Your monthly payment
$ 478
Hear what Singaporeans are saying about Lendela.
3 simple steps to find the right debt consolidation plan (DCP) in Singapore:
1. Apply once on Lendela for a debt consolidation plan
2. Compare personalised offers (EIR, key fees, repayment period)
3. Choose an option to repay via one monthly instalment on a clear repayment schedule
Our goal is to make debt consolidation quicker, simpler, and more transparent – without the guesswork. Lendela is a loan matching platform that helps Singaporeans compare personalised DCP options from banks and financial institutions in one place. You’ll see key terms side-by-side (EIR, fees, repayment period, monthly instalment, and key terms and conditions) so that you can pick the right plan with clarity and confidence.
When unsecured debt is spread across multiple accounts, the hardest part is usually execution – multiple due dates, multiple minimum payments, and fees that add up quietly. A debt consolidation plan (DCP) is designed to simplify this by moving multiple interest-bearing unsecured balances and outstanding debts into one loan with fixed monthly repayments. In other words: one repayment schedule, one repayment period, fewer moving parts.
A debt consolidation plan (DCP) is commonly described as an industry debt-refinancing programme for borrowers with high interest-bearing unsecured credits (MoneySense DCP overview)
A common eligibility benchmark is total interest-bearing unsecured debt exceeding 12× your monthly income (in addition to other criteria)
After you start on a DCP, existing unsecured credits are typically closed/suspended, and you may receive a revolving credit with a limit fixed at 1× your monthly income (policies vary)
Applying for new unsecured credit is often restricted until balances reduce to certain thresholds (policies vary)
Want to see what your single monthly instalment would be? Try our debt consolidation calculator.
For the most widely referenced eligibility checklist (income band, assets, and debt threshold), see the ABS debt consolidation plan criteria.
A debt consolidation plan (DCP) is typically designed for Singapore citizens and permanent residents with high interest-bearing debt and significant outstanding debts across unsecured credit facilities. Eligibility is assessed by the participating bank/financial institution, but commonly referenced criteria include:
You are a Singapore citizen or permanent resident
Your annual income is generally between $20,000 and $120,000, with your net personal assets are below $2 million
Total interest-bearing unsecured debt exceeds 12× your monthly income
Note: Individual banks and institutions may set higher internal thresholds and assess applications based on overall credit profile.
Self-check formula:
12× your monthly income threshold = monthly income × 12
Example: monthly income $4,000 → 12× threshold $48,000
If your total interest-bearing unsecured debt is above $48,000, you may be eligible (subject to assessment and documents).
What typically changes after you’re on a DCP:
Existing unsecured credits are commonly closed/suspended
You may receive a revolving credit with a limit fixed at 1× monthly income for daily essentials (policies vary)
Applying for new unsecured credit may be restricted until your balances reduce to specified levels (policies vary)
Some institutions note that applying for new unsecured credit may be restricted until balances fall below certain thresholds (see DBS debt repayment programme notes)
Eligibility table:
Item | Common benchmark | Why it matters |
Monthly income | Used for the 12× test | Drives eligibility + affordability |
Unsecured debt threshold | > 12× monthly income | Common DCP entry condition |
Net personal assets | < $2 million | Common DCP condition |
Repayment capacity | Must be sustainable | Prevents missed payments over the repayment period |
Not every borrower should force-fit into a DCP. If you do not meet the common benchmark, or participating financial institutions do not approve your application, the next best step depends on your situation.
Want a quick benchmark check first? Read the DCP eligibility self-check.
Need repayment support and budgeting help rather than a new facility? Read credit counselling vs. debt consolidation.
Already looking at a more formal debt-resolution route? Read our DRS guide.
It starts with one application with Lendela. Once submitted, these are typical steps.
Requirements vary, but commonly include:
- NRIC (front and back)
- Latest credit bureau report
- Income documents (e.g. recent pay-slips and/or CPF contribution history)
- Latest statements showing outstanding balances on credit cards and other unsecured facilities
- If applicable: confirmation letter evidencing un-billed balances for instalment plans
Before you decide on a DCP plan, focus on the most important terms and conditions:
- EIR (effective interest rate) and key fees
- Repayment period (total time to repay)
- Repayment schedule (due dates and monthly instalment amount)
- Total amount payable across the full repayment period
- Early repayment charges (if any)
Note: Some DCPs may include an allowance intended to cover incidental charges incurred during settlement. If the approved amount is insufficient to repay all outstanding balances in full, you may remain responsible for the shortfall. Always confirm how this is handled in your offer. For how the additional allowance is used during settlement – and what happens if the approved amount is insufficient – see the HSBC DCP FAQ on settlement mechanics.
