UOB CashPlus Personal Line of Credit Review: Is it Worth Considering?

UOB CashPlus Personal Line of Credit Review: Is it Worth Considering?

A good backup option to other personal lines of credit offered in Singapore.

Good for

  • Borrowers that are also interested in UOB's CashPlus Funds Transfer Loan
  • Borrowers who couldn't get line of credit from other banks

Bad for

  • Individuals seeking the cheapest personal line of credit
  • High income borrowers seeking the highest credit limit
  • Individuals earning less than S$30,000 annually

Editor's Rating


UOB's CashPlus personal line of credit is not among the cheapest available in Singapore. This is due to its high annual fee of S$100 combined with its interest rate of 19.8% which is around the market average in the country. Despite these factors, UOB's personal line of credit is not the most expensive available either, making it a decent alternative to the more affordable loans.

Summary of UOB CashPlus
Interest Rate: 19.8% p.a.
Annual Fee: S$100 per year
Limited Eligibility: Not available to individuals with annual incomes of less than S$30,000
Promotion: 3 months with 0% prevailing interest rate, processing fee waiver (UOB CashPlus Account customers only)

Table of Contents

What Makes UOB CashPlus Stand Out to Borrowers

UOB CashPlus is not a particularly inexpensive personal line of credit, particularly because the bank does not waive its annual fee of S$100, unlike other banks. Additionally, the back does not offer personal lines of credit to individuals with annual incomes below S$30,000, nor does it offer the highest credit limit in the market.

Despite these drawbacks, UOB is offering a competitive promotion that includes a 0% prevailing interest rate for 3 months and a processing fee waiver (Please note that this promotion is only applicable for UOB CashPlus Account customers). Futhermore, the bank's interest rate of 19.8% is about average for personal lines of credit in Singapore. Therefore, UOB can be a decent backup option to the cheapest personal lines of credit for those who were not able to get approved for those options. Additionally, UOB is offering a discounted funds transfers to its CashPlus personal line of credit customers. These borrowers are eligible for a UOB CashPlus Funds Transfer loan with 0% interest for 6 months and a 1% processing fee, which is one of the best balance transfer rates available in Singapore.

Summary of UOB CashPlus Costs

Annual IncomeAnnual Interest RateMaximum Credit Limit
Less than S$120,00019.8%4x monthly income
S$120,000+19.8%6x monthly income

Who Can Apply: Eligibility Criteria

Consider this if you are unable to obtain a cheaper personal line of credit

Eligibility S$30,000 of annual income
Max. Credit Limit 4x monthly salary (max S$200,000)
Annual Fee S$100

Applicants must be Citizens or Permanent Residents in order to be eligible for UOB's personal line of credit. Additionally, eligible individuals must be at least 21 years old and earn at least S$30,000 annually.

Other Charges & Fees

One of the primary reasons that UOB CashPlus is not the cheapest personal lines of credit is because it charges higher fees than other banks. For instance, the UOB charges a S$100 annual fee, and unlike other banks, and it does not waive this fee during the initial years of the loan. It also charges higher late payment and overlimit fees than other banks. With that said, it is important to properly plan your loan in order to avoid unnecessarily paying fees, which can significantly increase your total cost of borrowing.

Annual FeeS$100
Late Payment FeeS$105
Overlimit FeeS$50
Minimum Monthly Repayment2.5% of current balance or $30, whichever is higher

How to Apply for UOB's CashPlus Personal Line of Credit

Individuals that are interested in UOB's personal line of credit must submit an application form and identification and income documents. To prove their annual income, salaried applicants must provide either their latest 12 months' CPF Contribution History or their latest computerised payslip. Self-employed and commission-based employees must submit their latest Income Tax Notice of Assessment. Finally, applicants must also submit a photocopy of the front and back of their NRIC and an image of their specimen signature.

Comments and Questions

{"endpoint":"\/newsletter\/subscribe","style":"blue","title":"Keep up with our news and analysis.","version":"sidebar"}