Are you looking for a flexible and affordable line of credit in Singapore? UOB CashPlus may be the perfect solution for you. This personal financing option offers a range of benefits and repayment options to help you get the funds you need when you need them.
With UOB CashPlus, you can enjoy a low monthly repayment of just 2% of your outstanding amount, giving you the flexibility to repay your loan on your terms. Plus, you’ll have access to various other benefits, including a UOB CashPlus Visa Card that allows you to earn a SMART$ Rebate at participating merchants. This rebate can be used to redeem rewards at any SMART$ merchants in subsequent transactions, giving you even more value for your money.
Whether you’re looking to finance a short-term need or a significant milestone, UOB CashPlus has got you covered. So why wait? Apply for UOB CashPlus today and enjoy the benefits of a flexible and affordable line of credit in Singapore.
1-Minute Read: UOB CashPlus Repayment Options
Need a quick rundown on managing your UOB CashPlus like a pro? Look no further!
This section boils down the key facts about UOB CashPlus repayment options, empowering you to take control of your finances in Singapore.
- Flexible Repayment: UOB CashPlus offers unrivalled flexibility. You can pay off your balance in full each month, which is ideal for those who want to avoid interest charges. Alternatively, opt for minimum monthly repayments of 3% of your outstanding balance or S$50, whichever is higher. This allows you to manage your cash flow comfortably.
- Budget-Friendly: The minimum repayment option makes UOB CashPlus a budget-friendly choice. You can prioritize essential expenses while chipping away at your balance over time.
- Convenience at Your Fingertips: UOB offers various convenient repayment methods. Make payments via scheduled funds transfer, cheque, or cash at any UOB branch. This ensures you can easily settle your dues without hassle.
Impact on Singapore and You
UOB CashPlus’ flexible repayment structure empowers Singaporeans to manage their finances effectively. It provides a safety net for unexpected expenses and fosters responsible credit card use. By understanding your repayment options, you can maximize the benefits of UOB CashPlus and achieve your financial goals more easily.
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This is just a taste of what UOB CashPlus has to offer. Dive deeper into our comprehensive guide to discover advanced strategies, budgeting tips, and expert insights to truly unlock the potential of UOB CashPlus and navigate your financial journey with confidence!
Understanding UOB CashPlus
If you’re looking for a flexible and convenient way to access funds, UOB CashPlus is an excellent option to consider. This personal line of credit allows you to borrow money as needed and repay it at your own pace. Here’s what you need to know about UOB CashPlus.
What Is UOB CashPlus?
UOB CashPlus is a personal line of credit offered by United Overseas Bank (UOB) in Singapore. It allows you to borrow money on an ongoing basis, up to a credit limit determined by your income and creditworthiness. Once you are approved for UOB CashPlus, you can withdraw cash from any UOB ATM or use your UOB CashPlus Visa Card to make purchases at any merchant that accepts Visa. You can also withdraw cash from any Visa Global ATM network.
Benefits of UOB CashPlus
There are several benefits to using UOB CashPlus. First, you can enjoy a cash rebate of up to 1.88% on your spending with your UOB CashPlus Visa Card. Second, you can earn Uni$ for every dollar that you spend on your UOB CashPlus Visa Card, which can be redeemed for a variety of rewards. Third, you can enjoy 0% interest on your UOB CashPlus balance for the first six months, which can help you save money on interest charges. Fourth, you can enjoy a flexible repayment schedule that allows you to make minimum monthly payments or pay off your balance in full.
Eligibility Criteria
To be eligible for UOB CashPlus, you must be a Singaporean or Permanent Resident, aged 21 to 65 years old. You must also have a minimum annual income of S$30,000 if you are a salaried employee, or S$40,000 if you are a commission-based employee or self-employed. You will need to provide your NRIC and income documents to apply for UOB CashPlus.
Applying for UOB CashPlus
If you are in need of instant cash, UOB CashPlus is a great option for you. Applying for UOB CashPlus is easy and straightforward. Here are the steps you need to follow:
Application Process
You can apply for UOB CashPlus through various channels. You can fill up an online application form, download an application form, complete and mail it back to us, visit any UOB Group Branch, or call us 24-hour, toll-free at 1800 222 2121 for an application form to be sent to you. The online application process is quick and easy, and you can get instant approval.
Required Documents
To apply for UOB CashPlus, you will need to provide the following documents:
- NRIC (front and back)
- Income documents such as computerised payslip, income tax notice of assessment, or CPF contribution history statement
- Billing proof such as utility bill or bank statement
Where to Apply
You can apply for UOB CashPlus through various channels. You can apply online via UOB Personal Internet Banking, visit any UOB Branch, or mail in your application form.
