Cash woes? A personal loan to the rescue!
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  • Personal Loan BYTES FROM OUR KITCHEN

    UOB Malaysia Personal Loan

    UOB is among the leading banking institutions in Malaysia offering a range of banking services and solutions that cater to commercial banking, consumer banking, investment banking and wealth management services among others. Among the lines of credit offered by the bank, the personal loans are a popular choice. The loans offer flexible repayment tenures that allow for ease of repayment and provide approvals on loans in a quick and timely manner making it an apt choice for those who are in need of additional sources of funds in a hurry. The loans are available to public sector and private sector employees as well as self-employed applicants.

    Types of UOB Personal Loan

    UOB offers 2 main types of personal loan packages which are as follows:

    1. UOB Personal Loan: The UOB Personal loan is an unsecured loan which does not require a guarantor or collateral. The loan is designed for cash consumption and has no specific purpose. Borrowers can use the loan amount for consolidating debt, purchasing new electronic items or utilizing the amount for investment purposes. The loan comes with a tenure going up to RM100,000 and a tenure ranging up to 5 years.
    2. UOB Overdraft: The overdraft facility from UOB provides a steady flow of cash to those borrowers who have fluctuating cash requirements on a regular basis. The borrower will receive a revolving line of credit from which they can utilise any amount for their expenses. Interest rates on this facility are charged on only the amount utilised.

    Interest Rates

    The UOB Personal loan offers a flat rate of interest starting at 9.99% p.a. going up to 11.99% p.a. based on the eligibility of the borrower. The Effective Interest rate (EIR) of the loan starts from 17.96% p.a. going up to 21.57% p.a. based on the flat rate of interest offered, the loan amount and the tenure chosen.

    The table below illustrates the monthly instalments for varying loan amounts and tenures.

    Loan amount Interest rate 12 months 24 months 36 months 48 months 60 months
    RM5,000 9.99% p.a. RM460 RM250 RM181 RM146 RM125
    10.99% p.a. RM470 RM260 RM185 RM150 RM130
    11.99% p.a. RM470 RM260 RM190 RM155 RM134
    RM25,000 9.99% p.a. RM2,300 RM1,250 RM903 RM730 RM630
    10.99% p.a. RM2,320 RM1,280 RM930 RM750 RM650
    11.99% p.a. RM2,340 RM1,300 RM950 RM780 RM670
    RM50,000 9.99% p.a. RM4,590 RM2,500 RM1,810 RM1,460 RM1,250
    10.99% p.a. RM4,630 RM2,550 RM1,850 RM1,500 RM1,300
    11.99% p.a. RM4,670 RM2,590 RM1,890 RM1,550 RM1,340
    RM75,000 9.99% p.a. RM6,880 RM3,750 RM2,710 RM2,190 RM1,880
    10.99% p.a. RM6,940 RM3,820 RM2,780 RM2,250 RM1,940
    11.99% p.a. RM7,000 RM3,880 RM2,840 RM2,320 RM2,000
    RM100,000 9.99% p.a. RM9,170 RM5,000 RM3,620 RM2,920 RM2,500
    10.99% p.a. RM9,250 RM5,090 RM3,700 RM3,000 RM2,590
    11.99% p.a. RM9,340 RM5,170 RM3,780 RM3,090 RM2,670

    Features and Benefits

    The following are the features and benefits of the UOB Personal Loans:

    • The loan is an unsecured product and does not require the borrower to have a guarantor or put up any form of collateral.
    • The loan offers quick approval and an easy application process making it apt for those who are facing an emergency expense or are in need of extra funds in a hurry.
    • The loan has a minimum tenure of 1 years with the maximum tenure of the loan going up to 5 years. The flexible repayment period allow borrowers to choose a tenure such that the monthly instalment is affordable and fits into their budget.
    • The loan has a minimum loan amount of RM5,000 and a maximum loan amount of RM100,000.
    • The loans come with competitive and affordable interest rates. The overdraft facility only charges interest on the utilised amount.
    • The monthly instalments can go as low as RM125.
    • The loan is devoid of additional fees and charges making the loan affordable.

    Fees and Charges

    Fee Type Amount
    Stamp duty fee As per Stamp Duty Act 1949
    Processing fees of loan No charge
    Administrative fee No charge
    Processing fee of Interbank GIRO transactions RM2.12 deducted from approved loan amount if loan amount is to be disbursed to a non-UOB Malaysia Savings/Current account
    Late payment fee 1% p.a. of the outstanding loan amount

    Eligibility Criteria

    • Nationality: The loan is available to Malaysian citizens and Permanent Residents working and residing in Malaysia.
    • Age:
      • Minimum age: The borrower must have attained the minimum age of 21 years to be eligible for the loan.
      • Maximum age: The borrower cannot exceed the maximum age of 55 years to be eligible for the loan.
    • Income criteria: The borrower must earn a minimum annual income of RM24,000 if they are salaried and earn a minimum annual income of RM36,000 if they are self-employed .

    What documents do I need to prepare?

    Salaried applicant:

    • A copy of the applicant’s I.C. (both front and back)
    • A copy of the most recent 3 months’ salary slips
    • A copy of the most recent Form B/BE with tax payment receipts
    • A copy of the most recent EPF statement
    • A copy of the most recent 3 months’ bank statement showing salary credit

    Self-employed applicant:

    • A copy of the applicant’s I.C. (both front and back)
    • A copy of the business registration certificate or Form 9, 24 and 49
    • A copy of the latest Form B/BE with tax payment receipt
    • A copy of the most recent 3 months bank statement showing credit of income/salary

    Applicants having other bank Credit/Charge cards can be salaried or self-employed and must submit the documents mentioned above. They should be a principal cardholder and must hold the card for a minimum period of 12 months. The card must be issued in Malaysia.

    How to apply for Personal Loan from UOB?

    Borrowers who wish to apply for the loan can do so by visiting the UOB website and clicking on the ‘Apply Now’ option. They will be required to fill out an application form and submit it online along with the required supporting documents for the application to be processed.

    Borrowers can also call the UOB Customer care and reach out to the sales representatives by calling 603 2783 2369 or 603 2783 2370 from Mondays to Thursdays between 8:45 a.m. to 5:45 p.m. borrowers can also call the above numbers on Fridays between 8:45 a.m. and 4:45 p.m.

    Borrowers can also visit their closest UOB branch and request for application.

    FAQs

    Q. When will the borrower have to begin paying the instalments?

    A. The borrower is required to start paying monthly instalments exactly one day after 30 days from the date of loan disbursal and is required to pay the instalments till the loan has been fully repaid.

    Q. How should the borrower pay the loan instalments?

    A. Borrowers can pay the instalments through Interbank GIRO, cash deposit machines, cheque deposit machines, internet banking or through over-the-counter payments made at any UOB branch.

    Q. Is there any minimum late payment charge?

    A. Yes. The late payment charge is set at 1% p.a. on the overdue loan instalment amount and is subject to a minimum charge of RM10.

    Q. Does the loan have a lock-in period?

    A. Yes. The loan has a lock-in period which is equal to the tenure of the loan.

    Q. How does one settle the loan early if they wish to?

    A. Borrowers must send a written notification to the bank at least one month prior to the intended date of closing.

    Q. Will a borrower be charged an early settlement fee if they close the loan after sending in a written notification?

    A. Yes. An early settlement fee will be charged on the remaining outstanding balance form the date of settlement at a rate of 3% on the outstanding balance.

    Q. Is there a minimum early settlement fee?

    A. Yes. The minimum fee charged will be RM300.

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