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.
UOB offers 2 main types of personal loan packages which are as follows:
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|
The following are the features and benefits of the UOB Personal Loans:
|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|
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.
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.
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.