Once you have submitted your application form and required documents, our team will review your application and notify you of the approval status. If your application is approved, you will receive your UOB CashPlus account details and can start using your credit line immediately.
Overall, applying for UOB CashPlus is a simple and hassle-free process. With flexible repayment options and low interest rates, UOB CashPlus is a great option for those in need of instant cash.
Managing Your CashPlus Account
If you have a UOB CashPlus account, you have access to a flexible line of credit that allows you to withdraw cash anytime you need it. Here’s what you need to know about managing your CashPlus account.
Accessing Funds
Accessing your CashPlus funds is easy. You can withdraw cash from any local ATM or Cash Deposit Machine using your CashPlus ATM card. You can also transfer funds to your CashPlus account from any UOB account via UOB Personal Internet Banking or Mobile Banking.
Repayment Options
UOB CashPlus offers flexible repayment options to suit your needs. You can choose to make payments by GIRO, PayNow, cash payment or cheque payment. The minimum amount payable is 2% of your outstanding amount or S$50, whichever is higher.
Understanding Interest and Charges
Interest on your CashPlus account is charged on the outstanding amount at a rate of 19.8% per annum. In addition to interest charges, there is also a service charge of S$80 per year and a handling fee of 2.5% of the amount withdrawn. Late payment fees may also apply if you miss a payment.
It’s important to keep track of your outstanding amount and make payments on time to avoid incurring additional charges. You can check your CashPlus account balance and transaction history anytime using UOB Personal Internet Banking or Mobile Banking.
Overall, UOB CashPlus offers a convenient and flexible way to access funds when you need them. With a range of repayment options and competitive interest rates, it’s a great choice for anyone looking for a line of credit in Singapore.
Tip: Maximise Idle Funds
Whenever you have excess cash, consider allocating it towards larger CashPlus repayments. This proactive approach minimises the interest accrued on your outstanding balance and saves you money in the long run.
Repayment Assistance
If you have taken out a UOB CashPlus account, you will need to repay the borrowed amount according to the terms and conditions governing UOB CashPlus. In this section, we will discuss the various repayment options available to you.
Setting Up GIRO Arrangement
One way to ensure timely repayment is by setting up a GIRO arrangement. This allows UOB to automatically deduct the monthly repayment amount from your bank account on the due date. To set up a GIRO arrangement, you will need to provide your UOB CashPlus UEN and submit a GIRO application form to your bank.
Using PayNow for Repayments
Another convenient way to make repayments is by using PayNow. Simply log in to your bank’s mobile app, select the PayNow option, and enter UOB CashPlus UEN and the repayment amount. Payments made via PayNow will be credited to your account on the same day if they are made before 5 pm on a working day.
Cheque and Cash Payments
If you prefer to make repayments by cheque or cash, you can do so at any UOB branch or ATM. UOB CashPlus chequebook can be used to make SGD cheque issuance. Cheques should be made payable to “UOB CashPlus” and your UOB CashPlus account number should be written on the back of the cheque. Cash payments can be made at any UOB branch, and the cash deposit slip should be filled in with your UOB CashPlus account number and the amount to be paid.
Remember to make your repayments on time to avoid late payment fees and interest charges. The due date for repayments is stated on your monthly statement, and you can also check it via UOB Personal Internet Banking or UOB Mighty mobile app. If you have any questions or need further assistance, please contact UOB customer service at 1800 222 2121.
Terms and Additional Services
Understanding the Terms and Conditions
When you apply for UOB CashPlus, you will be asked to agree to the terms and conditions governing the use of the service. These terms and conditions cover a range of topics, including interest rates, fees and charges, repayment options, and more. It is important that you read and understand these terms and conditions before you apply for the service.
If you have any questions about the terms and conditions, you can contact the UOB Call Centre or use Phone Banking to speak to a customer service representative. They will be happy to answer any questions you may have and provide you with additional information.
Additional CashPlus Services
In addition to the basic CashPlus service, UOB also offers a range of additional services that can help you manage your finances more effectively. These services include:
- Bill Payments: You can use CashPlus to pay your bills, including utility bills, credit card bills, and more. This is a convenient way to manage your finances, as you can make all your payments from one account.
- Statement of Account: UOB will send you a monthly statement of account for your CashPlus account. This statement will show all your transactions and help you keep track of your spending.
- UOB CashPlus Visa Card: You can apply for a UOB CashPlus Visa Card, which will give you access to additional benefits, including cashback rewards, discounts, and more.
