Do you need a personal line of credit to help you manage your finances better? Have you considered UOB CashPlus in Singapore? With UOB CashPlus, you can enjoy a generous credit limit of up to S$100,000 or twice your monthly income, whichever is lower, to use as you wish.
But before you apply for UOB CashPlus, it’s essential to know the eligibility requirements. To be eligible for UOB CashPlus in Singapore, you must have a UOB CashPlus account, an annual income of at least S$30,000 and above, and be at least 21 years old. If you meet these requirements, you can enjoy affordable repayments as low as S$30/month and apply for the 0% interest promotion today.
One of the benefits of UOB CashPlus is its flexible monthly repayments, making it easier for you to manage your finances. In addition, you can earn interest on your credit balance and enjoy a wide array of discounts and privileges. So, if you’re looking for a personal line of credit in Singapore, UOB CashPlus may be the right choice.
1-Minute Guide to UOB CashPlus Eligibility
Borrowers, do you need a quick rundown on qualifying for the UOB CashPlus benefits in Singapore? This section cuts to the chase!
- Minimum Income: To snag a CashPlus card, you’ll typically need a minimum monthly income of S$3,000.
- Age Requirement: Generally, applicants in Singapore must be at least 21 years old.
- Good Credit Standing: A positive credit history is a plus, as UOB will assess your creditworthiness during the application process.
These are just the essential eligibility details you need to know upfront. But the UOB CashPlus offers a broader range of advantages beyond eligibility!
The UOB CashPlus has the potential to shake things up in Singapore’s financial landscape by providing a credit card option that caters to a broader audience, potentially including those who are new to credit or have a developing credit history. This can empower Singaporeans to build credit responsibly while enjoying cashback rewards and other perks.
Ready to delve deeper and explore the complete eligibility criteria and the exciting benefits the UOB CashPlus offers? Dive into our comprehensive guide for all the details!
Understanding UOB CashPlus
If you’re looking for a flexible and convenient way to access cash, UOB CashPlus might be the solution you’ve been searching for. This personal line of credit offered by UOB Bank allows you to borrow money quickly and easily, without having to go through a lengthy application process.
What Is UOB CashPlus?
UOB CashPlus is a credit line that gives you access to cash whenever you need it. It’s a flexible way to borrow money, as you can choose how much you want to borrow and when you want to repay it. Unlike a traditional loan, you only pay interest on the amount you borrow, not on the entire credit line.
Key Features of CashPlus
UOB CashPlus comes with a range of features that make it a convenient and flexible way to borrow money. Here are some of the key features:
- Generous credit limit: You can borrow up to S$100,000 or twice your monthly income, whichever is lower.
- Low interest rate: The interest rate for CashPlus is lower than most credit cards.
- Flexible repayments: You can choose to repay your loan in monthly instalments or in full at any time.
- Hassle-free application: The application process is quick and easy, and you can apply online.
- Easy access to cash: You can access your credit line through your UOB ATM card or chequebook.
- Earn interest on credit balance: You can earn interest on any credit balance in your CashPlus account.
Overall, UOB CashPlus is a convenient and flexible way to borrow money when you need it. With its low interest rate, generous credit limit, and flexible repayment options, it’s a great option for anyone who needs access to cash quickly and easily.
Eligibility Criteria
If you are looking to apply for UOB CashPlus in Singapore, you need to meet certain eligibility criteria. Here are the requirements that you need to fulfil:
General Requirements
To be eligible for UOB CashPlus, you must be a Singapore Citizen or Permanent Resident. You must also be at least 21 years old and have a valid NRIC.
For Salaried Employees
If you are a salaried employee, you must have a minimum monthly income of S$2,500 to be eligible for UOB CashPlus. You must also have been employed with your current employer for at least 3 months.
For Commission-Based Employees
If you are a commission-based employee, you must have a minimum monthly income of S$3,000 to be eligible for UOB CashPlus. You must also have been employed with your current employer for at least 3 months.
