• UOB Malaysia Personal Loan

    UOB Personal Loan

    United Overseas Bank, Malaysia offers personal loans at attractive interest rates via two basic channels i.e. by card and by direct cash. First incorporated in the year 1935 in the name of the United Chinese Bank, the United Overseas Bank (UOB) got a change of name in the year 1965. In this span of 79 years, the bank has grown to become a giant financial institution of Asia. Various mergers and acquisitions have contributed to its current leading stature. The bank has its headquarters in Singapore and caters to a wide variety of clients majorly from South East Asia. The bank has around 500 branches in 19 countries across the world. UOB is one of the most prominent banks in Malaysia. The bank offers both conventional banking as well as Islamic banking products and services to its customers.

    You’re probably eligible for an UOB Bank Personal Loan if you are

     UOB Bank Personal Loan Minimum Age

    At least 21 years old

    UOB Bank Personal Loan Maximum Age

    Less than 55 years old

    UOB Bank Personal Loan Eligible Employment Type

    Salaried or self-employed
    with regular income

     UOB Bank Personal Loan Minimum Income

    Earn more than the minimum
    income required

    Your UOB Bank Personal Loan amount eligibility is based on these factors

    UOB Bank Personal Loan Minimum Salary

    Minimum income required
    RM 2,000

    UOB Bank Personal Loan Maximum Loan Funded

    Maximum allowed personal loan is RM 100,000

    UOB Bank Personal Loan Installments

    Installments of other loans lower
    your eligibility

    Increase your eligible UOB Bank Personal Loan amount by these steps

    UOB Bank Personal Loan Payoff Outstanding Credit Card Bills

    Pay off your credit card bills

     UOB Bank Personal Loan Tenure

    Choose longer tenure loan up to 5 years

    Documentation needed to apply for UOB Bank Personal Loan

    • 1.A copy of Identity Card
    • 2. A copy of month salary slip or 1 year EPF statement
    • 3.Bank account statement for disbursement

    UOB Bank Personal Loan Interest RatesUpdated on 24 Oct 2017

    UOB Bank Personal Loan Details
    Interest Rate based on Salaried Income 11.99% p.a. ( RM 2000 < RM 4000 )
    10.99% p.a. ( RM 4,000 < RM 7,000)
    9.99% p.a ( RM7,000 and above)
    Minimum Income RM 2,000
    Tenure 5 years
    Guarantor Requirement No Guarantee Required

    UOB bank is among the leading financial institutions in Malaysia while also boasting the fact that they are among the oldest. With over 80 years of experience, UOB provides a plethora of world class banking products to its wide consumer base and has grown not just in Singapore but globally. They have a presence in over 19 countries across 3 continents. Among their more popular personal banking products are the personal loans. These unsecured loans offer flexible tenures, high loan amounts and competitive interest rates making them an apt choice when in need of any additional funds.

    Features of UOB Personal Loan

    • The loan is an unsecured loan and does not require a guarantor.
    • The loan does not charge any processing fees.
    • The loan offers a minimum loan amount of RM5,000 with a maximum loan amount capped at RM100,000 for salaried applicants and RM50,000 for self-employed applicants.
    • The loan has varying flexible tenure options with the minimum tenure of the loan being 12 months and the maximum tenure being 60 months.
    • The interest rates offered on the loan are competitive and are calculated on a flat rate basis.

    UOB Personal Loan Interest Rates

    The interest rates on the UOB personal loan are dependent on the loan amount chosen and the nature of the applicant. Salaried and self-employed applicants will be charged different interest rates.

    The rates are as follows.

