UOB is a widely used banking institution in Singapore and has a long history of serving top-notch products to its customers. They offer a wide range of banking products and wealth management services. Among the more sought after products are the personal loans. UOB personal loans come in different packages, each with its own unique features offering benefits tailored for specific purposes. Borrowers can tide over various financial requirements with the help of these loans. Below are the main features of each loan and their interest rates.
The UOB Personal loan allows borrowers to meet their financial requirements whilst keeping the repayments low. Borrowers can make payments as low as S$0.80 per day. The loan offers a tenure that can range from 12 months to 5 years. The minimum loan amount available under this loan is S$1,000. Let us discuss the interest rates (p.a.) for this personal loan product:
|Loan Tenure||Flat rate||Effective Interest rate|
|12 months||8% p.a.||17.94% p.a.|
|24 months||8% p.a.||16.54% p.a.|
|36 months||8% p.a.||15.84% p.a.|
|48 months||8% p.a.||15.34% p.a.|
|60 months||8% p.a.||14.94% p.a.|
The loan offers high amounts of up to S$200,000 and offers borrowers easy access to the funds provided. Borrowers can get a loan amount up to 6 times their monthly salary. The loan offers two modes of repayment one of which is flexible repayments where the minimum payment is as low as 2.5% of the loan amount. The other is fixed repayments where borrowers can pay through fixed instalments with tenures ranging from 12 months to 5 years. The loan also provides the borrowers with a UOB CashPlus Visa credit card which earns a cash rebate of 1.5% on all online and retail expenses charged to the card.
|Loan tenure||Interest rate (p.a.)|
This rate is a promotional rate valid for all UOB CashPlus loans applied for and approved by 31st March 2017. The promotional interest rate is valid for a period of 12 months from date of approval. The interest rates return to prevailing rate after the promotional period expires.
Prevailing rate of interest is 19.8% p.a. However, if the borrower fails to make the minimum payment by the specified due date, a penalty interest rate of 25.8% p.a. for three consecutive calendar months is charged. If the borrower makes the payments on time for three consecutive months, the interest rate returns back to prevailing rate of interest.
With the UOB Funds Transfer, customers can better manage their finances by consolidating outstanding balances from other banks. Let us discuss the interest rates (p.a.) for this personal loan product:
|Loan tenure||Processing Fees||EIR for UOB cards||EIR for UOB CashPlus|
|3 months||1.49%||6.11% p.a.||6.04% p.a.|
|6 months||2.50%||5.34% p.a.||5.27% p.a.|
|12 months||4.50%||5.20% p.a.||5.06% p.a.|
Learn how you can be benefited with UOB Personal Line of Credit
The UOB Debt Consolidation Plan allows borrowers to manage finances more efficiently by consolidating all their other payments into one single payment. With this loan, the borrower has to only worry about one payment date. The loan also offers a lower rate of interest as compared to other loans and even offers a promotional rate of interest. Borrowers can also stand to receive a complimentary UOB Visa Platinum credit card. The tenure of the debt consolidation loan can go as high as 72 months.Let us discuss the interest rates for this personal loan product:
The prevailing rate of interest on the UOB Debt Consolidation loan is 6% p.a. or an Effective Interest Rate (EIR) of 10.72% p.a.
Borrowers can also enjoy a promotional interest rate offer where, if the tenure chosen by the borrower is 60 months, they can enjoy a lowered interest rate of 2.88% p.a. or an EIR of 5.27% for the first year. Once the promotional period expires, the rate of interest returns to the prevailing rate.