UOB Balance Transfer
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Summary
UOB Balance Transfer Review 2024
UOB Balance Transfer is a type of personal loan offered by UOB Singapore. Balance Transfers allow for the outstanding amount in one account to be transferred to another account with a lower interest rate.
Loan Features & Details
1) Key Features
- Interest-free periods of 3, 6, or 12 months with differing processing fees
undefinedundefinedundefined - Minimum monthly repayment of S$30 or 2.0% of the outstanding balance, whichever is higher
- Instant cash approval for applications submitted during working hours
2) Eligibility
- Existing UOB Credit Card or UOB CashPlus customers
- Citizenship: Singaporeans or PRs
- Age: 21 – 65 years old
- Minimum income requirement: S$30,000
3) Fees
- UOB charges a fund transfer cancellation fee. Contact UOB to find out more
4) Application Process
How to apply?
- Head to UOB’s website to apply for the loan online
- Existing UOB Credit Card and CashPlus customers may apply for the transfer online
- New to UOB customers will need to apply for a UOB Credit Card to be eligible for the balance transfer
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Summary
UOB Balance Transfer Review 2024
UOB Balance Transfer is a type of personal loan offered by UOB Singapore. Balance Transfers allow for the outstanding amount in one account to be transferred to another account with a lower interest rate.
Loan Features & Details
1) Key Features
- Interest-free periods of 3, 6, or 12 months with differing processing fees
undefinedundefinedundefined - Minimum monthly repayment of S$30 or 2.0% of the outstanding balance, whichever is higher
- Instant cash approval for applications submitted during working hours
2) Eligibility
- Existing UOB Credit Card or UOB CashPlus customers
- Citizenship: Singaporeans or PRs
- Age: 21 – 65 years old
- Minimum income requirement: S$30,000
3) Fees
- UOB charges a fund transfer cancellation fee. Contact UOB to find out more
4) Application Process
How to apply?
- Head to UOB’s website to apply for the loan online
- Existing UOB Credit Card and CashPlus customers may apply for the transfer online
- New to UOB customers will need to apply for a UOB Credit Card to be eligible for the balance transfer
Plans (2)
UOB Balance Transfer (6 Month Tenure)
5.34%
EFFECTIVE INTEREST RATE
0%
FLAT INTEREST RATE
2.50%
PROCESSING FEE
UOB Balance Transfer (12 Month Tenure)
4.95%
EFFECTIVE INTEREST RATE
0%
FLAT INTEREST RATE
4.28%
PROCESSING FEE
UOB Balance Transfer (6 Month Tenure)
5.34%
EFFECTIVE INTEREST RATE
0%
FLAT INTEREST RATE
2.50%
PROCESSING FEE
0.0
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Interest rates and fees for UOB Balance Transfer
Loan Tenure | Processing Fees | EIR (% p.a.) with UOB Credit Cards | EIR (% p.a) with UOB CashPlus |
|---|---|---|---|
6 months | 2.50% | 5.34% | 5.27% |
12 months | 4.28% (Online exclusive only) | 4.95% (Online exclusive only) | 4.82% (Online exclusive only) |
Features: Pros and cons of UOB Balance Transfer
- 0% Applied interest rate p.a. for 6 to 12 months
- EIR p.a. from 4.95% - 5.34% for UOB Credit Cards
- EIR p.a. from 4.82% - 5.27% for UOB CashPlus
- Fast cash loan approval within 60 mins
- Minimum monthly repayment of 3% and 2.5% of the outstanding amount for UOB Cards and CashPlus respectively
- Minimum loan amount required is S$500
- Fast cash loan approval within 60 mins
- Enjoy the lower effective interest rates when you apply online
- Processing fees from 2.5-4.5%
Compare the Best Personal Loans: Is UOB Balance Transfer Suitable for You?
- Not the best Balance Transfer scheme for borrowers who do not require a 12 months tenure as UOB's 6 months interest rates are not the lowest.
- Post loan maturity: After the interest free period, users are charged at least 20.5% p.a. depending on the stipulated prevailing interest rates on the user's UOB credit cards or CashPlus account
Other Fees: what else to look out for?
- Minimum monthly repayment:
- 2.5% of the outstanding balance for UOB CashPlus (or S$30, whichever is greater)
- 3% of the outstanding balance for UOB Credit Card holders ( or S$50, whichever is greater)
- Late payment fee: S$120
Eligibility: who can apply ?
- Existing UOB Credit or CashPlus account holders
- 21 - 65 years old
- Singapore citizen or Permanent Resident
- Minimum annual income requirement of S$30,000
Contact UOB Singapore
- Tel: 1800 222 2121 or
- Visit their UOB Singapore's website for application and more details.
Contact us at [email protected] should you require any assistance or spot any inaccuracies.
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