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BOC Debt Consolidation Plan (DCP) helps you pay off high interest balances with interest rate as low as 0.59% per month and a repayment period up to 10 years. You can consolidate all your credit cards/unsecured loans balances with no tiered interest, no lock-in period for your funds and no monthly conditions to meet, you have flexibility on hand while your account balance expands.

Debt consolidation loans from Standard Chartered are a part of a debt consolidation plan. The plan consists of the loan and a Platinum MasterCard. Effective interest rate of 7.70% and loan lengths can stretch from three years all the way through to ten years with regular fees for the Platinum MasterCard charged. They charge a joining fee of S$199 and S$250 for early redemption fee

HSBC offers the lowest guaranteed flat and effective interest rates for debt consolidation loans in Singapore. Additionally, it is currently waiving its application fee for online applicants, which is normally S$88 or 1% of the loan amount. While other lenders advertise lower rates than HSBC, they use vague language such as "as low as" that indicates that borrowers may actually be offered substantially higher rates. For this reason, HSBC stands out as one of a few lenders that provides details regarding its interest rates. Additionally, it offers the lowest rates among banks that guarantee interest rates published online.

CIMB advertises the lowest debt consolidation plan interest rates in Singapore, with effective interest rates as low as 7%. This is a great rate for some borrowers that are actually able to secure it; however it is difficult to assess the total cost of CIMB's debt consolidation loan compared to a loan from another bank.Additionally, because POSB, DBS and Maybank are offering cashback promotions and HSBC is offering S$100 cashback and waived processing fees, CIMB's lack of promotions and 1% processing fee make it a less appealing source for debt consolidation loans. It also offers loans with shorter durations of up to 8 years than many other DCP lenders in Singapore.

Debt consolidation loans from Citibank allow you to merge debts into one account with a fixed interest rate. Citibank bundles the debt consolidation loan into the Citibank Debt Consolidation Plan. This plan also provides you with a capped revolving credit facility, to be used as a payment method for daily expenses. If you need to get your debts organised, consider a debt consolidation plan from Citibank.

POSB and DBS are offering the most significant promotional deal for debt consolidation loans. This promotion provides a cashback of 3% of the approved loan amount to borrowers. This can result in material savings, especially for those with a significant amount of debt. While the banks charges S$99 for processing fee, it is rather insignificant for applicants that receive the cashback promotion. Additionally POSB and DBS advertise flat interest rates as low as 3.98% (7.23% EIR). These rates are among the lowest available in our review of debt consolidation plans in Singapore however, they are not guaranteed.