UOB Personal Loan Review (2024)

SingSaver team

SingSaver team

Last updated 24 March, 2024

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% unlimited cash rebate on your approved loan.

Personal loans can be a real game-changer when it comes to handling major expenses. They are often flexible, and offer a wide range of tenures and principal amounts, making them an ideal solution for some quick financial respite when facing medical emergencies, moving costs, or even debt consolidation. 

The UOB personal loan offers similar benefits and more. Features such as instant cash disbursement, low interest rates, and a waived processing fee make this personal loan a very attractive option indeed. Did we mention that minimal documentation is required as well? Read on to find out if the UOB personal loan is the perfect match for your financial needs.

 

Table of Contents

  1. Pros and cons of the UOB Personal Loan
  2. UOB Personal Loan summary
  3. Why should you choose UOB Personal Loan?
  4. Who can apply?
  5. What charges or fees you should look out for?
  6. How to apply?
  7. Summary of Interest Rates for all tenures

Pros and cons of the UOB Personal Loan

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 

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UOB Personal Loan summary:

Interest Rate: From as low as 2.88% p.a (EIR from 5.43% p.a.) 
Loan Tenures: Choice of 1 year to 5 years
Max loan amount: Up to 2x your monthly income, or S$200,000, whichever is lower
Max. Credit Limit:
Up to 95% of credit limit on your UOB CashPlus or UOB credit card account
Minimum Annual Income: S$30,000
Turnaround Time: Instant approval for applications submitted between 8am to 9pm for new UOB customers

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UOB_PL_TIERED_KV1_BLOGARTICLE_800x250

SingSaver Exclusive Offer: Receive an Apple iPhone 15 128GB (worth S$1,311) or an Apple Bundle: Apple iPad 10th Gen 10.9 wifi 256 GB + Apple Pencil (USB-C) (worth S$878) or Dyson Airwrap™ multi-styler and dryer (Complete) (worth S$859) or a Dyson TP10 (worth S$599) or an Apple Watch SE (2nd Gen) GPS 40MM (worth S$382.50) or up to S$1,200 Cash when you get approved for a UOB Personal Loan with a min. loan amount of S$8,000 and tenure of 1 to 5 years. Applicable to new customers only. Valid till 9 July 2024. T&Cs apply.


Why should you choose UOB Personal Loan?

1. Easy loan approval for new UOB customers via MyInfo

New UOB customers can apply seamlessly via MyInfo on SingPass where your personal information will be automatically retrieved. This saves you time and the hassle of inputting requirements and uploading documents. 

See also: Your Go-To Personal Loans Guide in Singapore

2. Get instant cash

If you are in urgent need of cash, you can get cash instantly when you apply for the UOB Personal Loan online.

This instant cash will be distributed upon approval for applications submitted between 8am to 9pm.

For those that are unable to wait a few working days before getting cash on hand, the UOB Personal Loan could be a great option. 

3. Earn 2% unlimited cash rebate on your approved loan amount

You can get up to 2% unlimited cash back when you apply for a UOB Personal Loan of at least S$15,000 with either a 36, 48 or 60-month tenor.

Screenshot 2024-03-22 at 10.09.02 PM

source: UOB

This offer ends 30 April 2024.

4. Maximum loan amount of 95% of your available credit limit

UOB Personal Loans are only available to UOB CashPlus account or UOB credit card holders.

While other banks only approve 80% of your credit limit, up to 95% is allowed for existing UOB customers.

Terms and conditions such as the schedule of fees of your UOB credit card are also applicable to your personal loan

5. Perks for existing UOB Credit Card/CashPlus customers

If you already have a UOB credit card, no documents are required for the loan application. When your loan is approved, it will be disbursed to the designated savings account of your choice. 

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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: S$30,000 

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What charges or fees should you look out for?

Here are the charges and fees you could incur: 

  • Processing fee: waived for all tenors

  • Cancellation fee: S$150 or 3% of outstanding approved loan amount (whichever is higher)

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How to apply?

If you’re an existing UOB customer, simply log into UOB Personal Internet Banking or the UOB TMRW app and submit the short application.

If you’re a new customer, click on “Apply Now” and after filling in the relevant details, click the “Retrieve with MyInfo” button. You’ll be redirected to the SingPass page.

No documents will be required. 

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Summary of Interest Rates for all tenures

Tenor Interest rate EIR
12, 24, 36, 48, or 60 months From 2.88% p.a. From 5.43% p.a.

Source: UOB

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UOB_PL_TIERED_KV1_BLOGARTICLE_800x250

SingSaver Exclusive Offer: Receive an Apple iPhone 15 128GB (worth S$1,311) or an Apple Bundle: Apple iPad 10th Gen 10.9 wifi 256 GB + Apple Pencil (USB-C) (worth S$878) or Dyson Airwrap™ multi-styler and dryer (Complete) (worth S$859) or a Dyson TP10 (worth S$599) or an Apple Watch SE (2nd Gen) GPS 40MM (worth S$382.50) or up to S$1,200 Cash when you get approved for a UOB Personal Loan with a min. loan amount of S$8,000 and tenure of 1 to 5 years. Applicable to new customers only. Valid till 9 July 2024. T&Cs apply.

 

Read These:
Best Personal Loans In Singapore With The Lowest Interest Rates
Understanding Personal Loans: Why And When Should You Use It?
4 Times In Life You Should Consider Getting a Personal Loan
Best Personal Loan Promotions In Singapore
4 Types of Personal Loans: What You Need to Know

 

At SingSaver, we make personal finance accessible with easy to understand personal finance reads, tools and money hacks that simplify all of life’s financial decisions for you.

FINANCIAL TIP:

Use a personal loan to consolidate your outstanding debt at a lower interest rate!

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