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
At least 21 years old
Less than 55 years old
Salaried or self-employed
with regular income
Earn more than the minimum
Your UOB Bank Personal Loan amount eligibility is based on these factors
Minimum income required
Maximum allowed personal loan is RM 100,000
Installments of other loans lower
Increase your eligible UOB Bank Personal Loan amount by these steps
Pay off your credit card bills
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 05 Dec 2016
|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|
|Guarantor Requirement||No Guarantee Required|
UOB Personal Loan
The Malaysian subsidiary of UOB was founded in the year 1993. Currently, UOB Malaysia runs 45 branches across the country and has a wide network of customers making it the leading bank entity of Malaysia. The United Overseas Bank, Malaysia, offers a broad spectrum of banking and other financial services to its customers. The bank deals majorly in investment banking, credit lending, loans, insurance and asset management. UOB personal loan is an effective and easy means of obtaining cash in times of urgent needs.
Types of UOB Personal Loans
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
Interest rate for UOB Personal Loans
Interest rates on UOB personal loans are attractive and competitive as compared to rates from other similar banks in Malaysia. The rate of interest starts at as low as 0.83% per month or 9.99% per annum. The rate of interest is a factor of the loan amount and decreases with increasing personal loan amounts.
|Monthly Income||Interest Rate|
|RM2,000- RM4,000||RM3,000- RM6,000||11.99% p.a.|
|RM4,000- RM7,000||RM6,000- RM8,000||10.99% p.a.|
|RM7,000 and above||RM8,000 and above||9.99% p.a.|
How to apply for UOB personal loans?
The application process for UOB personal loans is really easy and quick. The loan applicant does not need to submit any collateral or get the signature of a guarantor. Just filling up the loan application form and submitting it along with a few supporting documents is enough to get the process started. The UOB executives then take it up from there. This application can both be made online as well as offline via any of the UOB bank branches.
Alternatively, the 24X7 call centers of UOB can be leveraged for find out more information regarding the UOB personal loans. The customer care executives are trained to take you smoothly through the entire application process.
How to Calculate Loan Installment for UOB Personal Loan
Personal loan installment calculator hosted at the bbazaar.my website is a useful tool to find out the monthly loan installment for your UOB personal loan. You can use this tool to calculate how much you will need to pay each month as part of personal loan repayment. The online personal loan installment calculator takes in parameters like the desired loan amount, the preferred loan tenure and the rate of interest to process this raw data and furnish the tentative personal loan monthly installment as well as an amortization table. This table depicts principal amount as well as interest amount that remains to be paid at each point in the loan tenure. Knowing these details well in advance makes it easier for you to plan your monthly finances and even play with the input parameters to reach the most optimum value of loan installment that suits you best. This information can even be used to choose between various lending institutions to zero down on your most preferred bank.
UOB Personal Loan FAQs
- What are the purposes for which I can avail UOB personal loans?
UOB personal loans can be availed for a variety of financial needs like education of child, renovation of house, wedding expense, sudden medical expense etc.
- What is the highest loan amount that can be availed?
The maximum personal loan amount is RM 1,00,000. This however, is dependent upon the regular income of the loan applicant.
- What is the processing fee charged by the bank for UOB personal loans?
There is no processing fee charged by the bank for processing of UOB personal loans.
- What is the maximum loan tenure that can be availed for repayment of UOB personal loans?
The maximum applicable loan tenure for UOB personal loans is 5 years.
- When is the first loan repayment installment made?
The first loan repayment installment is expected to be made exactly one month after the date of availing the personal loan.
- How do I find out more information about the personal loan product from UOB?
More information regarding UOB personal loans can be found by visiting any of the UOB bank branches or by dialing up the 24X7 call center.
- Do I need to submit a collateral as security while availing UOB personal loan?
No. UOB personal loans are unsecured loans and as such no collateral needs to be submitted with the bank as security.
- Do I need a guarantor to sign my personal loan application?
No guarantor is required for UOB personal loans.