Best Debt Consolidation Plan Interest Rates for 2024

Best Debt Consolidation Plan Interest Rates for 2024

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

1

Standard Chartered Debt Consolidation Plan

Interest Rate*
EIR: 6.79%
3.48%
Total Amount PayableS$33,132
Processing FeeS$199
Per MonthS$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
2

HSBC Debt Consolidation Plan

Interest Rate*
EIR: 7.5%
4.2%
Total Amount PayableS$33,780
Processing FeeS$0
Per MonthS$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
Interest Rate*
EIR: 6.95%
3.58%
Total Amount PayableS$33,222
Processing FeeS$99
Per MonthS$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
4

POSB Debt Consolidation Plan

Interest Rate*
EIR: 6.95%
3.58%
Total Amount PayableS$33,222
Processing FeeS$99
Per MonthS$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
Best Debt Consolidation Plan Interest Rates for 2024
5

Citi Debt Consolidation Plan

Interest Rate*
EIR: 7.5%
3.99%
Total Amount PayableS$33,591
Processing FeeS$0
Per MonthS$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
6

UOB Debt Consolidation Plan

Interest Rate*
EIR: 8.41%
4.5%
Total Amount PayableS$34,050
Processing FeeS$0
Per MonthS$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
7

Bank of China Debt Consolidation Plan

Interest Rate*
EIR: 7.48%
6%
Total Amount PayableS$35,400
Processing FeeS$600
Per MonthS$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

What is a debt consolidation plan?

A debt consolidation plan is a financial strategy that combines multiple debts into a single loan or payment. It aims to simplify debt management and potentially reduce overall interest rates.

How does a debt consolidation plan work?

With a debt consolidation plan, you take out a new loan or credit facility to pay off existing debts. This leaves you with a single monthly payment to manage, often at a lower interest rate than what you were previously paying.

What are the benefits of a debt consolidation plan?

Some benefits include simplifying your finances by consolidating multiple debts into one, potentially lowering your interest rates, and having a structured repayment plan.

Who is eligible for a debt consolidation plan?

Eligibility criteria vary depending on the financial institution offering the plan. Generally, individuals with multiple debts, such as credit card debt, personal loans, or other liabilities, may qualify for a debt consolidation plan.

What factors should I consider when choosing a debt consolidation plan?

Factors to consider include the interest rates offered, repayment terms, fees and charges, eligibility requirements, and your overall financial situation and goals.

Are there risks associated with debt consolidation plans?

While debt consolidation can be beneficial, it’s essential to be aware of potential risks such as extending the repayment period, accruing more interest over time, and impacting your credit score if you miss payments.

How can I apply for a debt consolidation plan?

You can apply for a debt consolidation plan directly through banks, financial institutions, or licensed moneylenders. It’s advisable to compare multiple offers and seek professional financial advice if needed before making a decision.

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