Singapore Loan Rates: Line of Credit Interest Charges
We look at a bank's Line of Credit interest charges this 2012. This is based on UOB CashPplus line of credit.
Here are the details of Line of Credit interest charges.
Line of Credit Interest Charges:
INTEREST
All interest charged (including default interest) shall be calculated based on a daily basis, shall accrue
day to day and shall be calculated on the basis of the actual number of days elapsed and a year
of 365 days.
Interest is payable (i) both before and after judgment and (ii) computed based on the
principal amount from time to time outstanding under the Facility, at the rate of 17.8% or 20.95% per
annum, or such rate as may be prescribed by the Bank from time to time, (“prevailing interest rate”)
compounded monthly from the due date (as defined in Clause 12.2) to the date of repayment subject to
the minimum interest charge of $5.00/- per month, or any other amount set at the sole discretion of the
Bank.
Notwithstanding any change in the Customer’s annual income, the applicable interest rate shall
remain unchanged.
DEFAULT INTEREST
The Customer shall pay to the Bank interest at the rate of 23.95% p.a. or such rate as may be fixed by
the Bank from time to time on the daily balance outstanding where the outstanding amounts is within
the approved Credit Limit: from such date as determined by the Bank from time to time until the date of
payment, if no minimum payment is received.
Thanks for your interest in our Singapore Sg Loan Rates site.
