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UOB Personal Loan Review: How Do the Bank's Rates Compare?

Average rates and instant disbursement.

UOB Personal Loan Review: How Do the Bank's Rates Compare?

Average rates and instant disbursement.


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Processing Fee
Approval Time


  • Low interest rates
  • Cheap long-term loans


  • Higher charges and fees

UOB's personal loans are not particularly competitive compared to those of other banks in Singapore. This is because the bank charges a relatively high flat annual interest rate of 8%. For this reason, UOB's personal loans are best viewed as a backup option for borrowers that are unable obtain cheaper financing from other lenders.

Summary of UOB Personal Loans
Loan Tenures of 1 to 5 years
Interest rate: 10.88% p.a.
Loan Amounts: S$1,000 up to 95% of credit limit

Table of Contents

What Makes UOB's Personal Loans Stand Out to Borrowers

Because UOB charges one of the highest interest rates (EIR 16%) for its personal loans it is not among the most affordable lenders in Singapore. For example, over the course of a 3-year S$10,000 loan Maybank's loans cost approximately S$2,400 in total, which is hundreds of dollars more expensive than the cheapest personal loans available to borrowers in Singapore. However, borrowers that are not offered loans by other banks might want to consider UOB.

Table of UOB's Personal Loan Interest Rates and Monthly Costs

Loan DurationFlat RateProcessing FeeEffective Interest RateMonthly InstalmentTotal Cost
1 year3.4%0%6.22%S$861.67S$340.00
2 years3.4%0%6.4%S$445.00S$680.00
3 years3.4%0%6.42%S$306.11S$1,020.00
4 years3.4%0%6.4%S$236.67S$1,360.00
5 years3.4%0%6.36%S$195.00S$1,700.00
*Assuming S$10,000 loan and income of S$30,000, Rates are valid until 28 Feb 2022 as part of ongoing promo *

Who Can Apply: Eligibility Criteria

Consider this if you are unable to obtain cheaper personal loans
  • Eligibility
    • S$30,000 of annual income
    • Max. Loan Amount
      • 95% of CashPlus credit limit
      • Min. Loan Amount
        • S$1,000
        • Processing Fee
          • N/A
          • Approval Time
            • Instant

            UOB offers its personal loans to Singaporeans and Permanent Residents. These loans are offered in amounts from S$1,000 to 95% of the borrower's credit limit. While the bank does not provide additional details of eligibility criteria online, most banks require borrowers to be at least 21 years old and have minimum annual incomes of at least S$30,000.

            Other Charges & Fees

            UOB has a 2% processing fees for its loans. However, the bank does charge an early repayment fee of S$150 or 3% of the outstanding loan amount, whichever is greater. With that said, we strongly recommend that borrowers carefully plan their repayments in order to minimise fees and the total cost of their loan.

            How to Apply for UOB's Personal Loans

            Individuals interest in applying for UOB's personal loans must complete an application form and provide proof of identity, income and employment. For example, salaried employees must submit a photocopy of the front and bank of their NRIC, photograph of their signature, and either their latest 12 months’ CPF Contribution History Statement or latest computerised payslip.

            Required Documents:

            • NRIC (photocopy front and back)
            • Image of signature
            • CPF Contribution Statement
            • Latest Computerised Payslip

            Consumers who wants to find out more about other personal loans before making a decision can read our other guides to find the best personal loan in Singapore in 2022 that fits your needs.

            Read Also:

            Stephen Lee

            Stephen Lee is a Senior Research Analyst at ValueChampion, specializing in insurance. He holds a Bachelor of Arts degree in International Studies from the University of Washington, and his prior work experience include risk management and underwriting for professional liability and specialty insurance at Victor Insurance. Additionally, Stephen is a former US Peace Corps Volunteer in Myanmar (serving between 2018-2020), where he continues to provide business development consulting services to HR companies in Asia Pacific.

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