A secured overdraft facility is usually granted by a lender to you by issuing a lien on your pledged asset(s). The rate of interest applicable and the limit of overdraft are usually determined by the nature of the collateral(s) you have provided.
The eligibility criteria tend to be more relaxed as compared to unsecured loans and lines of credit. The rates are also less steep. The tenure of repayment may be decided under the sole discretion of the lending institution.
UOB Secured Overdraft is a form of UOB personal loan that comes with an array of benefits. You may be able to secure 100% of the value of the pledged asset. The asset classes that may be accepted include:
With the UOB Secured Overdraft facility, you get instant access to excess cash. You’ll get a cheque and an ATM card that can be used to draw down money up to your permissible overdraft limit. Additional benefits include no minimum deposit requirement and a complete waiver of penalties for the deposit falling below the minimum threshold.
You’ll be pleased to learn that with UOB’s overdraft facilities, you won’t have to make minimum monthly payments that are required for other kinds of personal loans. The only restriction imposed on you is that you won’t be allowed to draw down anything more than the overdraft limit permitted by the bank.
With a secured overdraft facility from UOB, you can easily meet your unexpected short-term expenses and debt liabilities.
The following are the eligibility criteria for the UOB secured overdraft facility:
Annual salary eligibility criterion is not applicable for the secured overdraft facility offered by UOB because the loan is secured by the assets pledged.
If you plan to apply for this secured overdraft facility, call toll-free UOB hotline number 1800 222 2121. A bank representative will get in touch with you. Alternatively, you can also stop by a UOB branch in Singapore and talk directly to a representative. The process is completely hassle-free.