For Self-Employed Applicants
If you are a self-employed individual, you must have a minimum annual income of S$40,000 to be eligible for UOB CashPlus. You must also have been in business for at least 2 years.
In addition to the above requirements, UOB may also take into account your credit score and credit history when assessing your application for UOB CashPlus.
Overall, if you meet the above eligibility criteria and have a need for quick and easy access to cash, UOB CashPlus may be the right product for you.
Application Process
If you are interested in applying for UOB CashPlus in Singapore, you can follow these simple steps to complete your application.
Online Application Steps
To apply for UOB CashPlus online, you will need to visit the UOB website. Once there, you will need to fill out the online application form. This form will require you to provide some basic personal information, such as your name, address, and contact details. You will also need to provide some financial information, such as your income and employment status.
Required Documents
When applying for UOB CashPlus, you will need to provide some supporting documents. These documents will help to verify your identity and financial status. Some of the documents that you may be required to submit include:
- Income Tax Notice of Assessment
- Computerised Payslip
- Other Income Documents
Income Document Details
When submitting your income documents, you will need to make sure that they meet certain requirements. For example, your Computerised Payslip should be no more than three months old. Your Income Tax Notice of Assessment should be for the most recent assessment year. If you are self-employed, you may be required to provide additional documentation, such as your company’s financial statements.
Overall, the application process for UOB CashPlus is simple. Following these steps and providing the required documents, you can quickly and efficiently apply for this personal line of credit.
Tip: Maintain a Healthy Banking Relationship
Being a UOB customer with a good track record (meeting minimum balance requirements, using other UOB products) can make you a more attractive borrower and potentially lead to a smoother application process.
Interest Rates and Fees
Interest Rate Structure
With UOB CashPlus, you can enjoy competitive interest rates, making it an attractive option for your financial needs. The interest rate for UOB CashPlus is 1.48% per month, ensuring that you have access to funds when required without incurring excessively high costs. This flexible interest rate structure allows you to manage your finances efficiently, giving you peace of mind.
Fees and Charges
UOB CashPlus offers a transparent fee structure, ensuring that you are aware of the costs involved. There is a processing fee applicable for UOB CashPlus, and it is important to review the details to understand the associated charges. Additionally, a minimum interest charge of S$5 per month applies, and you can find further details on fees and charges on the UOB CashPlus FAQs page.
Managing Your CashPlus Account
Congratulations on your successful application for UOB CashPlus Account! Now that you have access to a personal line of credit, let’s take a look at how you can manage your account.
Accessing Funds
To access your CashPlus funds, you can withdraw cash from any UOB ATM in Singapore or overseas. You can also withdraw cash from any ATM that accepts Mastercard or Visa using your CashPlus debit card. The maximum daily withdrawal limit is SGD 3,000.
Repayment Options
Repayment of your CashPlus account can be made through several channels, including:
- UOB Personal Internet Banking
- UOB Mobile Banking App
- AXS Stations
- SAM Kiosks
- Cheque
You can choose to pay the minimum amount payable or any amount up to the outstanding balance. Please note that interest will be charged on the outstanding balance.
Understanding Statements
Your Monthly Statement of Account will be sent to your registered mailing address or email address. You can also view your eStatement via UOB Personal Internet Banking. The statement will include:
- Account Summary
- Transaction Details
- Interest and Fees Charged
- Minimum Amount Payable
It is important to review your statement regularly to keep track of your account balance and ensure timely repayment.
Managing your CashPlus account is easy and convenient. With various repayment options and access to funds, you can use your line of credit for any unexpected expenses or planned purchases.
