The UOB Personal Loan offers instant cash disbursement for Singaporeans and PRs. Here's a look at the reasons to apply for this personal loan as well as how you can earn up to 2.2% unlimited cash rebate on your approved loan.
Key Features
Pros
Instant cash disbursement
Fuss-free personal loan application for new UOB customers through MyInfo
Choice of loan tenures from 12 to 60 months
Cons
Need to have a UOB CashPlus account or UOB credit card to apply for a UOB Personal Loan
Foreigners are not eligible
Summary
Interest Rate: From as low as 3.77% p.a (EIR from 6.89% p.a.) Loan Tenures: Choice of 1 year to 5 years Max. Credit Limit: Up to 95% of credit limit on your UOB CashPlus account Minimum Annual Income: S$30,000 Turnaround Time: Instant approval for applications submitted between 8am to 9pm for new UOB customers
1. Easy loan approval for new UOB customers via MyInfo
If you’re a new UOB customer, simply click ‘Apply Now’ on UOB’s personal loan website and from there, you’ll be asked to log in to MyInfo where your personal information will be automatically retrieved. Only UOB currently observes this process, which saves you time inputting requirements and uploading documents. Applications should be submitted between 7am to 8 pm.
4. Maximum loan amount of 95% of your available credit limit
UOB Personal Loans are only applicable to UOB CashPlus account or UOB credit card holders.
While other banks only approves 80% of your credit limit, up to 95% is allowed for existing UOB customers.
Terms and conditions such as schedule of fees of your UOB credit card is also applicable to your personal loan.
5. Perks for existing UOB Credit Card/CashPlus customers
If you already have a UOB credit cards, no documents are required for a loan application. When your loan is approved, it will be disbursed to a designated savings account of your choice.
Who can apply?
To be eligible to apply for the UOB Personal Loan, you have to be:
An existing UOB Credit Card/CashPlus customer
Nationality: Singapore citizen or Permanent Resident (Foreigners are not eligible for the UOB Personal Loan)
Age: 21 to 60 years old
Minimum annual income: $30,000
What charges or fees should you look out for?
Here are the charges and fees you could incur:
Processing fee: 1%
Cancellation fee: $150 or 3% of outstanding approved loan amount (whichever is higher)
How to apply?
If you’re an existing UOB customer, simply log in to your UOB Mighty Internet Banking and submit the short application.
If you’re a new customer, click on “Apply Now” then, “Retrieve with MyInfo” button. You’ll be redirected to SingPass page.
UOB Personal Loan WelcomeGift: Enjoy a low-interest rate of 3.88% p.a. (EIR from 7.09% p.a.) with no processing fee and up to 2.2% unlimited cash rebate on your approved loan amount. Valid till 30 September 2023. T&Cs apply.
Plus, new to UOB CashPlus customers can enjoy an extra S$100 cash rebate. T&Cs apply.
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