Why Singaporeans Choose UOB Personal Loans?
Don’t know where to take a personal loan?
A myriad of financial institutions lies in Singapore, offering financial products to Singaporean citizens and Permanent Residents. Countless banks are in place, which sometimes makes us feel overwhelmed about which bank to seek financial help from during emergencies.
Among the numerous banks available in Singapore, United Overseas Bank (UOB) provides the best loan services in Singapore. Read up on this article to find more about UOB and its high-quality financial products and services.
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Understanding Personal Loans in Singapore
Understanding the purpose and whole process of personal loans is very important. This way, it will help you avoid risks and handle your debts without any pressure. Otherwise, you will experience difficulties and might badly affect your credit score.
Here are a few things you should consider to do first before taking up a personal loan:
- Check your current credit status. If you’re using credit for multiple purchases in a short period, it can affect your chances of qualifying for the loan. This behavior shows that you spend more on credit than you can be able to repay them. This may result in withdrawing or changing your loan terms.
- Do some research in choosing a bank or a moneylender. Consider their terms and conditions, their repayment schemes, loan rates, and fees.
- If you found a lender, learn to budget your loan payments. This will help you decide how much loan you can afford to borrow and repay and how quickly you can pay your debt.
Taking personal loans can have some risks, but it will certainly bring financial relief if handled responsibly.
What does a Personal Loan mean?
A personal loan is a money borrowed from banks or in other financial institutions purposely for personal expenses. In return, the borrower will pay the loan with interest monthly over time.
The two types of personal loans are “secured” and “unsecured” loans.
Secured personal loans are money borrowed from a bank but with collateral assets. This is in the case the borrower became insolvent to the bank.
Meanwhile, unsecured personal loans don’t require any collateral if the borrower can’t repay the loan. However, it carries higher interest compared to secured personal loans.
Most Singaporeans get a personal loan to consolidate their debts or to cover medical expenses. Others are using it for big purchases like appliances or their children’s education needs.
Did you know?
For the past 12 months, men have been more likely to take personal loans to cover up daily expenses, help their family and friends, and pay off their credit card debts.
United Overseas Bank in Singapore
In Singapore, there are lots of financial institutions offering financial products like personal loans. As a result, you might get confused or feel overwhelmed about which financial institution you will put your trust in.
In Singapore, one of the local banks you must consider is the United Overseas Bank or UOB. It has been operating for decades and became a leading bank in the country. It is even considered one of the safest banks in Asia. Over the years, with its quality products and services, the bank earned its credibility.
Must-Know Facts About UOB Personal Loans Singapore
Key features you’ll enjoy.
The loan amount in a UOB Personal Loan starts from S$1,000. The loan tenure period is from one (1) year up to five (5) years, with a flat interest rate of 3.68% per year.
New UOB applicants can get instant approval! This applies to customers who applied between 8 a.m. to 8 p.m. (Terms and conditions apply to the instant approval feature).
A UOB Personal Loan is also applicable for those existing Credit Card members. Upon application, there will be no documents required to comply.
You are eligible to take a personal loan of UOB if you are a Singaporean citizen or a permanent resident. You should have an existing UOB Credit Card or a CashPlus customer.
The age requirement for getting a personal loan is from 21 up to 60 years. In addition, you. You must be employed earning an annual income of at least S$30,000.
If you don’t have a UOB Credit Card or CashPlus account, you should apply for it first.
Fees you should be aware of
Fees in a UOB Personal Loan include the processing fee of S$100 and a late fee worth S$100.
Add to that is a Full Repayment Penalty that is S$150 or three percent (3%) of the outstanding loan amount.
Interest Rates you should know about
The loan of tenor refers to the length of time you will pay before the contract expires. For UOB Personal Loan, the tenor loan is from one (1) year up to five (5) years.
And every tenor applies a processing fee of one percent (1%) and a flat rate of (3.68% p.a.). Aside from that, there’s an Effective Interest Rate (EIR) incurred to every tenor. See the Rates and Tenor of UOB Personal Loan.
How can I apply for a UOB Personal Loan?
Applying for a UOB Personal Loan is simple and easy!
Visit the website of UOB at www.uob.com.sg and click the “Borrow” button. After that, go directly to the “Personal Loan” button and click “Find out more.” Then, tap on the “Apply” button, and you’ll see different online applications.
There’s a separate application for existing UOB customers and new-to-bank ones. Only choose which fits you the most.
For those who are already UOB customers, you can apply for a loan by choosing the “application for existing UOB Credit Card or CashPlus customers. For new customers of UOB, you have to choose what account you think may suit you. Your choices are the following:
- Application for a UOB Personal Loan with a Credit Card
- Application for a UOB Personal Loan with a CashPlus
Connect with UOB using their hotline numbers.
If you have further concerns, you can reach them at your convenience through the following hotline numbers: 6668-2087 or 1800-222-2121.
You can call them between 9:30 AM and 6:00 PM from Monday to Friday.
You can also go to their “E-Services” and find more useful information about UOB services.
For some, taking a personal loan can negatively affect your finances. This will probably happen if you take a loan irresponsibly.
To avoid risks, learn to understand first the whole process of personal loan and take deep planning before landing on a final decision. If done smartly, it can be a stepping stone to help you relieve yourself of financial difficulties.
If you need extra money, look for a reliable financial institution to apply for a personal loan. One of the best and trusted banks in Singapore is the United Overseas Bank (UOB).
UOB is a local bank in Singapore operating for decades and has proven its credibility for years. The bank has been known as one of the safest banks in Asia and earned plenty of awards and accolades.
It is guaranteed that UOB Personal Loan is worth getting.
If, by any chance, you weren’t able to meet their criteria, licensed moneylenders like Cash Mart will be of great help.