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

UOB Personal Loan
UOB Personal Loan

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

Average rates and instant disbursement.

Good for

  • Individuals seeking low interest rates
  • Those who want a cheap long-term loan

Bad for

  • Individuals seeking low charges and fees.

Editor's Rating


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
Low interest rates
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 Interest Cost
1 year3.68%1%8.53%S$864.00S$368.00
2 years3.68%1%7.83%S$447.33S$736.00
3 years3.68%1%7.53%S$308.44S$1,104.00
4 years3.68%1%7.35%S$239.00S$1,472.00
5 years3.68%1%7.21%S$197.33S$1,840.00
Assuming S$10,000 loan and income of S$30,000

Who Can Apply: Eligibility Criteria

UOB Personal Loan
UOB Personal Loan

Consider this if you are unable to obtain cheaper personal loans

Eligibility Unknown
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 1% 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
William Hofmann

William is a Product Manager at ValueChampion Singapore, focusing on banking and SMEs. He previously was an Economic Consultant at Industrial Economics Inc.

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