Cash woes? A personal loan to the rescue!
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5.75% p.a. EIR 10.45% p.a.
1-5 Years
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Personal Loan BYTES FROM OUR KITCHEN

UOB Personal Loans: Get Free Consultation for Debt Management

Need quick money? A personal loan from UOB could be a great option because it comes with flexible payment options, exclusive promotions, free consultation for debt management, and competitive interest rates. Financial stability comes for a price. You may have to take short-term, calculated risks to create a financial stability for yourself in the long run. You won’t have to shy away from risks when you know that you can rely on UOB loans to cover you.

UOB Bank Personal Loan DetailsUpdated on 15 Dec 2018

UOB Bank Personal Loan Details
Interest Rate 8.00% p.a
Min Loan Amount S$1,000
Minimum Income S$30,000 p.a
Tenure 1 - 5 Years
Processing fee 1.80%
EIR 17.94% p.a

 

Looking to Borrow? UOB Personal Loans Offer Convenience, Flexibility, and Value

  • You have the flexibility to choose from a number of different personal loan options.
  • Depending on the nature of the product chosen, you can repay the loan in fixed monthly instalments or make flexible payments whenever you use a portion of the available credit.
  • Enjoy a number of exclusive promotional offers throughout the year.
  • Convert the outstanding debt into a single payment plan to enjoy lower interest rates and a hassle-free payment experience.
  • If your debt seems unmanageable, you can even utilise the free consultation service offered by this lender.
  • Apply for phone or internet banking and stay apprised of your latest transactions, dues, and payment history.
  • You can even choose to provide your unused assets held with the bank as collaterals and borrow up to 100% value of the asset.

What Are the Different Types of UOB Loans That You Can Use?

Depending on the exact nature of your need for funds, you can rely on one of the following products to bail yourself out:

  • Personal Loan: With repayments that start from S$0.70 a day only, and option to choose a loan tenure, varying from 1 year to 5 years, this is an ideal option if you’re comfortable making fixed monthly payments. You can stay relatively untouched by interest rate volatilities.
  • CashPlus: Whether you need to fund your child’s overseas education or need to expressly renovate your old flat, this line of credit allows you to borrow up to 6 times your monthly salary, subject to a cap of S$200,000. You can access easy cash via your UOB CashPlus Visa Card, ATMs, branches, internet banking, or cheques.
  • UOB Funds Transfer: Are you in desperate need for cash? Get instant access to cash by transferring unused funds from your credit card or CashPlus line of credit facility for holidays, medical expenses, or any emergency expense. You may also consolidate unsettled debt on your borrowings from other banks with this loan.
  • Secured Overdraft Facility (UOB Fast Cash): Do you currently hold an insurance policy, an investment product, or a fixed/structured deposit account with UOB? Get financed for your imminent expenses by using these products as collaterals for loans.
  • Debt Consolidation Plan (DCP): Want to rein in on the burgeoning personal debt crisis? Before the outstanding balance on multiple lines of credit, cards, and term loans snowball into an unmanageable mass of “sheer chaos”, you may want to consider this product as an option. It allows you to transfer all your debt into a single account and make a single monthly payment to UOB. You can also save on interest charges and get a FREE Visa Platinum Card.

How UOB Loans Can Make Your Life Easy – Special Features and Benefits

  • Minimum loan amount: You can borrow a minimum amount of S$1,000 with UOB Personal Loan. If you choose UOB CashPlus Funds Transfer, you can apply for a minimum amount of S$500.
  • Maximum loan amount: You can borrow up to 6x your monthly income with some loans. For secured overdraft facilities, you may be allowed to borrow up to 100% value of the pledged asset. If you choose CashPlus Funds Transfer, you can borrow up to 95% of the credit limit available in your CashPlus account at the time of application.
  • Fast turnaround time for all applications: In general, the bank may take between 3 business days and 5 business days for processing a loan application. This excludes weekends and public holidays. Furthermore, the processing time may slightly vary depending on the exact nature of the loan product.
  • Flexible loan tenure: If you choose UOB term loan, you can choose a tenure varying from 1 year to 5 years. For funds transfer, you may choose a tenure that lies between 3 months and 18 months. With UOB’s DCP, you may be allowed to stretch your repayments for up to 6 years.
  • Fast cash: With a secured overdraft facility or CashPlus line of credit, you may be able to withdraw cash from multiple ATMs across the island, or withdraw cash through a cheque or from a branch. With some products, you’ll also get complimentary credit cards that let you make affordable purchases and enjoy exciting rewards.

