Pros
- Guaranteed, flat interest rate of 4.25% p.a for all loan amount and tenure
- Low minimum loan amount from S$1,000
- Instant approval for UOB credit cardholders who apply online during business hours (8am to 9pm)
Cons
- Does not offer the most competitive interest rates
- Borrowers who require loans longer than 5 years
- Early redemption will incur charge of $150 or 3% of the outstanding loan amount
Your UOB Personal Loan may generally be put to a wide range of uses. Loans start at S$1,000 while loan repayment terms range from 1 - 5 years. Unlike standard banks that offer loans of up to 80% of your credit limit, UOB offers up to 95% of your credit limit as long as you’re a UOB customer.
- Interest rate. UOB has a flat interest rate of 4.25% per annum, which translates to an EIR of approximately 7.75% to 7.96% per annum.
- Fixed monthly repayments. With regular monthly payment amounts, you can better manage your finances and avoid defaulting on your plan.
- Quick funds disbursal. You may instantly withdraw cash upon approval on the condition that your loan application had been submitted between 8am and 9pm online.
- Flexible repayment periods. Repay your loan over loan tenures ranging from 1 - 5 years.
- Online cashback offer. Receive S$600 Cashback if you apply for a loan of at least S$30,000. You’ll need to choose a loan term of between three and five years. Other T&Cs apply. This time-limited deal ends on 31 March 2021.
The fees you could encounter with a UOB Personal Loan ultimately depends on your income, borrowing amount, repayment scheme and loan type. In general, you may encounter:
- Interest rate fees. Effective interest rates will differ depending on your loan tenture, as shown below.
12 | 7.75 |
---|
24 | 7.96 |
---|
36 | 7.96 |
---|
48 | 7.92 |
---|
60 | 7.86 |
---|
In light of these charges, make sure you read your loan terms carefully so that you know exactly which types of fees you may be liable for. For a comprehensive list of potential costs, refer to our breakdown of personal loan fees here.
As a personal loan, the UOB Personal Loan involves a fixed borrowing amount, repayment term and monthly instalments.
UOB Cash Plus, on the other hand, is a standby line of credit. This means that you’ll only be charged interest on the amount you use. Just like a credit card, this interest may be repaid each month. Alternatively, you could roll over part of this sum to the subsequent month’s payment.
Ultimately, whether you should choose a UOB Personal Loan or UOB Cash Plus depends on your borrowing needs and preferred repayment terms. These are two different types of financial products, so they naturally come with unique fees, borrowing amounts and loan terms. Consider your reason for borrowing before choosing between these two options.
Existing customers
Existing UOB credit card or CashPlus customers can apply online on via UOB’s website. Click Go to site on this page to kickstart your application.
New customers
New customers need to simultaneously apply for either a UOB credit card or a CashPlus account along with a UOB Personal Loan. UOB allows you to do so online on their website. Before signing up, check through the stated eligibility requirements to ensure that you may apply for your desired loan.
UOB Personal Loan eligibility requirements are as follows.
- The borrower must be an existing UOB credit card or CashPlus customer.
- The borrower must be a Singapore Citizen or Permanent Resident.
- The borrower must be between the ages of 21 to 60 years old.
- The borrower must have a minimum annual income of S$30,000.
Additionally, you should have the following documents on hand when filling up the application.
For Salaried Employees
Documents Required:
- Latest 12 months’ CPF Contribution History Statement
- Latest Income Tax Notice of Assessment
- A photocopy of your NRIC (front and back)
- Latest telephone or utilities bill (for applicants with an annual income of S$20,000 to S$29,999)
- Latest three-month computerised payslip
For Commission-based Earners
Documents Required:
- Latest 12 months’ CPF Contribution History Statement
- Latest two years’ Income Tax Notice of Assessment
For the Self-employed
Documents Required:
- Last Income Tax Notice of Assessment (NOA)
- Latest two years’ Income Tax Notice of Assessment