10 Best Debt Consolidation Loans in Singapore to Work Towards Your Debt-Free Goal [2023]
Work towards your debt-free goal with the best debt consolidation loans in Singapore.

Not to worry if it is your first time coming across debt consolidation loans in Singapore. This is a relatively new thing in Singapore and it essentially means is consolidating all your debt into a single loan and get to enjoy a much lower interest rate than paying off the loans individually.
Here are our top 10 debt consolidation loans in Singapore to help you work towards your debt-free goal.
1. Credit Hub Capital

Type of Information | Details |
Website | https://credithubcapital.sg/debt-consolidation-loan-singapore/ |
Features & Benefits | – No maximum or minimum amount of loan – Maximum loan approval turnover time is 60 minutes |
Eligibility | Age: At least 21 years old Employment: Have details of your CPF contribution or your income tax notice for the last 12 months |
Credit Hub Capital is a reliable debt consolidation loan provider in Singapore that provides personalized recommendations on your loan needs and lifestyle habits, creating loan repayment plans that are unique to each individual.
The creation of a lump sum debt allows you to easily track the interest rate as well as the total amount you owe the lenders. Also, the loan approval times only takes up to an hour, allowing you to settle everything quickly and efficiently.
2. Standard Chartered Debt Consolidation Plan

Type of Information | Details |
Website | https://www.sc.com/sg/borrow/loans/debt-consolidation/ |
Features & Benefits | – Receive a Platinum Mastercard® Credit Card with an annual fee waived – S$200 cashback upon approval – Save S$136K on interest charges – 3.48% p.a. and enjoy competitive rates |
Eligibility | Annual income: Between S$30,000 and below S$120,000 Unsecured outstanding balances: More than 12 times of monthly income Age: 21 – 65 years |
Through the Standard Chartered debt consolidation plan, it allows you to consolidate all your eligible unsecured outstanding balances into one simple account.
Loan tenures span from 3 to 10 years, allowing you more flexibility with these repayment terms. The interest rate offered differs from each individual’s credit profile and may differ for each borrower.
3. OCBC Debt Consolidation Plan

Type of Information | Details |
Website | https://www.ocbc.com/personal-banking/loans/debt-consolidation.page |
Features & Benefits | – Repayment period of 36 to 96 months – Fixed repayment amount – Complimentary credit card |
Eligibility | Age and Annual income: Singaporean or Singapore PR above 21 years old with an annual income between S$30,000 and S$120,000 BTI: Those with Balance-to-Income (BTI) of at least 12x their monthly income |
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.
4. HL Bank Debt Consolidation Plan

Type of Information | Details |
Website | https://www.hlbank.com.sg/en/personal-banking/loans/personal-loan/debt-consolidation-plan.html |
Features & Benefits | – Reduce your total monthly payments substantially by stretching your loan repayments by up to 10 years – Total outstanding debt of more than 12 times your monthly income. An annual income of at least S$30,000 but below S$120,000 |
Eligibility | Age: Between 25 and 65 years old Citizenship: A Singapore citizen or Singapore permanent resident Annual income: Earning an annual income between S$30,000 and below S$120,000 with net personal assets of less than S$2million Debt: Having a total interest-bearing unsecured debt on all credit cards and unsecured credit facilities with financial institutions in Singapore that exceeds 12 times your monthly income |
Consolidate all your outstanding debt from credit cards, lines of credit and/or any personal loans across all financial institutions or refinance your existing Debt Consolidation Plan with attractive rates.
With effective Interest Rates (EIR) starting from 6.78% p.a.+, work towards being 1 step closer to being debt-free today!
5. Citibank Debt Consolidation Plan

Type of Information | Details |
Website | https://www.citibank.com.sg/gcb/loans/debt-consolidation/debt-consolidation.htm |
Features & Benefits | – Loan tenure of up to 7 years – A credit card with a limit of 1X your monthly income – Lower monthly repayments |
Eligibility | Annual income: Singaporeans & PRs Annual income between S$30,000 – S$120,000 Age: 21 years old & above |
Take charge of your finances and consolidate all of your debts into a single loan with Citi Debt Consolidation Plan, at no processing fee.
With the added convenience of making repayment to a single bank, one can pay down their debts over time with lower interest and through fixed monthly payments.
The interest savings generated allows one to better manage their living expenses and financial commitments.
Unsecured credit facilities will be closed or suspended once your DCP application is approved. However, one is still able to use the 1x revolving credit facility.
What we like about the Citi Debt Consolidation plan is that there are many options of applying for it – via the online application form, call or through SMS.
6. HSBC Debt Consolidation Plan