Keep the Following in Mind Before You Apply

Before you submit your loan application, consider the following:

  • If you already have a UOB CashPlus PL account, you won’t be eligible for UOB CashPLus Funds Transfer.
  • You may not be permitted to make a funds transfer to a UOB account with an overdraft facility.
  • The approved funds transfer amount will be subject to the outstanding balance on your UOB card(s). At any time, the amount can’t exceed the combined credit limit of your UOB cards.
  • You won’t be able to borrow more than 95% of the credit available in your CashPlus account.
  • The effective interest rate (EIR), that will be used to compute the monthly interest due, will use the reducing balance method. The monthly instalment amount, in any case, will depend on the total loan amount and the number of instalments, as indicated on your letter of approval.

Enjoy Affordable Interest Rates with UOB Loan Products

Are you worried that you won’t save much on your loan since the interest rate is too high? With loans from UOB in Singapore, savings could be considerable, especially if you apply during a promotional/qualifying period. Until 31 August 2018, a flat rate of interest of 4.99% p.a. and a processing fee of 1% will apply on UOB personal loans. Thereafter, prevailing rates would come into effect. On the CashPlus funds transfer, a flat rate of 0% will apply. For an approved amount of S$10,000 and a loan tenure of 1 year, an EIR of 5.2% p.a. will apply for credit card funds transfer and an EIR of 5.06% p.a. will apply for CashPlus line of credit funds transfer. A processing fee of 4.5% will also apply. In this context, you need to note that a minimum monthly repayment of 2.5% of the outstanding balance, subject to a minimum of S$30, will have to be made. For credit card funds transfer, you can pay as little as 3% of the statement balance or S$50, whichever is higher. However, if you currently apply online, the rates will be 4.49% p.a. and 4.37% p.a. for card and credit line funds transfers, respectively. The processing fee is currently fixed at 3.88% for online applications.

When finances are thrown into disarray, you may get caught up in two minds. Should you borrow more to get going or should you focus on putting a tight leash on your budget by saving more? What if you could do both? The UOB CashPlus line of credit charges an interest of 1.65% per month only. The rate offered on a secured overdraft will depend on the type of collateral provided. However, you won’t have to maintain a minimum deposit. Fall-below fees will also be waived on this account. Pay interest only for the amount used. Interest rates could be as low as the bank’s prime lending rate.Making investments and planning overseas holiday trips can become easier when you have the UOB Secured Overdraft facility at your disposal. If you choose the Debt Consolidation Plan offered by UOB, you’ll enjoy flat rates starting from 4.99% p.a. For a 6-year loan tenure, the EIR is 9.04% p.a.

Here’s What You Should Know about the Important Fees and Charges

  • A one-time processing fee may apply.
  • Service fees may be charged, where applicable. The following are the common service charges:
    • ATM card replacement fee - S$5
    • Request for stopping cheques - S$30 per cheque
    • Returning a cheque - S$40 per cheque
  • A cancellation charge may apply in case of early repayment.
  • An overlimit fee of S$50 applies on your CashPlus credit facility.
  • A default interest rate may apply if you fail to settle your statement balance within 25 days from the date of generation of the bill or within the due date mentioned on the bill. Currently, it stands at 29.98% p.a. If you make the minimum payment due, a rate of 19.98% p.a. will apply.
  • A late fee of S$105 may apply if timely payments are not made on your CashPlus account borrowings.
  • An annual fee may apply to your CashPlus account. Currently, it stands at S$100.

What Are Your Repayment Options?

Depending on the product of your choice, you may have the following repayment options:

  • Fixed monthly instalment: For CashPlus or card term loans, you can repay a fixed amount every month. The value of your monthly instalment will depend on the quantum of your loan, the tenure, the processing fee, the flat rate applicable, and other charges and rates if you make late payments.
  • Minimum repayment: For funds transfer, you’ll have to pay at least 2.5% of the due, subject to a minimum of S$30 if you have a CashPlus account or 3% of the outstanding balance, subject to a minimum of S$50, if you have a UOB card. If you have a secured overdraft facility with UOB, you won’t have to worry about minimum monthly repayments. Also, interest will apply only on the portion of the credit used. Your credit will get topped up with an amount equal to your repayment amount and you can use it again.
  • Partial redemption: Part prepayment or redemption of your term loan (card and/or CashPlus) won’t be allowed. If you make full repayment before the expiry of your loan tenure, a cancellation fee of 3% of the redemption amount, subject to a minimum of S$150, may apply.

