year.
Best Debt Consolidation Plan Interest Rates for 2024
Standard Chartered Debt Consolidation Plan
| Interest Rate* EIR: 6.79% | 3.48% |
| Total Amount Payable | S$33,132 |
| Processing Fee | S$199 |
| Per Month | S$920 |
Key Features:
- Enjoy as low as 3.48% p.a. interest rates
- Bonus: 6% cashback on your approved loan when you refinance your current DCP with SCB
- Termination cost of your existing DCP (with other banks) will be covered by SCB’s 6% Cashback
- Loan tenure of 3-10 years
- Only one-time processing fee of S$199
HSBC Debt Consolidation Plan
| Interest Rate* EIR: 7.5% | 4.2% |
| Total Amount Payable | S$33,780 |
| Processing Fee | S$0 |
| Per Month | S$938 |
Key Features:
- Enjoy promotional interest rates from 4.2% p.a. (E.I.R from 7.5% p.a.)
- Get processing fee waiver on your approved loans
- Enjoy 5% cashback upon approval when you refinance with HSBC
- Get a free credit bureau report sponsored by HSBC
- Loan tenure of 1-10 years
- *Note that the rates provided to you are customised and might differ from what’s displayed here
DBS Debt Consolidation Plan
| Interest Rate* EIR: 6.95% | 3.58% |
| Total Amount Payable | S$33,222 |
| Processing Fee | S$99 |
| Per Month | S$923 |
Key Features:
- Consolidate your outstanding across all banks with DBS Debt Consolidation Plan
- Loan tenure of 1 – 8 years
- Get a credit card with limit of 1x monthly income for your daily expenses
POSB Debt Consolidation Plan
| Interest Rate* EIR: 6.95% | 3.58% |
| Total Amount Payable | S$33,222 |
| Processing Fee | S$99 |
| Per Month | S$923 |
Key Features:
- Consolidate your outstanding across all banks with POSB Debt Consolidation Plan
- Enjoy interest rate as low as 3.58%p.a (EIR 6.95%p.a.)
- Loan tenure of 1 – 8 years
- Get a credit card with limit of 1x monthly income for your daily expenses
Citi Debt Consolidation Plan
| Interest Rate* EIR: 7.5% | 3.99% |
| Total Amount Payable | S$33,591 |
| Processing Fee | S$0 |
| Per Month | S$933 |
Key Features:
- No processing fees at all
- Choose loan tenure from 3-5, and 7 years
- Get a credit card with a limit of 1X your monthly income
- Complimentary protection insurance coverage of up to S$160,000
- Total interest-bearing outstanding balances on credit cards and personal loans must be at least 12X your monthly income
- If this your first DCP, your loan amount approved/disbursed will be the outstanding bills and interest, plus 5% on top of that. E.g. A first DCP loan of $30k, the loan amount approved/disbursed will be $31.5k
UOB Debt Consolidation Plan
| Interest Rate* EIR: 8.41% | 4.5% |
| Total Amount Payable | S$34,050 |
| Processing Fee | S$0 |
| Per Month | S$946 |
Key Features:
- Enjoy fixed interest rate from as low as 4.5% p.a. (EIR: 8.22% p.a.); or
- Go for greater flexibility and start on lower monthly repayment with the Tiered Interest rate offer at interest rates starting from 2.28% p.a. for the first year and 6.28% p.a. (EIR: 9.04% p.a.) for subsequent years of the tenure for a 6 year loan. Options for 7 or 8 year loans available.
- Loan tenure of up to 8 years
- No processing fee
Bank of China Debt Consolidation Plan
| Interest Rate* EIR: 7.48% | 6% |
| Total Amount Payable | S$35,400 |
| Processing Fee | S$600 |
| Per Month | S$983 |
Key Features:
- Enjoy up to 10 years of loan tenure
- Interest rates from 6%
- Complimentary BOC Family Card will be issued with no annual fee during the DCP loan tenure
- To apply, SMS BOCCARD[space]DCMS[space]NAME[space]NRIC/Passport Number to 79777 or contact our 24-hr Customer Service hotline at 1800 338 5335.
- *Note that the interest rates and payment amount provided by the bank may vary from what’s displayed.
In conclusion, navigating the Best Debt Consolidation Plan Interest Rates for 2024 can lead to significant financial benefits and peace of mind. By carefully comparing and selecting the right plan, you can simplify your debt management, reduce interest rates, and work towards a debt-free future.
Remember to assess your financial situation, explore various options, and choose a plan that aligns with your goals and needs. With proactive financial planning and the right consolidation strategy, you can take control of your finances and move towards greater financial freedom.
Do check out our list of Car Loans Interest Rates for 2024 and have time to check their services.
Frequently Asked Questions
FAQs
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