UOB CashPlus Loan
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Summary
UOB CashPlus Line of Credit Review 2024
UOB CashPlus is a line of credit type personal loan. Credit lines allow you to conveniently access cash within your credit limit for emergencies. Upon approval of your credit line, you can withdraw loaned cash on a revolving basis from your credit card or given ATM card. It is a pay-as-you-use type of short term personal loan scheme. However, this easy accessibility to extra cash comes at a high price as interest rates for lines of credits are typically much higher than that of regular personal loans.
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Loan Features & Details
1) Key Features
- Prevailing interest rate from 20.5% p.a depending on annual income
undefinedundefinedundefined - Maximum credit limit depends on monthly income:
undefinedundefined - Minimum monthly repayment of 2.0% or S$30 of outstanding loan amount, whichever is higher
- Same day loan approval when you apply via Singpass MyInfo
2) Eligibility
- Citizenship: Singaporeans and PRs
- Age: 21 years old and above
- Minimum income requirement: S$30,000
3) Fees
- Late payment charges: S$120
- Overlimit fee: S$50
4) Application Process
How to apply?
- Head to UOB’s website to apply online
- Retrieve your personal information via MyInfo on Singpass
- Applications submitted during working hours will be processed instantly
- An SMS will be sent to inform you of the approval
- Your UOB CashPlus Visa Card will be mailed to you thereafter
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Summary
UOB CashPlus Line of Credit Review 2024
UOB CashPlus is a line of credit type personal loan. Credit lines allow you to conveniently access cash within your credit limit for emergencies. Upon approval of your credit line, you can withdraw loaned cash on a revolving basis from your credit card or given ATM card. It is a pay-as-you-use type of short term personal loan scheme. However, this easy accessibility to extra cash comes at a high price as interest rates for lines of credits are typically much higher than that of regular personal loans.
Product Page Transparency
- Pays to access additional features
Loan Features & Details
1) Key Features
- Prevailing interest rate from 20.5% p.a depending on annual income
undefinedundefinedundefined - Maximum credit limit depends on monthly income:
undefinedundefined - Minimum monthly repayment of 2.0% or S$30 of outstanding loan amount, whichever is higher
- Same day loan approval when you apply via Singpass MyInfo
2) Eligibility
- Citizenship: Singaporeans and PRs
- Age: 21 years old and above
- Minimum income requirement: S$30,000
3) Fees
- Late payment charges: S$120
- Overlimit fee: S$50
4) Application Process
How to apply?
- Head to UOB’s website to apply online
- Retrieve your personal information via MyInfo on Singpass
- Applications submitted during working hours will be processed instantly
- An SMS will be sent to inform you of the approval
- Your UOB CashPlus Visa Card will be mailed to you thereafter
UOB CashPlus
UOB CashPlus
29.98%
EFFECTIVE INTEREST RATE
20.5%
FLAT INTEREST RATE
$120
PROCESSING FEE
0.0
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Interest Rates for UOB CashPlus
- 0% prevailing interest rate for 3 months with no processing fees (for new UOB CashPlus Account holders only)
- Prevailing Interest Rates of 20.5% - 23.5% p.a.
Annual Income | Prevailing Interest Rate |
|---|---|
less than $30,000 | 23.5% per annum, accrued on a daily basis |
$30,000 and above | 20.5% per annum, accrued on a daily basis |
Prevailing Interest Rates are dependent on the applicant's annual income
Features: Pros and cons of UOB CashPlus
- 0% prevailing interest rate for 3 months with no processing fees for new UOB CashPlus Account applicants who apply online from 1 to 31 March 2020
- Borrow up to 4 - 6 x your monthly salary
- With a maximum credit limit of S$200,000
- Minimum annual income requirement of S$30,000
- Prevailing Interest Rates of 20.5% - 23.5% p.a.
- Annual Fee of S$120.
- Unavailable to foreigners
- Without the promotion of 0% prevailing interest rate for 3 months for new applicants, the original interest rates are rather pricey.
- UOB CashPlus' annual fee is also higher than other banks'
- More details on UOB CashPlus here
Other Fees: what else to look out for?
- Minimum monthly repayment: 2.5% of outstanding balance (or S$30, whichever is greater)
- Annual fee: S$120
- Late payment fee: S$105
- Default interest fee: 29.98%
Promotions
- UOB CashPlus is offering their line of credit 0% prevailing interest rate for 3 months with no processing fees.
- Only for new UOB CashPlus Account customers who have successfully signed up for a new UOB CashPlus Account online between 1 March 2020 to 31 March 2020
Eligibility: who can apply for UOB CashPlus?
- Singaporeans and PR
- 21 years old and above
- with an annual income of at least S$30,000
Contact UOB Singapore
Tel: 1800 222 2121 (for CashPlus enquiries)
Contact us at [email protected] should you require any assistance or spot any inaccuracies.
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