For example, you have borrowed S$5,000 from the bank by signing up for the CashPlus term loan. Your loan tenure is 5 years and you have already repaid S$2,000. Now, if you want to pay off the remaining balance before the end of the tenure, you’ll be charged S$150 in addition to the outstanding balance (Since 3% of S$3,000=S$90 is less than S$150). Therefore, you’ll have to pay at least S$3,150 (could be higher in case of defaults/late payments as penalty charges would apply).

Ready to Apply? Here’s How You Can Proceed

UOB offers you a number of convenient options for submitting your loan application. They’re as follows:

  • If you’re an existing customer, you can use your online banking account (available to all CashPlus account holders) or you can submit an online form available on the bank’s website along with all your supporting documents.
  • If you’re applying for a UOB loan for the first time, use the online form on the bank’s website. If you apply before 1:00 p.m. on a working day, you’ll receive approval on the same day, provided the documents are in order.
  • You may also visit a UOB branch. If you submit the application form and the documents to a teller on a business day between 9:00 a.m. and 1:00 p.m., you may get an approval within 1 hour.
  • If you’re planning to apply for a secured overdraft facility, call the bank’s 24-hour hotline or visit a branch for more information.

A personal loan is a more powerful tool than you may have thought. In addition to helping you meet your short-term cash needs, it can also help you fund a small business venture or an investment. Asking your friend to babysit your child and asking him/her to bail you out of a financial crisis are understandably very different. If approaching a friend or relative for money doesn’t seem to be the right choice, you may consider UOB loans as a viable alternative. They’re reliable and high on value.

If You Still Haven’t Found an Answer to Your Question, Check the Following Section Out:

Q. The bank website says EIR is calculated on a reducing-balance basis for term loans. What does it mean?

A. In the reducing-balance method, EIR is calculated every month based on the outstanding loan. This means that your monthly instalment includes the principal amount and the interest applicable on the outstanding balance. Once a monthly instalment is settled, interest will be calculated on the outstanding debt only.

Q. Will compounding apply to prevailing interest rates?

A. If monthly payments are not made on time or in full, the prevailing interest rate and the default interest rate on your loan, will be subjected to compounding.

Q. Will I get instant loan approval under all circumstances?

A. If you submit your application along with supporting documents within a specified timeframe on a working day, you’ll be informed of the status of your application within 1 hour. However, approval may take longer.

Q. As a UOB supplementary cardholder, am I eligible for the funds transfer facility?

A. No. This facility is only available to principal cardholders.

Q. I found on the bank’s website that the approved loan amount can’t exceed 95% of the available credit limit on my card or line of credit. Will this include the one-time processing fee?

A. Yes. The approved amount, including the processing fee, will have to meet the credit limit criterion.

UOB-personal-loan

News About UOB Personal Loan

  • UOB to Help Small Business Get a Digital Makeover Through Digital Clinics

    United Overseas Bank (UOB) is launching digital clinics on a monthly basis to help small businesses implement digitalisation in their day-to-day operations. Small businesses will get practical guidance from digitalisation experts from UOB’s partners such as HReasily, SAP, and Enterpryze. The clinics are designed to provide knowledge support and guidance to small businesses on how they can benefit from digital information and technology. After each session, the participants will get a report with detailed information on the recommended steps they can take to integrate digitalisation with their business. Mr Mervyn Koh, Managing Director and Country Head of Business Banking Singapore, UOB, said that the bank provides services to almost half the small and medium businesses in the country, and many of them are not sure of how to integrate digitalisation with their operations. He went on to say that a few businesses conveyed their interest in receiving a more personal approach in guidance on implementing digital solutions, and that UOB hopes to achieve this through the digital clinics.

    The bank offers a cloud-based digital solution called UOB BizSmart. This is a integrated business solution allowing organisations to automate processes such as inventory management, invoicing, and payroll. It helps them reduce time spent on such administrative work to just 2.5 hours, which would otherwise take 4 hours. Ms Jasmine Goh, the second-generation owner of a traditional hardware store called Intertech Electronics, said that UOB BizSmart and the expert advice received through the digital clinics have helped her identify the best digital solution for her company. She also said that she is sure of increasing business success when she integrates it into the operations. A two-hour session at digital clinics costs S$90. To promote digitalisation among small businesses, UOB has started the Tech My Biz competition which gives one small business the chance to win a subscription for two years along with employee training and implementation support for UOB BizSmart. The total prize value of this competition is S$20,000. To enter this competition, small businesses have to fill-in an online form and submit it by 15 July 2018, along with details of why they need to get a digital makeover.