Additional Services and Benefits
Cheque Book and Card Facilities
One of the benefits of having a UOB CashPlus account is the availability of a cheque book and UOB CashPlus Visa Card. To be eligible for a UOB CashPlus Visa Card, you must have a UOB CashPlus account, an annual income of at least S$30,000, and be at least 21 years old. With the UOB CashPlus Visa Card, you can enjoy exclusive privileges and discounts at participating merchants. If you lose your UOB CashPlus cheque book, you can call the 24-hour UOB Call Centre at 1800 222 2121 to place a stop payment on your cheque(s) and arrange for an immediate replacement. Please note that a service charge of S$30 will be levied.
24-Hour Support
UOB understands that emergencies can happen at any time, which is why they offer 24-hour support for their UOB CashPlus customers. If you have any questions or concerns about your account, you can call the UOB Call Centre at 1800 222 2121, which is toll-free for Singapore residents. The UOB Call Centre is staffed by knowledgeable and friendly customer service representatives who are available to assist you 24 hours a day, seven days a week. Whether you need help with your account balance, making a payment, or reporting a lost or stolen card, the UOB Call Centre is there for you whenever you need them.
Overall, UOB CashPlus offers a range of additional services and benefits to their customers, including cheque book and card facilities and 24-hour support. With these benefits, you can enjoy peace of mind knowing that you have access to the help and resources you need whenever you need them.
Promotions and Offers
Current Promotions
If you’re looking for a great deal, UOB CashPlus has got you covered. Right now, you can apply for a CashPlus account and enjoy a range of exciting promotions. For instance, if you apply for CashPlus today, you can get up to S$100,000 cash. That’s right, you can get a huge sum of money just by opening an account with us.
But that’s not all. We also have other promotions that you can take advantage of. For example, you can enjoy exclusive discounts and offers at various merchants when you use your UOB CashPlus Visa Card. To find out more about our current promotions, visit our website.
Exclusive Benefits for Account Holders
As a UOB CashPlus account holder, you’ll enjoy a range of exclusive benefits. For starters, you’ll have access to a personal line of credit that you can use whenever you need it. This means that you can get instant cash whenever you need it, without having to go through the hassle of applying for a loan.
But that’s not all. You’ll also enjoy a range of other benefits, including preferential interest rates, flexible repayment options, and more. Plus, you’ll have access to our 24/7 customer service team, who are always ready to help you with any questions or concerns you may have.
So what are you waiting for? Apply for UOB CashPlus today and start enjoying all of these amazing benefits. With our exciting promotions and exclusive offers, you won’t find a better deal anywhere else.
Frequently Asked Questions
What are the criteria for applying for a UOB CashPlus account in Singapore?
To apply for a UOB CashPlus account in Singapore, you need to meet the following requirements:
- You must be a Singaporean or Permanent Resident
- You must be at least 21 years old
- You must have a minimum annual income of SGD 30,000 if you are a salaried employee or SGD 40,000 if you are self-employed
How can I check the status of my UOB CashPlus application?
You can check the status of your UOB CashPlus application by logging in to your UOB Personal Internet Banking account. Alternatively, you can call the UOB CashPlus hotline at +65 6259 8188 for assistance.
What are the current interest rates for the UOB CashPlus facility?
The interest rate for UOB CashPlus is 19.8% p.a. on the outstanding balance. However, interest is only charged on the amount utilised and for the number of days that the amount is utilised.
How do I go about closing my UOB CashPlus account?
To close your UOB CashPlus account, you can visit any UOB branch or call the UOB CashPlus hotline at +65 6259 8188 for assistance. You will need to clear any outstanding balance before the account can be closed.
In what ways does a UOB CashPlus account differ from a standard personal loan?
A UOB CashPlus account is a revolving line of credit facility that allows you to withdraw and repay funds as and when you need them. This means that you only pay interest on the amount you use and for the number of days that you use it. In contrast, a standard personal loan is a fixed loan amount with a fixed repayment period and interest rate.
Is there a minimum transaction requirement to maintain a UOB CashPlus account?
There is no minimum transaction requirement to maintain a UOB CashPlus account. However, you will need to pay an annual fee of SGD 100 (excluding GST) to keep the account active.
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