    Loan amounts for salaried applicants Loan amounts for self-employed applicants Interest rate charged p.a.
    RM2,000 to RM4,000 RM3,000 to RM6,000 11.99%
    RM4,000 to RM7,000 RM6,000 to RM8,000 10.99%
    RM7,000 and above RM8,000 and above 9.99%

    How to Apply for UOB Personal Loan

    You can apply for a UOB Personal loan through the following ways:

    • Applying Online: New or existing UOB customers can get a personal loan by submitting the online application forms available on the UOB website. This paperless process involves the borrower having to fill out the application form and submit it along with the supporting documents required. Supporting documents may range from documents pertaining to identity and income of the borrower.
    • Applying through a UOB branch: Borrowers can also get a personal loan by visiting any of the banks’ participating branches and filling out the necessary application forms. The borrower will have to carry with them any supporting documents pertaining to their identity proof or income criteria.

    Eligibility Criteria for UOB Personal Loans

    • The minimum age of the borrower must be 21 years.
    • The maximum age of the borrower cannot exceed 55 years.
    • The minimum annual salary for salaried applicants is RM24,000.
    • The minimum annual salary for self-employed applicants is RM36,000.

    Documents Required for UOB Personal Loans

    The supporting documents required at the time of application are as follows

    For salaried applicants:

    • A copy of the applicant’s I.C. (both sides)
    • A copy of the applicant’s latest payslips dating back 3 months.
    • A copy of the applicant’s latest EPF Statement dating back at least 12 months.
    • A copy of the applicant’s latest Form BE with tax payment receipt.
    • A copy of the most recent current or savings account statement dating back at least 3 months.

    For self-employed applicants:

    • A copy of the applicant’s I.C. (both sides)
    • A copy of the most recent current or savings account statement dating back at last 3 months reflecting credit of salary.
    • A copy of the applicant’s Business Registration Certificate that has been valid for a minimum period of 2 years.
    • A copy of the applicant’s latest Form BE with tax payment receipt.

    Types of UOB Personal Loan

    Listed below are the two types of UOB personal loans in Malaysia. These personal loans have different features and can be availed as per the financial requirement and the eligibility parameters of the loan applicant.

    UOB CashPlus Personal Loan

    • This loan can be obtained by a citizen of any nationality but only if he/she is an existing UOB CashPlus account holder
    • The person should be at least 21 years of age and at most 60 years of age with a minimum annual income of RM30, 000 to be eligible for this loan
    • The maximum amount that can be borrowed is RM1, 00, 000
    • The maximum loan tenure allowed is 5 years
    • This is an unsecured loan and as such it does not require a guarantor to sign your application
    • The processing fee is nil for the UOB CashPlus personal loan
    • An early payment fee of RM300 or 3% of loaned amount is charged in case you wish to pay off the loan sooner than the agreed loan tenure

    UOB Cards Personal Loan

    • UOB Cards Personal Loan is available to existing UOB card members
    • In case, you are not an existing member but still want to go for this loan, then UOB bank can be contacted directly to get the process started.
    • The personal loan amount that can be borrowed ranges from RM10, 000 to RM1, 00, 000
    • The UOB Cards personal loan has a repayment tenure of maximum 5 years
    • A nominal processing fee depending upon the loan amount, is charged
    • The interest rates for this UOB personal loan can be anywhere between 14.15% - 17.88% depending upon the amount of loan and the pay-off period.
    • An existing UOB card holder who is between 21 – 60 years of age and is earning a minimum of RM30, 000 is eligible to obtain this personal loan

    UOB Personal Loan FAQs

    Q. What happens when a borrower cannot make the monthly payment?

    A. Borrowers who fail to make the payment on time will be charged a late payment fee which is a minimum of RM10 or 1% p.a. above the effective interest rate (EIR) on the overdue instalment.

    Q. Is there a penalty for settling the loan early?

    A. Yes. The borrowers will be charged an early settlement fee of 3% of the outstanding loan amount at the time of settlement subject to a minimum charge of RM300.

    Q. Are there any other fees associated with the loan? A. Yes. The loan will charge any applicable stamp duties and charges a fee for Interbank GIRO transfers amounting to RM2.12 when the loan amount is to be disbursed to a non-UOB current or savings account.

    Q. What is the lock-in period of the loan?

    A. The lock-in period of the loan is the duration of the tenure chosen by the borrower.

    Other Products offered by UOB:

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