UOB Personal Loan – One of the best choicesWhile the UOB personal loan might be one of the more expensive personal loan options due to its higher interest rates, the loans offer better advantages to a borrower instead of other Singapore personal loans available in the market. The UOB personal loan comes highly recommended to anyone who isn’t able to get a cheaper personal loan. It isn’t recommended for those who want to have the cheapest loan available.
Types of UOB Personal LoanThere are two major types of personal loans available to the public if you need a personal loan quickly; the UOB Cash Plus Loan and UOB Credit Card Personal Loan.
UOB Cash Plus LoanYou first need to apply for the line of credit and by the time you get approved, you will have the privilege to use it when you would want to, it can be a standby solution so that you can get money when you need it the most. You can get the money through an ATM whenever you need to fund yourself. An interest rate will be charged to you based on the amount of money that you have withdrawn. You can get cash up to 6 times your monthly income and the minimum is S$1,000.
UOB Credit Card Personal LoanIf you have a UOB credit card, UOB Corporate Card, UOB Purchasing Card, or UOB Private Label Cards, you can apply for this type of loan. The minimum amount for this loan is S$1,000 and the loan amount should not be more than your available credit limit. The amount to be paid every month should be charged to your credit card account. There will be a nonrefundable processing fee as well as an interest rate. If you wish to cancel, there will be a cancellation fee of S$150 or 3% of your outstanding loan amount. The bank will process your credit card personal loan application within 7 to 10 business days, not including Saturdays and Sundays as well as holidays.
What are the interest rates and tenors?The UOB personal loan can be more competitive than other banks as the bank charges an interest rate of 4.25% per annum interest rate on their personal loans when you sign up online while currently, the Effective Interest Rate (EIR) of UOB personal loan hovers around 7.75% to 7.86% for a 1-5 year tenure. This does not include the processing fee as there is a 0% fee for it.
Who is Eligible?Any Singaporean and permanent residents of the country above 21 are eligible for UOB personal loans. They are able to loan from $1,000 up to 98% of their credit limit. Most banks will require the borrowers to be at least 21 years of age up to 64 years old and possessing an annual income of a minimum of $30,000.
What are the requirements?You will need to submit a photocopy of your National Registration Identification Card or NRIC. Photocopy both the front and the back. You will also need to submit an image of your signature if you are doing it online. You will also need to submit your Central Provident Fund Contribution Statement as well as your latest proof of salary or your payslip.
How do I apply for UOB Personal Loans?You should be able to complete an application for and complete your requirements as well as the proof of your income, employment, and identity. You will also need to choose between the two types of UOB Personal loans which are the Cash Plus Personal Loan and the Credit Card Personal Loan.
Are there other fees and charges?There is no processing fee being charged for a UOB Personal loan but you will be charged an advance repayment fee of at least $150 or the 3% interest rate of your loan amount, whichever of the two is higher. It is highly recommended that the borrowers are carefully planning their repayment schedules and budgeting so that they will not incur additional fees besides the interest rates on top of their loan amount.