If you’re looking for a flexible and accessible line of credit, then UOB CashPlus Personal Loan might be the perfect solution for you. This loan comes with a range of benefits, including competitive interest rates, fixed monthly repayment amounts, and a long-term tenor from 12 to 60 months. With UOB CashPlus Personal Loan, you can borrow up to six times your monthly salary and enjoy the flexibility of no fixed repayment period.
UOB CashPlus Personal Loan is a great option if you need extra cash to cover unexpected expenses or to finance a big purchase. You can apply for the loan online, in person at a UOB branch, or by calling their toll-free number. Once approved, you can access your funds via PayNow, internet banking, UOB TMRW, or an ATM. Plus, if you have a UOB CashPlus Visa Card, you can enjoy 10% cashback and 10% UOB$ cashback on your spending.
Key Takeaways
- UOB CashPlus Personal Loan offers a flexible and accessible line of credit with competitive interest rates and fixed monthly repayment amounts.
- You can borrow up to six times your monthly salary and enjoy the flexibility of no fixed repayment period.
- You can apply for the loan online, in person at a UOB branch, or by calling their toll-free number. Once approved, you can access your funds via PayNow, internet banking, UOB TMRW, or an ATM.
Understanding UOB CashPlus Personal Loan
If you’re looking for a personal loan with a low-interest rate and flexible repayment options, then UOB CashPlus Personal Loan might be the right choice for you. In this section, we’ll explain the features and benefits of this loan, the interest rates, and the eligibility criteria.
Features and Benefits
UOB CashPlus Personal Loan comes with several features and benefits that make it an attractive choice for borrowers. Here are some of the key features of this loan:
- Fixed monthly repayment
- Tenure between 12 to 60 months
- Low-interest rate of 3.4% p.a. (EIR 6.22% p.a.)
- Pay as little as S$30 or 2%, whichever is higher
- 0% interest for up to 12 months ^Processing fees apply.
Interest Rates Explained
The interest rate of UOB CashPlus Personal Loan is one of the lowest in the market. The interest rate is fixed at 3.4% p.a. (EIR 6.22% p.a.), which means that your monthly repayment amount remains the same throughout the loan tenure. This makes it easy for you to budget your monthly expenses and plan your finances.
Eligibility Criteria
To be eligible for UOB CashPlus Personal Loan, you need to meet the following criteria:
- You must be a Singaporean or Permanent Resident
- You must be between 21 and 65 years old
- You must earn a minimum monthly salary of S$2,500
- You must have a good credit score
- You must provide your NRIC and income documents
In conclusion, UOB CashPlus Personal Loan is an excellent choice for borrowers looking for a low-interest rate loan with flexible repayment options. With its attractive features and benefits, it’s easy to see why this loan is so popular among borrowers in Singapore.
How to Apply and Manage Your Loan
Application Process
Applying for a UOB CashPlus Personal Loan is easy and convenient. You can apply for the loan through an online application form available on the UOB website, by visiting any UOB branch or by calling the toll-free number 1800 222 2121.
To apply for the loan, you will need to provide some personal information such as your name, NRIC number, contact details, and income information. You will also be required to submit supporting documents such as a specimen signature, computerised payslip, and income tax notice of assessment.
Once your loan application is approved, a UOB CashPlus account will be opened for you. Your approved loan amount will be drawn-down from your UOB CashPlus account and disbursed to a designated savings account of your choice.
Repayment Options
UOB CashPlus Personal Loan offers flexible repayment options to suit your needs. You can choose a tenure between 12 to 60 months and a low-interest rate of 3.4% p.a. (EIR 6.22% p.a.). The monthly repayment amount will depend on the loan amount and tenure you choose.
You can make repayments through internet banking, UOB branches, or by setting up a GIRO arrangement with UOB. You can also make early repayment without any penalty charges.
It is important to note that a processing fee applies for the loan, and you will need to pay as little as $30 or 2% of the outstanding amount, whichever is higher, every month.
In conclusion, UOB CashPlus Personal Loan is a great option for those who need quick access to cash. With flexible repayment options and a low-interest rate, you can easily manage your finances and repay the loan at your own pace.
Frequently Asked Questions
What are the eligibility criteria for obtaining a UOB CashPlus personal loan?
To be eligible for a UOB CashPlus personal loan, you must be a Singaporean or Permanent Resident aged 21 years and above. You must also have a minimum annual income of $30,000 if you are a Singaporean or Permanent Resident, or $40,000 if you are a foreigner. Additionally, you should have a good credit score and a stable source of income.
What interest rates can I expect with a UOB CashPlus personal loan?
UOB CashPlus personal loans offer interest rates as low as 2.88% p.a. (EIR from 5.43% p.a.), with cash rebates of up to 2% for loan amounts of $15,000 and above with a minimum tenor of 36 months. The interest rate is calculated based on the amount borrowed and the repayment period chosen.
How can I apply for a UOB CashPlus personal loan?
You can apply for a UOB CashPlus personal loan online by visiting the UOB website or by visiting any UOB branch. You will need to provide your personal and financial details, including your income and employment information, and submit the necessary documents.
What is the maximum amount I can borrow through a UOB CashPlus personal loan?
The maximum amount you can borrow through a UOB CashPlus personal loan is up to 6 times your monthly income or $200,000, whichever is lower. The actual amount you can borrow will depend on your credit score, income, and other factors.
How can I manage my UOB CashPlus personal loan repayments effectively?
To manage your UOB CashPlus personal loan repayments effectively, you can set up a GIRO arrangement with UOB to automatically deduct the monthly repayment amount from your bank account. You can also make repayments through UOB’s online banking platform or by visiting any UOB branch.
What is the typical processing time for a UOB CashPlus personal loan application?
The typical processing time for a UOB CashPlus personal loan application is around 1 to 2 business days. However, the processing time may vary depending on the completeness of the application and the documentation provided.