UOB has a convenient online application process and a range of loans that could meet your business’ needs. A reputable bank in Singapore, UOB offers loans which could let you borrow up to $800,000 with competitive rates of interest and loan terms of up to five years. Read on to find out what you need to know about UOB business loans.
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How does a business loan from UOB work?
You can get a business loan from UOB business in just a few simple steps:
1. Apply online in five minutes. There are no interviews or meetings to attend – everything can be done online.
2. Verification. You can do this using via email and this step is usually completed very quickly.
3. Typically UOB offers a one-day response rate when it comes to managing your application.
Features of a UOB business loan
- Different loans for different business needs. UOB offers many different types of business loan, from overdrafts to micro-loans and more.
- Unsecured loans. You won’t usually have to offer up an asset to secure your loan product.
- No hidden fees or charges. Typical interest rates with this provider start at 4.5%. You will be given an interest rate when you apply and this factors in the establishment fee of 2%. By paying your loan back in-line with the repayment plan, you should avoid any extra fees.
- Repayments. The repayments are scheduled according to your budget and business needs. This provider usually offers loan terms of between one and five years.
How much will a UOB business loan cost?
- Establishment fee. This fee of 2% is typically added on to the amount you owe at the start of the loan term.
- Rates of interest. The interest rates vary according to the type of loan and the risk involved. However, these loans are typically calculated on a monthly basis.
- Prepayment. UOB loans carry a prepayment charge of 6.88%. This should be taken into account if your business is thinking about pay its loan back early.
It’s important to read the full terms and conditions so you are aware of any charges you could face.
How to apply for a business loan with UOB
Make sure you meet the eligibility requirements before you sign up to a business loan. For example, to be eligible for a UOB Business Loan your company will need to have been in business for at least three years (among other requirements).
One of the key eligibility criteria for UOB loans is to have enough income for repay your loan. Also, you will need to be able to prove you have a good history of managing credit. Furthermore, you can expect UOB to look at a business owner’s experience, their track record and other business factors.
Step 1: Apply online. It’s super quick to apply for a loan with UOBand there are no obligations attached. You could receive a response within a matter of minutes.
Step 2: Verification and loan decision. The verification process via MyInfo Business, including pre-approval, is generally completed within one business day.
Step 3: Payments of funds. After the documents are reviewed and assuming that you’ve secured full approval, the funds will be transferred to your business bank account. Be aware the time it takes to complete your loan varies and it could take two weeks (or more) to receive funds.
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