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UOB, one of Singapore’s largest banks, offers a personal line of credit product called CashPlus. CashPlus enables you to get seamless and immediate access to funds. By successfully applying for the UOB personal line of credit product, you can access cash through ATMs or through cheques.
The most advantageous feature of the personal line of credit is that you will need to pay interest only for the amount you use, on a monthly basis. The principal amount can be repaid at a later time, at your convenience (depending on the tenure you choose; tenures can stretch up to a period of 60 months). Just like how you make minimum payments on your credit card, you’ll have to make monthly payments against you’re the amount used on your personal line of credit by the due date. Let’s take a look at some notable features of the UOB Personal Line of Credit.
UOB personal line of credits comes with some really exciting features! Let’s check them out:
The following eligibility parameters need to be met for the UOB Personal Line of Credit:
The UOB Personal Line of Credit is currently unavailable to foreigners.
You can apply for the UOB Personal Line of Credit by visiting the official UOB Singapore website and filling out the online application form. You also need to send across your supporting documents as specified by the bank, following which an executive from UOB will get in touch with you to complete your application and process it.
A. The UOB Personal Line of Credit comes with both fixed and flexible repayment options. If you’re choosing a fixed plan, then you can choose a tenure of up to 5 years.
A. The minimum monthly payment needs to be made by the due date of every month, failing which late payment and other penal charges will be levied. The late payment fee depends on the income. The minimum amount you’d have to pay is S$80.
A. No, you don’t need to be a UOB credit cardholder to apply for CashPlus. You can directly apply for the product. If you have an existing relationship with the bank, you might be able to get the product approved faster and with less hassle.
A. Yes, you can do that.
A. No, both the ATM card and chequebook are complimentary