Type of Information | Details |
Website | https://www.hsbc.com.sg/loans/products/debt-consolidation/ |
Features & Benefits | – Single repayment through consolidation bank account – Stretch your monthly repayments for up to 10 years – Interest rates from as low as 3.4% p.a. (EIR: 6.5% p.a.) – Complimentary HSBC Visa Platinum credit card – Free Credit Bureau Report |
Eligibility | Nationality: Singaporean or Singapore Permanent Resident (PR) Annual income: Between SGD30,000 and SGD119,999 for salaried or between SGD40,000 and SGD119,999 for the self-employed or commission-based earner |
When it comes to debt consolidation, you get to consolidate the outstanding balance from all your existing unsecured credit facilities into a term loan with fixed monthly repayment. With HSBC, manage your daily financial needs with HSBC Visa Platinum credit card which gives you more savings.
Another thing we like about the HSBC debt consolidation loan is its cashback feature, where you’ll receive 5% cashback upon approval of your Debt Consolidation Plan refinancing!
7. TCC Credit

Type of Information | Details |
Website | https://www.tcc.org.sg/consolidation-loan |
Features & Benefits | – Maximum loan amount of up to 6 times of combined income or $50,000, whichever is lower – Repayment period of 1 to 5 years |
Eligibility | Age and Citizenship: Singapore Citizen or Singapore Permanent Resident aged between 21 and 60 years old – Must be a TCC Ltd’s member, membership is FREE – Earning a minimum monthly basic salary of $1,200 – Should not be existing surety for any other loans from TCC |
TCC Credit prides itself on being a family-oriented non-profit financial institution that aims to provide members with a safe repository for savings and access to credit at affordable interest rates.
With the TCC consolidation loan, they consolidate all outstanding balances from multiple financial institutions, to avoid high-interest rates and the need for multiple payments every month. Interest rates go at 6.99% p.a. flat rate basis
8. Capital Fund Investments

Type of Information | Details |
Website | https://www.loancfi.com.sg/services/debt-consolidation-loan-singapore/ |
Features & Benefits | – Maximum 3.9% interest per month – No minimum or maximum loan amounts – Maximum tenor is three years |
Eligibility | Age: Min age of 18 years Turn Over: Maximum 30 minute turn over time |
Capital Funds Investments is a trusted financial services provider licensed by Singapore’s Ministry of Law. Their team of qualified financial service specialists who have the know-how on how to tailor a loan repayment plan that best suits your lifestyle needs and income can aid you in achieving your financial goals.
Capital Funds Investments’ debt consolidation programme boasts some of the most competitive terms in the market with an interest rate of no more than 3.9% per month.
9. Orange Credit

Type of Information | Details |
Website | https://orangecredit.com.sg/ |
Features & Benefits | – Loan tenure: monthly instalments of up to 36 months – Low-interest rates that bring cash savings |
Eligibility | Age: Applicant must be at least 21 years old Bankruptcy: Applicants who are still under bankruptcy need not apply |
At Orange Credit, we provide debt consolidation services that can potentially help you to get out of the debt cycle. By focussing on servicing a single loan with a fixed tenure, this new loan can help to clear off all outstanding loans and debt alongside more favourable payoff terms.
Their team of dedicated consultants would provide advice on managing spending, finding ways to help you increase your income and also working out realistic repayment plans so that you can repay your debts.
10. Galaxy Credit Singapore

Type of Information | Details |
Website | https://galaxycredit.com.sg/ |
Features & Benefits | Contact them to find out more |
Eligibility | Contact them to find out more |
Galaxy Credit and Investments Pte Ltd. is a personal loan money lender in Singapore with a variety of reliable loan solutions in Singapore.
At Galaxy Credit, they offer unsecured debt consolidation loans with lower interest rates and up to 6x your monthly salary.
Conclusion
Do you have any reviews and comments to share regarding our choices for the best debt consolidation loan in Singapore?
While SBO is committed to supporting our local businesses, we welcome any feedback and anonymous sharing regarding your experience with the above-listed best debt consolidation loans in Singapore.
We hope that this guide will be useful in helping you to make a better decision when it comes to finding the best debt consolidation loans in Singapore.
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