What is a personal loan and how does it work?
The UOB personal loan is a line of credit designed for individuals who need financial resources for various expenses, such as paying off debts, renovating a home, or making personal investments. The maximum loan amount is S$500,000, and the repayment period can go up to 5 years, giving you flexibility to adjust the terms according to your needs and repayment capacity.
The application process is fast, with interest rates starting from 2.88% per annum, and UOB offers the convenience of completing the entire application online. Once approved, the loan amount is directly deposited into your account, allowing for immediate use.
Who can apply for the loan?
✔ Singapore Permanent Residents
✔ Foreigners with formal employment
✔ Minimum age of 21 years
✔ Minimum annual income of S$30,000 for citizens and permanent residents
✔ Minimum annual income of S$40,000 for foreigners
What documents are needed to apply?
✔ Identification document (NRIC for citizens and PRs, or passport for foreigners)
✔ Proof of income (last 3 months’ payslips or income tax return)
✔ Proof of residence (utility bills or tenancy agreement)
✔ For foreigners: A valid work permit (Employment Pass)
What are the fees involved?
✔ Interest rate: Starting from 2.88% per annum
✔ Processing fee: Up to 1% of the approved loan amount
✔ Late payment charges: S$60 for each missed payment
A word of advice!
Before applying for a personal loan, it’s important to assess if this is truly the best financial solution for your situation. UOB is a reputable financial institution in Singapore, with over 80 years of history, known for offering reliable and accessible financial products. However, even with favourable conditions, it’s essential to make a careful financial plan to ensure that the loan is repaid on time, avoiding future problems.
UOB provides security and convenience with its services, but remember that the key to financial success lies in keeping your finances organised and balanced. We recommend that you only apply for a loan if you are confident you can handle the costs, and that this decision will not compromise your long-term financial stability.
Learn how to apply for the UOB personal loan!
Ready to take the next step? Applying for the UOB personal loan is simple and fast. Just click the button below to be redirected to the bank’s official website and start your application. There, you will find all the details and steps necessary to secure your loan safely and transparently!