Debt Consolidation Plan

A debt consolidation plan, sometimes referred to as a “DCP loan”, is a simple repayment scheme that allows you to bring together all your outstanding unsecured debt (e.g. outstanding credit card bills and personal loans from different banks) into one big loan with just one lender.

The bank that issued your DCP pays off all your outstanding debts, and your unsecured accounts are all closed, so you only need to focus on making that one easy monthly repayment. Although the consolidated amount might make you break out in cold sweat, what’s good about a debt consolidation plan is that the interest rate is low compared to that of credit cards and unsecured credit lines, which are typically in the high 20’s – as high as 28.88% p.a. these days. (As anyone who’s struggled with credit card debt can tell you, these crazy interest rates have a serious snowball effect once you’re unable to pay your credit card bill in full each month.)

Features of Loan

Borrow Loan Amounts up to :                 Up to $50,000 for Debt Consolidation Plans
Minimum Annual Percentage Rate :       12% per annum (1% per month)
Maximum Annual Percentage Rate :      Up to 47% per annum on reducing interest rate (3.92% per month)
Minimum Period for Repayment :           From 1 months (31 Days Onward)
Maximum Period for Repayment :          Up to 24 months
No guarantor required
No collateral needed

Calculate Your (ESTIMATED) Loan Rate



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Calculator Disclaimer

The repayment amount shown using this calculator is an estimate, based on information you have provided. It is provided for illustrative purposes only and actual repayment amounts may vary. To find out actual repayment amounts, contact us. This calculation does not constitute a quote, loan approval, agreement or advice by My Finance. It does not take into account your personal or financial circumstances.

In order to speed up the process and get your personal loan at the fastest time frame, we urge that you present these relevant documents to us:​

  • NRIC Identification Card
  • Any Proof of latest billing (To your residential address)
  • Latest 3 months of your payslip / Latest CPF Statement
  • Letter of Employment if any

Borrowers that are able to meet this requirement are eligible to take out a loan from us:​

  • 21 years of age and above
  • Singapore citizen, permanent resident or foreign worker with valid working permit
  • Presently employed*We reserve the right to ask for further documentation as and when needed on a case-by-case basis

​Our loan tenure is ranged from minimum 1 month (31 days onward) to maximum of 12 months and The Annual Percentage Rate (APR) of our Personal Loan is minimum 24% to maximum of 47% per annum for 1 years tenure.”]