Once the DCP takes effect, you repay via one monthly instalment on a defined repayment schedule across the full repayment period.
Best practice:
Set GIRO/auto-debit where possible
Keep a buffer before the due date
Review your repayment schedule monthly
Start with monthly income, then build around essentials and your monthly instalment.
Simple structure:
Monthly income
Minus essentials (housing, utilities, transport, food etc.)
Minus DCP instalment (fixed by your repayment schedule)
Remaining buffer (keep a safety margin)
If the buffer is consistently negative, the repayment period may be too short – or spending needs to be cut first.
A DCP simplifies repayment – it doesn’t fix behaviour. Choose one control and keep it for the full repayment period:
Weekly spending cap
Subscription cleanup
“No new instalment plans” rule
Consistent, on-time repayment is the most reliable lever.
Practical actions:
Check your credit report for errors and correct them
Keep repayments on schedule (late payments cost more than pride)
Avoid unnecessary new unsecured credit applications during the repayment period
Comparing DCP options across banks and financial institutions can be time-consuming if you do it one by one. Lendela helps you match with multiple personalised options in one place so you can compare the terms that matter most before you decide.
How it works:
1. Submit one application on Lendela
2. Match with personalised options side by side
3. Compare key terms such as EIR, fees, repayment period, monthly instalment, and total payable
4. Choose the option that best fits your repayment comfort and monthly cashflow
If you are not sure whether you may meet the common DCP benchmark first, start with the eligibility self-check before comparing options.
Before you commit, compare using consistent terms – this is where good decisions are made.
In everyday usage, “debt consolidation loan” usually refers to consolidating multiple debts into one facility so you manage repayment through one account and one monthly instalment. When people say “debt consolidation plan” in Singapore, they commonly mean DCP specifically – which comes with defined eligibility conditions and restrictions.
A debt consolidation plan (DCP) focuses on interest-bearing unsecured debt across multiple banks and financial institutions. It generally excludes secured borrowing (e.g. home financing, car financing etc.) and may exclude specific needs-based credits depending on policy. Terms differ by financial institution, so always validate the offers you receive.
A debt consolidation plan is not the only debt-help route in Singapore. The right option depends on whether you still meet DCP benchmarks, need repayment support without taking new credit, or are already in a more serious debt-resolution stage.
A DCP is a structured way to combine eligible unsecured balances into one repayment plan with one monthly instalment. It is usually the best fit for borrowers who may still qualify for a structured refinancing route and want a clearer repayment schedule.
Credit counselling is not a loan. It is a support route focused on budgeting, financial education, and working with creditors on a more manageable repayment arrangement. It can be more relevant if the issue is not just interest cost, but broader debt stress and repayment difficulty.
DRS is a different route from DCP. It sits later in the debt-resolution journey and is linked to bankruptcy proceedings and assessment by the Official Assignee. It is not something most borrowers should treat as a substitute for comparing DCP options early.
A personal loan for consolidation may work for some borrowers, especially if they are comparing different ways to simplify smaller unsecured balances. But it is not the same as a formal DCP, and the best choice depends on total cost, monthly instalment, and whether the repayment plan is sustainable.
If you are still deciding which route fits your situation, start by checking whether you may meet the common DCP benchmark first, then compare that against credit counselling or DRS if needed.
Use this table to compare apples-to-apples:
Term | What it means | Why it matters |
EIR | Effective interest rate (includes fee effects) | More comparable than headline rate |
Key fees | Processing/admin fees, late fees, early repayment charges, and other terms and conditions that affect cost | Impacts total cost |
Total amount payable | Principal + interest + applicable fees | Shows true “all-in” cost |
Repayment period | Total time to fully repay | A longer period lowers monthly payment but can raise total cost |
Repayment schedule | Due dates + how each instalment reduces balance | Helps you budget and stay on track |
Affordability sanity check:
Monthly instalment ÷ monthly income = affordability ratio
Choose a ratio you can sustain across the full repayment period.
Repayment schedule (illustrative example):
Actual figures vary by approved amount, EIR/APR, fees, repayment period, and any settlement allowance.
