Cash woes? A personal loan to the rescue!

    UOB Funds Transfer Review: Borrow Without Interest Charges

    Have you accumulated a large outstanding debt on your existing credit facilities? With this UOB loan, you could succeed at wiping it clean. You could consolidate the unsettled balances across multiple existing loan accounts with this single loan. What’s better? There are no applied interest charges. 3 loan tenure options are available with this loan. Read on to learn about the features of this loan in detail in the next section.

    Flexible Repayment, Interest-Free Cash: How This Loan Could Fix Your Financial Woes?

    Caught in the middle of a snowballing debt crisis? If you’re wondering if equipping yourself with this loan could help you fight back, check the following features of this loan before you make a decision:

    High Borrowing Limit: If you apply for a Funds Transfer loan on your CashPlus account and if it is approved, you could borrow up to 95% of the credit limit available.

    Low Minimum Borrowing Amount: You could borrow as little as S$500 with a CashPlus Funds Transfer loan.

    Consolidate Debt With a Single Loan: Consolidate the outstanding debt on your existing loans with this single loan. Not only could it shrink the size of your debt due to interest savings, it could also make life easier for you. That’s because you‘ll have one payment to make instead of many, every month.

    No Fixed Monthly Payments: With CashPlus Funds Transfer, you can pay as little as 2.5% of the outstanding balance at the end of a billing cycle, subject to a minimum of S$30. With Funds Transfer on UOB cards, you can pay as little as 3% of the outstanding, subject to a minimum of S$50. This gives you the flexibility to decide how much of the debt you want to settle at the end of the month and how much you want to roll over.

    Fast Turnaround: In general, the bank may need up to 5 business days to process your loan application. It could take longer under special circumstances. The actual time required will be determined by the bank at its absolute discretion.

    Will Your Interest Savings Be Sizeable?

    To answer this question, let’s take a look at the interest rates first. The rates could vary depending on the loan tenure that you have chosen. The interest rates for funds transfer on a UOB card or CashPlus are as follows:

    Loan Tenure Flat Interest Rate Processing Fee Effective Interest Rate on Funds Transfer With UOB Card Effective Interest Rate on Funds Transfer With UOB CashPlus Account
    6 months 0% p.a. 2.5% p.a. 5.34% p.a. 5.27% p.a.
    1 year 0% p.a. 4.5% p.a. (Online Exclusive is 3.88% p.a.) 5.2% p.a. (Online Exclusive is 4.49% p.a.) 5.06% p.a. (Online Exclusive is 4.37% p.a.)
    18 months 0% p.a. 4.88% p.a. 4.09% p.a. 3.92% p.a.

    [Disclaimer: Numbers used in this example are for illustrative purposes only. They may be different from the actual results.]

    Want to Get Acquainted With the Fees and Charges? Here They Are

    The following are the fees and charges that you may have to deal with:

    • A processing fee, starting from 2.5%.
    • An annual fee, where applicable.
    • Late charges, where applicable.
    • Other handling/administrative fees, where applicable.
    • Legal fees and charges, where applicable.

    Get in touch with the bank to know more about these fees.

    Deliberate on the Following: Promotional Rate Not Applicable to Outstanding Balances

    Here are some things to consider:

    • The promotional rate will apply only to the approved loan amount. Any outstanding balance on your card or CashPlus account or any amount subsequently borrowed through these accounts won’t be eligible.
    • After the expiry of the promotional tenure, the promotional rates will be replaced by the prevailing cash advance interest rate (on UOB cards) or the prevailing CashPlus interest rate (on CashPlus account).
    • The approved loan amount will be subject to the permanent combined credit limit available on your UOB card accounts and/or CashPlus account.
    • If the loan amount together with the processing fee charged exceed the credit limit available, the bank will decide on the transfer amount at its sole discretion.
    • The bank may refuse to transfer the loan amount to a designated account which is not denominated in Singapore dollars, or to a third-party account.
    • The bank can’t be held liable for delays in fund transfer leading to overdue interest charges or penalty charges. You’ll have to service your loan/deposit accounts until the funds transfer loan amount is credited to the said account.
    • Transactions related to this loan won’t be eligible for rewards such as cash rebates, air miles, or reward points.
    • Early loan settlement or premature termination will make you liable for payment of the outstanding balance immediately.
    • The bank won’t allow you to transfer funds from your CashPlus account to any other UOB account with overdraft facility.
    • If you already have a CashPlus Personal Loan, you won’t be eligible for a CashPlus Funds Transfer.
    • Any loan amount approved shall first be drawn from the balances available in your CashPlus account at the time of transfer.

    Want to Be Sure About Your Eligibility? Check Here

    To be eligible, you must satisfy the following:

    • You already own a card from UOB.
    • You have a CashPlus account and an annual income of S$30,000 or more.

    Contact the bank to learn more about the eligibility criteria and the supporting documents required for processing.

    Want to Understand the Application Process? Find Out Below

    If you’re an existing UOB card or CashPlus account holder, you could apply through the following channels:

    • Use your internet banking credentials.
    • Submit the completed application online. It’s fast and hassle-free.

    If you’re a new customer, you could apply online.

    Click here to learn more about the general personal loan application process.

    Whether you want to compress your unsecured debts or whether you need money in your account for a financial emergency, this interest-free loan could give you access to easy and fast liquidity. Also, the process is very convenient because the entire process can be completed online. To know more about personal loans from UOB, click here.

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