With UOB CashPlus credit facility, your investments and expenses can become more streamlined, thereby putting you in control of your finances. Affordable rates, great experience, and reliable performance are considered to be its hallmarks.
A line of credit from UOB may be considered if you’re unsure how much your planned investment or expense will cost you. It is also a great option if you want to use a single debt product to meet multiple expenses. You can borrow up to the stipulated credit limit and continue to revolve it by simply paying the minimum monthly due. Here are the most important features and benefits of this loan:
The value offered by this loan doesn’t end at the low rates you enjoy or the convenient cash withdrawal channels that exist. If you’re eligible for one of the promotional offers, you’ll realise that the value proposition on this credit line is probably stronger than you had initially anticipated. If you apply for a UOB CashPlus account on or before 30 September 2018, you can enjoy a flat rate of 0% and a one-time processing fee of 1% on a CashPlus funds transfer, provided:
The effective interest rate (EIR), during the period, on the funds transfer facility will stay fixed at 2.12% p.a. Thereafter, prevailing rates will apply.
Interest payable on this loan is calculated on a daily reducing-balance basis. If you fail to make the minimum payment due within the due date mentioned on your statement or your letter of approval, a higher interest rate, known as the default interest, will apply. The default rate will continue to apply for three consecutive months if minimum payments are made on time during this period. Thereafter, the prevailing rate will take over. While the interest will be calculated on the outstanding balance on a daily basis, compounding will be done every month, starting from the due date till the time full repayment is made. The minimum monthly interest charge stands fixed at S$5. Any changes to your annual income won’t affect the agreed upon interest rate. Interest rates may, however, be changed as per the discretion of the bank, from time to time. Since the average daily outstanding balance is considered by the bank, the interest is expected to be lower than if other methods of interest computation were used.The current rates of interest are:
|Type of Interest||Rate|
When you borrow, a number of fees and charges may apply. While most of these charges may be unavoidable, depending on the magnitude of these numbers, a loan may seem to be affordable or expensive because these charges are reflected by the effective rate of interest. The following fees and charges are applicable on the CashPlus credit facility:
|Type of Fee||Amount|
|Minimum monthly payment||2.5% of the due, subject to a minimum of S$30|
|Late payment fee||S$105|
|ATM card replacement||S$5|
|Cheque payment stop||S$30|
|Return cheque fee||S$40|
|Retrieval of statements||
Up to 1 year – S$20 per copy
Between 1 year and 3 years – S$30 per copy
3 years or more – S$50 per copy
If you satisfy the criteria mentioned here, you’re eligible for the loan. Don’t forget to check the list of supporting documents that you’ll have to furnish.
Applying for this loan is simple and convenient. Use any of the modes mentioned below, as per your convenience:
A medical insurance policy, however comprehensive, won’t cover certain costs usually. A salary, however big, may fail to pay for certain lifestyle choices you make. A business venture, however solid, will usually fail to attract seed funding on day 1 of its existence. For such costs and more, considering UOB CashPlus credit as a viable option, may prove to be a prudent decision. Whether your life revolves around olive martinis, Aston Martins and exotic beaches or mostly in Singapore between your home, office, and the local supermarkets, a steady source of money can be a big help.
Q. What are the modes available for settlement of dues?
A. You may use any of the following modes of payment:
Q. Is there a daily withdrawal limit on the complementary ATM card?
A. You can withdraw up to S$3,000 per day in Singapore. Outside Singapore, you may be able to withdraw a similar amount in local currency, subject to the maximum limit set for the ATM.
Q. Are local ATM withdrawals free?
A. Withdrawals made from local UOB ATMs are absolutely free. The first two withdrawals from ATMs under shared networks, every month, are free. A charge of S$0.30 will apply on subsequent withdrawals.
Q. How do I request a review of the limit on my credit facility?
A. Download the relevant form from the bank’s website, complete it, and send it to the bank along with your income documents. For more information, contact the bank.
Q. Can I set up a GIRO standing instruction?
A. Yes. Download the relevant GIRO form from the bank’s website, indicate the name of the instructing bank, the details of the account, the name of the account holder, and other relevant details, and send it to UOB for processing.