    5th June 2018

     
  • UOB Appoints Ex-Citi MD to Take Charge of Its Strategic Group Operations

    Peter Vicente has recently been appointed as the head of strategic operations for Singapore by UOB. Vicente has formerly held key positions in Singapore at technology and operations domains of Citi and Wipro.

    30th January 2018

     
  • UOB Q3 net profit jumps 12%

    Singapore-based United Overseas Bank (UOB) reported a growth of 12% in its net profit for the quarter ended 30 September 2017 (3Q17). The bank’s net profit rose to S$883 million in 3Q17 from S$791 million in 3Q16, helped mainly by growth in net interest income and fee and commission income.

    UOB’s non-interest income in 3Q17 grew 2% year-on-year to S$830 million. The increase in non-interest income was limited by lower net trading income.

    As of 30 September 2017, the bank’s non-performing loans (NPLs) stood at S$3.75 billion, an increase of 7% year-on-year. According to UOB, the increase in NPLs was mainly driven by the oil and gas sector, which remained under pressure during the quarter. As of 30 September 2017, UOB’s NPL ratio remained unchanged at 1.6%, compared with the year ago period.

    Driven by the growth in US dollar deposits, the bank’s customer deposits were up 7% year-on-year at S$268 billion, as on 30 September 2017. Gross loans of the bank increased to S$234 billion as on 30 September 2017, reflecting a growth of 8% year-on-year.

    The results came a day after UOB announced changes to its Board, including the retirement of its Chairman Emeritus Dr Wee Cho at the bank’s annual general meeting in April 2018.

    27th November 2017

     
  • Dr Wee Cho Yaw to retire from the UOB bank board

    Dr Wee Cho Yaw, chairman emeritus of the United Overseas Bank (UOB), will step down from the bank’s board. Dr Wee is expected to quit next April at the bank’s annual general meeting. However, he’ll keep his title as chairman emeritus and will continue to serve as an honorary adviser to the board.

    UOB was formerly known as the United Chinese Bank, and was started by Dr Wee’s father Wee Kheng Chiang in 1935. Dr Wee joined the institution in the 1950s when his father asked him to manage the bank’s operations. His family still holds 20% of the bank, which is now the third largest bank in Singapore. The bank’s name was changed in 1965 to United Overseas Bank.

    Dr Wee led the bank as the CEO and chairman from 1974 to 2007 and diversified the bank’s businesses and acquisitions. His contribution includes the S$22 million acquisition of Chung Khiaw Bank in 1971 and S$10 billion merger with Overseas Union Bank in 2001. Under his dynamic leadership spanning over 60 years, UOB has branched itself into real estate, insurance, and hotel industries.

    16th November 2017

     
  • UOB has just hired NUS’s leading IT security expert

    The former Head of IT security at NUS, Wenlong Wu, has joined UOB as an Executive Director for Information Security and Risk Assessment. He has previously worked as a Director at the CPF Board.

    UOB has recognized the need for looking outside the finance sector for security-related roles. Singaporean banks have been reinforcing their IT security ranks for some time now. However, the local talent pool is not that big, making it all the more difficult to find experienced IT security people for banks here.

    Wu has completed successful career stints at other financial institutions too. He also served as the Head of IT security at Shinsei Bank in Japan, taking hold of security strategy and planning across the institution. Wu has also served AIA Singapore in an almost similar role.

    The bank is on a hiring spree at the moment. They have provided jobs to a number of analysts, data scientists, engineers, digital designers, project managers, and architects. One of the recent hires also include Christopher Wee, who previously worked for Standard Chartered. At UOB, he will be primarily focusing on product development and digital partnerships.

    31st October 2017

  • Means you can use to pay for big-ticket purchases

    Everyone wishes to make big-ticket purchases. Several electronic gadgets including laptops, home appliances, furniture and high-end smartphones usually cost more than the average. The question of how to effectively pay for these big ticket purchases is often posed. Here are some tips to effectively pay for big-ticket purchases while not feeling too burdened on the cost of the purchase.

    Credit card instalment plans: Several banks offer credit cards that come with the 0% instalment plan feature. Under these plans, no interest is charged on the purchase and the entire cost of the product or service purchased, can be converted into easy monthly repayment options. In the recent past, credit card instalment plans have become quite popular in helping customers make big-ticket purchases.