Example assumptions: $48,000 consolidated, 60 months, 6.0% p.a. (monthly rate 0.5%). Estimated monthly instalment ≈ S$927.97.
Month | Monthly instalment | Interest (est.) | Principal (est.) | Remaining balance (est.) |
1 | $927.97 | $240.00 | $687.97 | $47,312.03 |
2 | $927.97 | $236.56 | $691.41 | $46,620.61 |
3 | $927.97 | $233.10 | $694.87 | $45,925.74 |
4 | $927.97 | $229.63 | $698.35 | $45,227.39 |
5 | $927.97 | $226.14 | $701.84 | $44,525.56 |
6 | $927.97 | $222.63 | $705.35 | $43,820.21 |
One repayment schedule, one due date, fewer missed-payment risks.
Depending on profile and assessment, a DCP may reduce the all-in cost versus carrying balances long-term on revolving credit.
A single instalment is easier to pay on time, supporting healthier credit behaviour over time.
Fewer accounts to track. Less admin. More predictability.
A defined repayment period makes the finish line clearer.
Compare EIR, key fees, repayment period, total amount payable, and the repayment schedule – not just the advertised rate.
Longer repayment periods can reduce monthly instalments, but often increase total cost. Pick what your monthly income can sustain.
Late payments can trigger fees and hurt your credit profile. Automate payments and keep a buffer before the due date.
If anyone promises guaranteed approval, guaranteed rates, or “debt-free in weeks”, treat it as a red flag. Stick to established banks and regulated financial institutions.
Debt consolidation is a structure. If spending behaviour doesn’t change, the debt returns – just in a different outfit.
A DCP works best when you can commit to the repayment schedule and manage spending throughout the repayment period.
Like any other credit, a DCP can affect your credit profile. Short-term fluctuations can happen; consistent on-time repayment is what matters.
It becomes tedious when you apply manually across multiple banks and providers. A matching platform like Lendela will reduce repeated paperwork and help you find the best option.
DCPs generally focus on interest-bearing unsecured debt; secured borrowing is typically excluded.
It simplifies repayment; you still repay across a repayment period. The win is clarity and manageability, not magic.
A debt consolidation plan (DCP) simplifies multiple interest-bearing unsecured balances into one facility with one repayment schedule
Eligibility commonly uses monthly income and a 12× monthly income benchmark (plus other criteria)
Compare EIRs, key fees, repayment periods, repayment schedules, and total amounts payable – not just headline rates
The “best” plan is the one you can repay consistently, on time, across the full repayment period
The repayment period is the total length of time to fully repay the credit. A longer repayment period can lower monthly instalments but may increase total cost.
A repayment schedule is your month-by-month payment plan: due dates and how each instalment reduces interest and principal over time.
Monthly income is used for eligibility checks (e.g. 12× monthly income benchmarks) and affordability checks (whether the instalment is sustainable).
Often, existing unsecured credit facilities are suspended/terminated, and a revolving credit facility with a limit fixed at 1× monthly income may be provided (policies vary).
You may remain responsible for any shortfall and should confirm how settlement is handled in the offer terms.
A DCP is generally designed as one structured plan for eligible unsecured balances, rather than a pick-and-choose arrangement. Always confirm the exact scope of consolidation and settlement mechanics in the offer terms.
No. Use a loan matching service to get access to multiple loan providers with one application. What matters is comparing like-for-like terms clearly before you decide.
Compare more than the headline rate. Look at the EIR, key fees, repayment period, monthly instalment, total amount payable, early repayment charges, and how any shortfall or settlement allowance is handled.
Start with the eligibility self-check to understand the common benchmark. If DCP is not the right fit, compare credit counselling or review the DRS route depending on how serious the debt situation is.
MoneySense: https://www.moneysense.gov.sg/managing-debt-what-can-you-do/
DBS debt consolidation plan info: https://www.dbs.com.sg/personal/loans/personal-loans/dbs-debt-consolidation-plan
HSBC debt consolidation plan FAQ: https://www.hsbc.com.sg/loans/products/debt-consolidation/faq/
Insolvency Office (MinLaw) – About Debt Repayment Scheme: https://io.mlaw.gov.sg/debt-repayment-scheme/about-debt-repayment-scheme/
Note: Eligibility, fees, approval criteria, and final terms may differ by bank or financial institution.
