Features & Benefits
Interest rates from as low as 3.8% p.a.
Effective Interest Rates (EIR) starting from 6.78% p.a.+
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Stretch your payments by up to 10 years
Reduce your total monthly payments substantially by stretching your loan repayments by up to 10 years
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Requirements
Total outstanding debt of more than 12 times your monthly income. Annual income of at least S$30,000 but below S$120,000
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Convenience of making repayments to a single bank
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 our attractive rates
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Get a Revolving Credit Facility with up to 1 time your monthly income
Receive a revolving credit facility with a limit of your monthly income as your survival credit**
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How it works
# The above illustration is for first time application for the DCP with HL Bank. The DCP amount is based on an assumption of applicant having a total unsecured outstanding amount of S$100,000 across 5 different banks and this outstanding amount of S$100,000 is consolidated to a DCP with HL Bank plus a buffer of 5% allowance at interest rate of 3.8%p.a.,[Effective interest rate: 6.78%p.a.], loan tenure of 10 years. We have waived the one-time processing fee of 1.5% on the approved DCP loan amount or S$300, whichever amount is higher. This is only an extract and full terms and conditions apply.
+ The interest rate for Debt Consolidation Plan ("DCP") with HL Bank will be determined based on applicant's risk profile and such rate(s) will be indicated in the approval letter which may differ from the published rate.
** Upon approval of the application all the outstanding unsecured balances with other financial institutions will be consolidated by HL Bank and the credit facilities will be automatically cancelled by these other financial institutions. A revolving credit facility with a limit equal to the applicant's monthly income will be offered by HL Bank for daily expenses along with this Debt Consolidation Plan. This is only an extract and full terms and conditions apply.
This calculator is intended to be used for illustrative purposes only.
Requirements:
Between 25 and 65 years old
A Singapore citizen or Singapore permanent resident
Earning an annual income between S$30,000 and below S$120,000 with net personal assets of less than S$2million
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
STEP 1
Before you start, make sure you have the following documents:
- If you're a Singapore citizen: Copy of NRIC (Front and Back)
- If you're a Singapore permanent resident: Copy of NRIC (Front and Back) and a copy of valid passport
- Latest copy of your Credit Bureau Report and income documents (dated within last 3 months);
a) If you're salaried employee:
- Latest computerized payslip and income tax notice of assessment
- Past 12 months' CPF contribution history statement (For applicants whose monthly income is more than S$6,000, please submit your CPF Contribution History Statement for your credit limit calculation)
b) If you're self-employed or commission earner:
- Latest 2 years' Income Tax Notice of Assessment
4. Proof of balances for your credit card, line of credit and/or personal loan from respective financial institutions
- Latest statements showing billed balance amounts
- Charge slips or online statements showing unbilled and billed balances of unsecured credit instalments plans (if any)
- Settlement notice from the original debt consolidation bank (only applicable to debt consolidation plan refinancing applications)
- Any other relevant documents evidencing account information or balances
| Fee | Description |
|---|---|
| Processing Fee |
1.5% of the approved loan amount of a minimum of S$300, whichever is higher (Waiver of the applicable processing fee if you apply now and when your application is approved) |
| Late Fee | S$80 |
| Early/Full Repayment Fee ** | 3% of outstanding loan amount or S$300, whichever is higher |
| Overdue/default interest | 5% p.a. plus HL Bank Prime Rate (current prime rate is at 5.75% p.a.), the monthly instalment will be charged with this default interest rate when the monthly instalment is not made |
** 1 month interest in lieu will be charged if redemption is done immediately