    A personal loan: While a personal loan for a big-ticket purchase isn’t too recommended, they do work well, as personal loans come with lower annual interests than credit cards. Moreover, most banks give you the option of pre-closing your personal loan, making a personal loan quite a good option to pay for big-ticket purchases.

    Instalment plans offered by the merchant: In many cases, the merchant offers instalment plans to help customers pay for big-ticket purchases. Enquiring about available plans will help deal with these purchases effectively.

    Balance transfers: Balance transfers are another effective way to cope with the financial impact after making a big-ticket purchase. Many banks that offer the balance transfer facility allow for a 6-month or 12-month interest free repayment period.

    04th October 2017

     
  • Key Things You Need to Know About Personal Cash Loan Singapore

    Personal cash loans in Singapore are very easy to apply. The loan application process is completely hassle-free. It is very convenient to apply for a personal loan in Singapore irrespective of where you stay. Personal cash loans are ideal for Singaporeans with low income.

    Why should you apply for personal cash loan?

      • Appropriate for acute financial requirements

      • Helps in making payments for emergency medical bills

      • Easy access to cash during emergency situations

    Eligibility criteria to apply for personal cash loan

      • You need to have a fixed source of income

      • Singapore citizens, Permanent Residents and foreigners are eligible to apply

      • You should be 21 years old and above

    Benefits of choosing personal cash loan in Singapore

      • Few documents are required

      • Loan approval process is completed within a short span of time

      • The loan amount is given out within a few hours or the same day

    Choose an ideal money lender who can help you with your short-term financial needs. Get a personal cash loan based on an expert’s advice. Apply for a personal loan that suits your specific financial requirements. By doing this you can refrain from taking an excessive loan amount that might burden you in the future.

    04th October 2017

     
  • UOB Personal Loan Promotion

    Runtime - This promotion is valid from May 16, 2017 to June 30, 2017.

    Particulars - There are two promotional offers right now:

      • New UOB credit card or CashPlus customers applying for UOB personal loan can get an interest rate starting from 4.38% p.a. and a waiver of processing fee, resulting in an effective interest rate of 8.20% p.a.

      • With a minimum approved loan amount of S$10,000 and a minimum loan tenure of 3 years, you will get Dairy Farm Gift Vouchers worth S$100.

    Terms and Conditions

      • Applicants will receive the Dairy Farm Gift Vouchers within 60 days of loan disbursement.

      • Dairy Farm Gift vouchers are accepted at Market Place, Cold Storage, Giant, Jasons, 7-Eleven and Guardian.

  • UOB Introduces KidSmart Programme For Understanding Children’s Talents

    The United Overseas Bank (UOB) has initiated the UOB KidSmart Programme to assist parents in exploring and cultivating their children’s talents. This scheme aims to achieve its goal by applying the MIDAS (Multiple Intelligences Developmental Scales) aptitude evaluation tool.

    According to UOB, parents can start preparing for their child’s future early if their child’s real talent is known. When a child’s aspirations are discovered, a parent can invest in relevant financial plans accurately.

    This programme was introduced as data from The UOB Understanding Young Families Survey showed that nearly all parents who took the survey considered it important to find out their children’s natural abilities for a successful career.

    The top officials of UOB hold that this project is well-timed because jobs are giving more prominence to aspects such as creativity and critical thinking solutions.

    10th November 2016

     
  • Fintechs and Banks collaborate

    The collaboration between the financial technology firms and banks can play a huge part in mending the small company funding. Two leading banks of Singapore, United Overseas Bank and DBS Bank has tied up with fintechs in order to help the smaller organisations. Their use of new technology for reaching out to the SME (Small and Medium-Sized Enterprises) section has taken a step ahead of their competitors.

    A study suggests that in Singapore, approximately 60 percent of the SMEs depend on loans offered by banks for financing. The representative of DBS Bank stated that they have more than two hundred Small and Medium-Sized Enterprises in the loan pipeline.

    09th May 2016

     
  • Volunteers and UOB Staff Cooked meals for 5,000 people in need

    On 3 Feb, 2016, 60 staff members of UOB along with other volunteers cooked and distributed meals for the elderly and needy at Willing Hearts' soup kitchen. They cooked 5,000 meals in total and the staff members of UOB included many of the senior managers of the bank. The other volunteers included around 30 businessmen from Singapore. These volunteers spend around 6 hours for cooking the food at the Soup Kitchen that is located at Jalan Ubi, Geylang. Some of the clients of UOB also participated in this noble activity organized by the bank.

    04th February 2016

     
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