By Colin Ng
Do you have multiple loans to the point that it’s become hard to keep track of them? If so, signing up for the best consolidation plans in Singapore might be the ideal way for you to pay them off all at once.
With the help of the best debt consolidation plans in Singapore, multiple debts are combined into a single debt, usually with more favorable and lower payroll terms and interest rates. It’s definitely the easiest way to pay multiple debts.
So, if you’re curious to know which debt consolidation plans are worth getting, then you’ve come to the right place. We’re here to show you a list of the best debt consolidation plans in Singapore to make your research easier.
1. Standard Chartered
| BEST FOR | Low Monthly Installments |
| SERVICES | Debt Consolidation Loans, Personal Loans, Home Loans, Car Loans, and Renovation Loans |
| WEBSITE | https://www.sc.com/sg/borrow/loans/debt-consolidation/ |
| ADDRESS | 1 HarbourFront Walk, #B2 – 01, Singapore 098585 |
| CONTACT DETAILS | +65 6747 7000 |
If you’re looking for a plan that won’t hurt your wallet every month, then Standard Chartered’s debt consolidation plan might be the perfect option for you. It’s a loan that’s payable within 3 years and has low interest rates.
We believe it’s the easiest way for people with multiple loans to finance their expenses and credits because everything’s compiled into a single account. Clients will also receive a credit card with a credit limit equivalent to their monthly income.
Above all, applying for it is extremely convenient and hassle-free. If you at least meet its requirements, there’s a huge chance that your application is going to be approved — which is why we’ve named it one of the best debt consolidation plans in Singapore.
Highlights
- Low interest rate
- Easy application
- Credit card included
2. HL Bank
| BEST FOR | Flexible Tenure |
| SERVICES | Debt Consolidation Loans, Personal Loans, Education Loans, Home Loans, and Car Loans |
| WEBSITE | https://www.hlbank.com.sg/en/personal-banking/loans/personal-loan/debt-consolidation-plan.html |
| ADDRESS | 7 Wallich St, #B1 – 25 and #B1- 26, Singapore 078884 |
| CONTACT DETAILS | +65 6349 8330 |
As one of the most trusted banks in Singapore, it’s no surprise that HL Banks offers the best debt consolidation plans in Singapore. Besides the low interest rates, it can be stretched to up to 10 years of small monthly payments.
Applying for its debt consolidation plans also means that your total monthly expenses can be reduced significantly. Your overall debt can also be wiped out faster and more conveniently, without you having to pay multiple processing and administration fees.
Highlights
- Up to 10 years of tenure
- Low interest rates
- Waivable processing fees
3. Lending Bee
| BEST FOR | Easy Application |
| SERVICES | Debt Consolidation Loans, Home Loans, Renovation Loans Car Loans, Personal Loans, and Study Loans |
| WEBSITE | https://www.lendingbee.com.sg/debt-consolidation-plans/ |
| ADDRESS | 14 Scotts Road Far East Plaza, #02-44/45, Singapore 228213 |
| CONTACT DETAILS | +65 6219 1611 |
If you’re not a fan of borrowing money from banks, then Lending Bee would be a great match for you! It offers a variety of loans such as home loans, renovation loans, study loans, car loans, personal loans, and even business loans.
Lending Bee knows how confusing it is to handle multiple loans, which is why it started offering one of the best debt consolidation plans in Singapore. It has easier repayment options and the interest rate is much lower compared to other banks.
Another benefit of signing up for its debt consolidation loans is that there will be fewer administration fees (which are honestly unnecessary). You will also get to choose how long you want the tenure to be, so you can properly plan your expenses every month.
Highlights
- No default penalties
- Increased convenience
- Less admin fee
4. Citibank
| BEST FOR | No Processing Fee |
| SERVICES | Debt Consolidation Loans and Personal Loans |
| WEBSITE | https://www.citibank.com.sg/gcb/loans/debt-consolidation/debt-consolidation.htm |
| ADDRESS | 8 Marina View, #21-00 Asia Square Tower 1, Singapore 018960 |
| CONTACT DETAILS | +65 6225 5225 |
Citibank is considered one of the most dependable banks in Singapore due to its commitment to helping clients who are in need of financial assistance. We also believe that it offers one of the best debt consolidation plans in Singapore because it has lower interest rates and flexible tenure, and doesn’t include processing fees.
Unlike other banks, Citibanks accepts applications even if you’re not an existing customer. There will be no difference between the perks and benefits of an existing customer and a new customer.
More than this, it’s also very easy and convenient to apply for its debt consolidation plan. As long as you meet the requirements, there’s a huge chance that your application will get approved.
Highlights
- Low interest rates
- Up to 7 years of tenure
- Convenient application
- No unnecessary fees
5. POSB
| BEST FOR | Fixed Monthly Payment |
| SERVICES | Debt Consolidation Loans, Home Loans, Personal Loans, Car Loans, and Education Loans |
| WEBSITE | https://www.posb.com.sg/personal/loans/personal-loans/dbs-debt-consolidation-plan |
| ADDRESS | Kaki Bukit Ave 3, Kaki Bukit Recreation Centre, Singapore 415814 |
| CONTACT DETAILS | +65 9351 8068 |
If other banks have different rates every month, POSB assures clients that they will be paying a fixed rate per month to allow them to manage and plan their expenses. It also has significantly lower interest rates compared to the rate offered by other banks, so clients won’t have a hard time paying it back.
Another reason we’ve called its offering one of the best consolidation plans in Singapore is its flexible tenure that can be stretched up to 8 years.
If you apply for its debt consolidation plans, you will also receive a credit card with a credit limit equivalent to your monthly income.
Highlights
- Low interest rates
- Flexible tenure
- Credit card included
And with that, we conclude our list of the best debt consolidation plans in Singapore. If you’ve tried any of these plans before, don’t hesitate to tell us what your experience was like.
By the way, if you’re also thinking about getting another loan because you’ve come up short again, you might want to check out our list of the best personal loans in Singapore for future reference. These personal loans have very low interest rates, so rest assured that paying them back won’t be that hard.