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

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

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

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


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  • Good for borrowers also interested in UOB's CashPlus Funds Transfer Loan
  • Alternative line of credit when denied by other banks


  • Not the cheapest personal line of credit
  • Lower line of credit for high income earners
  • S$30,000 minimum income requirement

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.

        Stephen Lee

        Stephen Lee is a Senior Research Analyst at ValueChampion, specializing in insurance. He holds a Bachelor of Arts degree in International Studies from the University of Washington, and his prior work experience include risk management and underwriting for professional liability and specialty insurance at Victor Insurance. Additionally, Stephen is a former US Peace Corps Volunteer in Myanmar (serving between 2018-2020), where he continues to provide business development consulting services to HR companies in Asia Pacific.

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