There are many special events in our life that are unique and should be treated specially. If you have a wedding coming up, or maybe you wish to go on holiday, a cash loan can be a great alternative to have access to quick cash. Unfortunately, many banks incur sky-high interest rates on the cash and might not be worthwhile to do so.
On the bright side, UOB now offers, for a limited time, a special cash loan that comes with a 0% interest period and no processing fees. While other banks might incur interest rates of approximately 29% per annum, UOB offers you three months of 0% interest rate and no processing fees, allowing you to make your dream come true.
Long story short, this might be a promotion that cannot be missed. Let’s have a closer look at UOB Cash Loan benefits, fees and rates, and how you can apply to benefit from this great offer!
Benefits of UOB Cash Loan
UOB Cash Loan comes with bountiful features and benefits for its applicants. As expected, the prevalent benefit is that there is a 0% prevailing interest rate for the first 90% with no other processing fees. This offer is available from 1 March to 31 March 2020.
Thus, if you apply for a UOB Cash Loan, you save 100% on the interest rate. UOB offers up to 6 times the amount you earn from your monthly salary, or up to $200,000. Another great benefit is that it comes with two repayment options, so you can choose which one fits you best.
You can choose the flexible repayment in which you pay a minimum of $30 per month or 2.5%. Another option is the fixed payment that spreads over 60 monthly payments at an affordable rate.
What is more, you can use UOB Cash loan to make payments, transfer funds, and everything can be done via Internet Banking for your convenience. You can also withdraw cash at 1,200 ATMs that are available in Singapore or contact one of the 40 UOB branch offices.
Fees and Rates
After the free period, you are subject to a 20.5% prevailing interest rate per annum, with a minimum of $5 per month. If you do not make the minimum payment rate by the due date, the interest rate per annum increases to 29.98%.
The minimum monthly payment is $30 or 2.5% of the current balance, topped with any overdue payments you have. If you do not make the minimum payment by the due date, there is a late payment charge of $120. Furthermore, the annual membership fee is $100.
How to Apply
You can easily apply for UOB Cash Loan via the online form or via branches. If you choose to apply online, you can do so 24/7 by using MyInfo. If you apply from 7 am to 8 pm, your application can be processed instantly if you are a new customer. When applying outside of these hours, you will receive the SMS notification regarding your application the next working day.
Alternatively, you can choose to go to a branch office and finish the whole application process in only one hour. All you need to do is request the UOB CashPlus application and complete it with your personal information. This is available from Monday to Friday, from 9 am and 1 pm, without Public Holidays. Once you complete your details, you receive the status of this application within the hour, and you can start using the cash as soon as you receive your checkbook or the CashPlus Visa card.
The eligibility criteria mention that you need to be at least 21 years old. Plus, you must have a minimum annual income of $30,000. Furthermore, this cash loan is available only for Singapore citizens or permanent residents.
It is recommended to contact UOB for any other questions you have. Here are some contact details to help you get in touch with a representative in no time.
Phone Number: 1800 222 2121
Mailing address: Robinson Road, P.O Box 1688, Singapore 903338
Additionally, you can also locate the closest branch office by clicking here.
Note: There are risks involved when applying for and using credit. Consult the bank’s terms and conditions page for more information.