Debt Consolidation Plan

Simplify your finances with one repayment plan

Why you will love this

Affordable financing to resolve your debt

Structured payment plan with fixed monthly instalments

Who can apply

Singaporean or Singapore PR above 21 years old with an annual income between S$30,000 and S$120,000

Those with Balance-to-Income (BTI) of at least 12x their monthly income

Consolidate your credit cards and personal loans balances across multiple financial institutions into one fixed monthly repayment.


Repayment period of 36 to 96 months

Choose your repayment plan from 36 to 96 months.

Fixed repayment amount

Manage your loan repayment with ease through monthly instalments. Make repayments easily via Online or Mobile Banking funds transfer, cheque deposit or cash deposit machine.

Save on interest charges

Your loan amount will be charged at a lower interest rate instead of prevailing interest rate of your credit card and overdraft facilities.

Complimentary credit card

Receive a complimentary Debt Consolidation Card (OCBC Platinum Credit Card) for your needs. A credit limit of 1x your monthly income will be given for everyday expenses with no annual fees charged.

Debt Consolidation Card is subjected to prevailing credit card interest rate of 26.88% per annum and other fees and charges. Compounding applies if charges are not repaid in full.

View more OCBC Platinum Credit Card benefits

Interest Rates

The Debt Consolidation Loan amount will include an additional 5% on top of your total outstanding balances to cover any additional interest, fees or charges incurred.

The additional 5% only applies to your first approved Debt Consolidation Loan. If you are re-financing from other banks, the loan amount will only be the total outstanding balance from your existing Debt Consolidation Loan.

  • Applied interest rate
  • Effective Interest Rate (EIR %)
Repayment period 36 months 48 months 60 months 72 months 84 months 96 months
Applied interest rate 4.50% per annum
Effective Interest Rate (EIR %) 8.41% per annum 8.36% per annum 8.29% per annum 8.22% per annum 8.14% per annum 8.06% per annum
Repayment period
Applied interest rate
Effective Interest Rate (EIR %)
Application Process
Apply for a Debt Consolidation Plan in 3 steps:

Step 1

Submit your application form and supporting documents

Download our application form. Complete and submit it together with your supporting documents.

Step 2

Wait for us to approve the amount you need

We will notify you by mail once your application has been approved. Please allow us 10 working days.

Step 3

We will transfer funds and suspend your existing facilities

Upon approval, it will take up to 5 working days to transfer the funds to pay your outstanding amounts with the respective banks. Your existing unsecured credit facilities will also be suspended.
before you apply

Eligibility requirements

Minimum age

21 years old


Singaporeans and Singapore PRs

Annual income

S$30,000 to S$120,000

Balance-to-Income (BTI)

At least 12x your monthly income

Fees (Debt Consolidation Loan Account)

Minimum payment

Monthly instalment amount plus 3% of outstanding late repayment charges or S$50, whichever is higher (if applicable)

Late repayment charges


Termination fee

5% outstanding loan amount

Over the counter payment/deposit

S$25 per transaction

Fees (Debt Consolidation Card)

Effective interest rate

26.88% per annum, subjected to compounding if the monthly charges are not received by us in full

Minimum monthly payment

3% of the total balance or S$50, whichever is higher, plus any overdue amount and excess in credit limit

Late payment charges

S$100 if the minimum payment is not received by payment due date for OCBC Credit Cards

Cash Advance fee

S$15 or 8% of amount withdrawn, whichever is greater

Interest on Cash Advance

28.92% per annum if full payment is not received by OCBC Bank by payment due date

Minimum charge is S$2.50 per month and is calculated from the transaction date until the date that full payment is received by OCBC Bank

Payment due date

The due date for Debt Consolidation Plan payment is 28 calendar days after the statement is generated (the “Payment Due Date”). If the Payment Due Date falls on a weekend or public holiday, the actual payment due date will fall on the previous business day.

Current due date New due date
Payment Due Date falls on a Saturday or a Sunday Friday before the original Payment Due Date
(assuming it is a business day)
Payment Due Date falls on a Monday and is a public holiday Friday before the original Payment Due Date
(assuming it is a business day)

What is Debt Consolidation Plan (DCP)?

Debt Consolidation is a debt refinancing program which offers a customer the option to consolidate all his unsecured credit facilities (such as credit cards and some types of unsecured loans) across banks with 1 participating bank.

Certain categories of unsecured loans are excluded from DCP, such as joint accounts, renovation loans, education loan, medical loans, and/or credit facilities granted for businesses or business purposes.

Who are the participating banks?

All banks who provide unsecured credit facilities and/or credit cards are participating banks. Currently, there are 14 participants (subject to revision):-

  1. Oversea-Chinese Banking Corporation Limited
  2. American Express International, Inc.
  3. Australia and New Zealand Banking Group Limited
  4. Bank of China Limited Singapore
  5. CIMB Bank Berhad vi. Citibank Singapore Limited
  6. DBS Bank Ltd
  7. Diners Club Singapore Pte Ltd
  8. HSBC Bank (Singapore) Limited
  9. Industrial and Commercial Bank of China Limited
  10. Standard Chartered Bank (Singapore) Limited
  11. Malayan Banking Berhad
  12. RHB Bank Berhad
  13. United Overseas Bank Limited

New bank(s) may be added and/or substituted from time to time.

Am I eligible for DCP?

To be eligible for DCP with OCBC, you must:

  1. Be a Singapore Citizen or Permanent Resident;
  2. Earn between S$30,000 and S$120,000 per annum; and
  3. Have total interest-bearing unsecured debt on all credit cards and unsecured credit facilities with banks in Singapore that exceeds 12 times of your monthly income
I am currently under the RAS scheme. Am I still eligible for DCP?

Yes, you are eligible to consolidate any outstanding amounts owing under your RAS as part of your DCP with a relevant participating bank.

More questions and answers

For OCBC customers

You will receive your account number and Online Banking access within 1 working day.


For new customers

Apply online with either MyInfo or manually with these supporting documents  

  1. For Singaporeans and Permanent Residents:

    • NRIC

    For Foreigners:

    • Passport
    • Employment Pass (EP); or S-Pass
  2. S$1,000 for initial deposit

  3. Additional documents
    Include any one of the following documents:

    • Phone bill
    • Half-yearly CPF statement
    • Any bank statement