UOB CashPlus 0% Interest and No Nominal Fee

[sglandscape]

https://www.uob.com.sg/personal/borrow/personal-financing/cashplus.page#promotions

just apply from link above?

so the idea is to borrow for 3 months for 0% and put into SCB esaver? Meanwhile pay back min interest every month and full repayment before 3 months is up?

Yes, but have a few caveats based on what I gathered from insights from many others here too:

• your credit score will tank during the period, so if you are planning to apply for other loans/cards you may be rejected by other banks
• other banks may stop your credit lines if the total unsecured loans you take is above 12x of your monthly salary they have on file, unless you earn more than 120k a year
• for civil servants, if the unsecured loan is too large (3x) vs your monthly salary, you'll be deemed to be financially embarrassed and will get a call from HR
• the credit line you get is subject to what UOB is willing to lend you

 

[highsulphur]

Yes, but have a few caveats based on what I gathered from insights from many others here too:

• your credit score will tank during the period, so if you are planning to apply for other loans/cards you may be rejected by other banks
• other banks may stop your credit lines if the total unsecured loans you take is above 12x of your monthly salary they have on file, unless you earn more than 120k a year
• for civil servants, if the unsecured loan is too large (3x) vs your monthly salary, you'll be deemed to be financially embarrassed and will get a call from HR
• the credit line you get is subject to what UOB is willing to lend you

Even if it's zero interest for three months, I still need to pay back some amount every month?

 

[sglandscape]

Even if it's zero interest for three months, I still need to pay back some amount every month?

Even if its 0% interest, in your credit report it'll still be deemed as Interest-bearing unsecured loan, and the minimum monthly repayment is 2% of the outstanding balance.

 

[highsulphur]

Even if its 0% interest, in your credit report it'll still be deemed as Interest-bearing unsecured loan, and the minimum monthly repayment is 2% of the outstanding balance.

thanks. does the credit score goes back to before after I repay my amount after 3 months

 

[sglandscape]

thanks. does the credit score goes back to before after I repay my amount after 3 months

Usually will take 2-3 months after before it fully recovers, but will slowly recover gradually after you repay in full.

 

[Jirachi]

It's personal preference, there is an annual fee if held for a year. At times they run promo and may give you free 0% again if you don't close. So depends on how good/bad your credit rating is, and if you need a good credit rating for other loans.

Can you waive the annual fee for this accounts if you have lapsed 1 year now.

 

[Jirachi]

https://www.uob.com.sg/personal/borrow/personal-financing/cashplus.page#promotions

just apply from link above?

so the idea is to borrow for 3 months for 0% and put into SCB esaver? Meanwhile pay back min interest every month and full repayment before 3 months is up?

Except I put in UOB One Account and leave it there and follow the rest of what you mentioned.

 

[highsulphur]

Got approved for 40k. So I just transfer 40k out from the loan account to my one account and the clock starts ticking? I just need to make the monthly min payment every month and full payment in 3 months time?

 

[Jirachi]

Got approved for 40k. So I just transfer 40k out from the loan account to my one account and the clock starts ticking? I just need to make the monthly min payment every month and full payment in 3 months time?

I believe clock starts ticking on the day of approval.

I believe monthly min repayment and full payment in 3 months. <- this is what I am going to do

 

[Jirachi]

Did anyone receive a cheque book from UOB labeled with Cash Plus?

 

[highsulphur]

I believe clock starts ticking on the day of approval.

I believe monthly min repayment and full payment in 3 months. <- this is what I am going to do

Thanks. Withdraw 40k and out with scb esaver. Supposed I can get 40000*2.65%/4=$265

 

[yslvlys]

Got approved for 40k. So I just transfer 40k out from the loan account to my one account and the clock starts ticking? I just need to make the monthly min payment every month and full payment in 3 months time?

U chose the amount or let bank decide?

 

[yslvlys]

Did anyone receive a cheque book from UOB labeled with Cash Plus?

Yes, just received yesterday. Can't believe still got pple writing checks today...

 

[yslvlys]

I believe clock starts ticking on the day of approval.

I believe monthly min repayment and full payment in 3 months. <- this is what I am going to do

The date to make the min. repayment and the amount need to wait for the monthly statement or the internet banking to show right?

 

[highsulphur]

U chose the amount or let bank decide?

I let the bank decide. Was surprised it was that low or rather was hoping something higher

 

[yslvlys]

I let the bank decide. Was surprised it was that low or rather was hoping something higher

Yeah I didn't want to take the "risk" so I just choose the highest amount 50ksgd. Not sure what is their actual criteria.

 

[highsulphur]

Yeah I didn't want to take the "risk" so I just choose the highest amount 50ksgd. Not sure what is their actual criteria.

I didn't know the highest is 50k. If I had known I would have chosen that

 

[yslvlys]

I didn't know the highest is 50k. If I had known I would have chosen that

Highest as in the options available in the application form that can be chosen. You didn't see the cash options that can be chosen?
But above got 2 pple said they got higher than 50ksgd by letting the bank decide and not choosing any option amount.

 

[yslvlys]

Thanks. Withdraw 40k and out with scb esaver. Supposed I can get 40000*2.65%/4=$265

But this rate is until July only?

 

[Jirachi]

Yes, just received yesterday. Can't believe still got pple writing checks today...

Yeah. I was expecting the debit card. But I got the cheque book. LOL