Overall, UOB CashPlus is a flexible and convenient way to manage your finances. With a range of repayment options, additional services, and a dedicated customer service team, you can be confident that you are getting the support you need to achieve your financial goals.
Fees and Charges
If you are considering applying for UOB CashPlus in Singapore, it is important to know the fees and charges associated with the account. This will help you make an informed decision about whether this line of credit is right for you.
Annual and Handling Fees
UOB CashPlus has an annual fee of S$80. However, this fee is waived for the first year. Additionally, there is no handling fee for this account.
Transaction and Service Fees
There are several transaction and service fees that you should be aware of when using UOB CashPlus. These include:
- Cash withdrawal fee: 6% of the amount withdrawn or S$15, whichever is higher
- Cheque book fee: S$10 per cheque book
- ATM card fee: S$20 per card
- Lost card replacement fee: S$20 per card
- Returned cheque fee: S$50 per cheque
- Stop cheque payment instruction fee: S$30 per cheque
- Stop payment fee: S$10 per instruction
It is also important to note that there is a service charge of S$50 for accounts that are inactive for more than six months.
Overall, UOB CashPlus offers a flexible repayment option with competitive interest rates. However, it is important to consider the fees and charges associated with the account before making a decision. By understanding these fees and charges, you can make an informed decision about whether UOB CashPlus is right for you.
Loan Features
If you’re looking for a personal loan in Singapore, UOB CashPlus is an option you should definitely consider. With CashPlus, you can enjoy a flexible and convenient line of credit with low interest rates and a range of repayment options.
Loan Options with CashPlus
CashPlus allows you to borrow up to six times your monthly income, with a minimum loan amount of S$1,000 and a maximum of S$200,000. You can choose a loan tenor between 12 to 60 months, depending on your needs. The fixed monthly repayment makes it easier for you to budget and manage your finances.
Balance Transfer Facility
If you have outstanding balances on your credit cards or personal loans from other banks, you can transfer them to your CashPlus account and enjoy a lower interest rate. With CashPlus Balance Transfer, you can enjoy interest rates as low as 3.4% p.a. (EIR 6.22% p.a.), and pay as little as S$30 or 2%, whichever is higher, of your monthly instalment.
CashPlus for Emergencies
CashPlus is also a great option for emergencies, such as unexpected medical bills or urgent home repairs. With CashPlus Funds Transfer, you can transfer funds from your CashPlus account to your other bank accounts instantly, with no processing fees. This means you can access your credit balance whenever you need it, without having to worry about disbursement delays.
Whether you’re planning a wedding, a travel adventure, or just need some extra cash for unexpected expenses, UOB CashPlus offers a flexible and convenient personal loan option that can help you achieve your goals. With an available balance that you can use anytime, anywhere, CashPlus is a great way to stay in control of your finances and enjoy the freedom to live life on your own terms.
Frequently Asked Questions
What are the steps to utilise the repayment options for UOB CashPlus?
To utilise the repayment options for UOB CashPlus, you must log in to your UOB Personal Internet Banking account and select the “CashPlus” tab. From there, you can choose to make a one-time payment or set up a recurring payment schedule. You can also make payments through the UOB Mighty app or at any UOB branch.
How quickly can I expect the repayment process for UOB CashPlus to be completed?
The repayment process for UOB CashPlus is usually completed within 2-3 business days. However, if you make a payment at a UOB branch, the payment will be credited to your account immediately.
Whom can I contact for assistance with my UOB CashPlus repayment queries?
If you have any queries regarding your UOB CashPlus repayment, you can contact the UOB customer service hotline at 1800 222 2121. Alternatively, you can visit any UOB branch and speak to a customer service representative.
What are the fees associated with the annual use of UOB CashPlus?
There are no annual fees associated with the use of UOB CashPlus. However, you will be charged a processing fee of 2% of the approved credit limit when you first apply for the facility.
Can I conveniently close my UOB CashPlus account through online banking?
Yes, you can conveniently close your UOB CashPlus account through online banking. Log in to your UOB Personal Internet Banking account, select the “CashPlus” tab, and click “Close Account”. You will need to settle any outstanding balances before you can close your account.
What sets UOB CashPlus apart from a standard personal loan?
UOB CashPlus is a personal line of credit that allows you to borrow and repay as you wish. Unlike a standard personal loan, you only pay interest on the amount you use, not the entire credit limit. Additionally, you can access your funds anytime through online banking or the UOB Mighty app, making it a convenient option for short-term financing.
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