• UOB Personal Loan Eligibility

    Personal Loan BYTES FROM OUR KITCHEN

    United Overseas was established back in the year 1935 by businessman Wee Kheng Chiang. In those days, it was called United Chinese Bank (UCB). It is one of the leading banks in the world that offers extremely beneficial and lucrative financial products and services. They are designed to offer maximum perks to the consumers with these products. Currently, United Overseas Bank has 68 branches in Singapore, along with more than five hundred offices in nineteen different countries and other territories in Western Europe, North America and Asia Pacific.

    Financial problems can walk into your life anytime and these situations are unpredictable and uncertain. It does not matter how you prepare yourself against these, you will still be affected to a certain extent. A financial support during those times can really prove to extremely beneficial for you. It is not always possible for you to fulfil all your wishes and dreams with whatever you earn and to do that extra bit in your life that makes you happy, a financial assistance is what you need. UOB offers a personal loan scheme that comes with a rate of interest as low as 8 percent. The repayments are also fixed and you can avail a long period of up to 60 months to repay the debt.

    United Overseas Bank Personal Loan Eligibility

    There are a few criteria that an applicant must follow in order to be eligible for the personal loan from United Overseas Bank. They are as follows:

    • You must have a Cash Plus Account with United Overseas Bank or UOB cards to avail a personal loan from the bank.
    • The minimum age of the applicant to be eligible for the personal loan is 21 years. The maximum age of the applicant can be 45 years with a minimum annual income of S$20,000 and 55 years with a minimum annual income of S$30,000.
    • The minimum annual income of the applicant must be S$20,000.
    • Existing customers with CashPlus and UOB overdraft facilities are not eligible for Personal Loan.

    Factors affecting United Overseas Bank Personal Loan Eligibility

    There can be several different factors that affect the eligibility criteria for United Overseas Bank’s personal loan scheme. Let us understand these factors in details.

    Annual income – This is one of the most important factors while determining the eligibility for the personal loan offered by UOB. You must be earning a particular amount every year. If you earn below that, you will not qualify for the loan amount. Your income basically reflects the consistency of your debt repayment capability. A bank does not like defaulters. To avoid all hassles and confusions, United Overseas Bank has set an annual income limit. The minimum income that one must earn for being eligible towards the personal loan is S$20,000. An individual earning equal to this or more than this can easily qualify for the loan.

    Age – Unless you reach a certain age, you cannot apply for the personal loan. As per United Overseas Bank, the applicant of the personal loan must be at least 21 years old. This is the age when someone starts planning a future and a career. The maximum age up to which an individual can make an applicant for the personal loan is 60 years, when the planning for the life after retirement starts. Thus, age is an extremely important factor while determining the eligibility for the personal loan scheme.

    Employer – The goodwill and reputation of your present company matters a lot. United Overseas bank may ask for documents that can prove the existence of your employer. You shall have to furnish important documents like CPF History report, payslips, etc. when they are required. Thus, your employer actually plays a very important part when eligibility for the personal loan is concerned.

    Employment – The company that you are currently associated with, the time span for which you have been serving that company, the designation that you hold in that particular company – everything matters and has quite a lot of effect on the determination of eligibility criteria for the personal loan offered by United Overseas Bank. Your income is also a clear proof that you have a definite source of income which is pretty stable too. This ensures that you are capable of repaying the loan amount. As a proof of your employment, the bank might ask you for payslips, income tax assessment notice, valid work permit, etc.

    Credit Score – Maintaining a healthy credit score is of utmost importance when you want to avail a loan. If United Overseas Bank sees that your credit history is good, then you can avail the personal loan at attractive rates of interest. In order to get a score that is good, you must pay all your credit bills on time. Also, check your credit report from time to time. A bad credit history will only make things difficult in terms of approval of the loan.

    How to increase your loan eligibility criteria?

    If you see that you are not being able to avail a personal loan from United Overseas Bank then you should think of ways that good give your income a good boost. You must eliminate all the things that are affecting your eligibility.

    If you find that the yearly income that you have is not good enough to get you the UOB Personal Loan, then think of other ways to earn more. You could wait for a hike in your present organisation. You can also plan to move out and look for a new job with a better pay. If you realise that the reputation of your organisation is harming your eligibility towards the personal loan, then you must plan to make a move to a different company.

    Working towards a good credit score can also help you to a great extent. UOB will prefer looking a credit history which has no records of late payments, no payments, etc. Ensure that you track all your transactions and also check the credit report. If the credit report does not look too good, work towards making it better. A good credit report can earn you the best loan available in the current financial market. Use your credit card carefully and do not max out on the limits.

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    Frequently Asked Questions

    1. What is minimum age for an applicant to be eligible for United Overseas bank Personal Loan scheme?
    2. The minimum age for an applicant to be eligible for United Overseas Bank Personal Loan scheme is 21 years.

    3. What is the maximum age for an applicant to be eligible for a personal loan offered by United Overseas Bank?
    4. The maximum age of an applicant to be eligible for a personal loan offered by United Overseas Bank is 55 years.

    5. What is the minimum income limit set by UOB as the eligibility criteria for availing a personal loan?
    6. To avail a personal loan offered by UOB, the applicant must have an annual income of S$20,000 or more than that.

    7. Can foreigners apply for the personal loan from United Overseas Bank?
    8. No. Foreigners will not be able to apply for United Overseas Bank personal loan scheme as this scheme is specifically designed for the permanent residents of Singapore and the citizens of Singapore.

    9. Can maintaining a good credit score help me get a good loan amount from United Overseas Bank?
    10. Yes. A good credit score will always help you to avail a loan amount that comes with affordable rates of interest. However, the loan amount offered will be at the bank’s discretion and will depend on your financial profile along with other factors.

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