Frequently Asked Questions <!--#include virtual="/ssi/title

To apply for Personal Loan, you must be a Singapore Citizen or Permanent Resident who is of age 21 to 45 years old if you are earning a minimum income of S$20,000 per annum; or 21 to 55 years old if you are earning S$30,000 and above per annum. Existing customers with CashPlus and UOB overdraft facilities are not eligible for Personal Loan.

Q2. What documents must I submit?

For Salaried Employees:
- A photocopy of your NRIC (front and back); and
- Latest telephone or utilities bill (if your annual income is in the range of S$20,000 to S$29,999); and
- Latest computerised payslip; or
- Last six months' CPF Statements* (printout must indicate your name and NRIC, and the name of the company making the contributions; or
- Latest two years’ Income Tax Notice of Assessment^
For Commission-Based Employees or Self-Employed:
- A photocopy of your NRIC (front and back); and
- Latest telephone or utilities bill (if your annual income is in the range of S$20,000 to S$29,999); and
- Latest two years’ Income Tax Notice of Assessment^
^You can now print your Notices of Assessment at my Tax Portal with your SingPass or IRAS PIN. This service is free. Log on to https://mytax.iras.gov.sg for more details.

*You may submit your CPF Statements via www.uobgroup.com/submitcpfstmt.jsp (you will need your SingPass to gain access).

Q3. What are the key product features of UOB Personal Loan?

The key product features are as follow:
- Loan approval and disbursement in 24-hours (Refer to Q4)
- Choice of Loan Tenor from 12, 24, 36, 48 or 60 months
- If your annual income is above S$30,000, preferential interest rate of 0% for the first year if you opt for a four-year or five-year loan.

Q4. How can I apply for UOB Personal Loan?

If you need the loan to be disbursed within 24 hours, you can drop the completed application and the relevant documents into the UOB Personal Loan box at any of the following 11 branches:
Admiralty, Bedok Central, Clementi, Jurong East Central, New Bridge Road, Orchard, Shenton Way, Tampines, Toa Payoh, UOB Plaza 1 (Main Branch) and VivoCity

If you do not need the loan to be disbursed within 24 hours, you can either mail the application form to United Overseas Bank Ltd, UOB Personal Loan, Robinson Road P.O. Box 1688, Singapore 903338, drop the form at any of the other UOB branches (apart from the 11 listed above) or fax the application form to the "Application Processing Department" at 6352 8795. The processing time for the non-24 hour option will take approximately eight business days.

Note:
1.	24-hour approval is only applicable if your annual income is S$30,000 and above. Completed application form and all necessary documents have to be submitted to the Bank before 11am on a business day. The loan will be disbursed before 11am on the next business day (Saturday, Sunday, and public holiday are not considered business days).
2.	The crediting account has to be an existing UOB Personal Savings or Current Account. The UOB account cannot be an Overdraft I-Account or a third party's account. If a UOB joint account is stipulated, the signing condition of the joint account must allow you to operate the account singly. The same UOB account will also be the repayment account for the loan.

Q5. Is there any cut-off time for submission of the application form to be eligible for the 24-hour loan disbursement?

Yes, the completed application form and all necessary documents have to be submitted to the Bank before 11am on a business day. The loan will be disbursed before 11am on the next business day (Saturday, Sunday, and public holiday are not considered business days).

Eg. If an application form is submitted on a Friday (business day), loan will be disbursed before 11am on the following Monday (business day).

Q6. Does my crediting bank account have to be a UOB account?

No, it does not have to be a UOB Account. However, if your crediting bank account is a UOB Personal Savings or Current Account, your loan can be processed and disbursed within 24-hours (subject to the conditions in Q4).

Q7. What is the maximum loan amount that can be approved?

The maximum loan amount that can be granted to you is up to two times your monthly income or S$200,000, whichever is lower.

Q8. Will I have to pay a processing fee when I take up UOB Personal Loan?

One-time 3% on approved loan amount if your annual income is in the range of S$20,000 to S$29,000.
One-time 4% on approved loan amount if your annual income is above S$30,000.

Q9. As there is a processing fee, will the disbursed loan amount be net of the processing fee?

The net loan amount will be disbursed to your designated bank account.

Eg.
Loan approved = S$4,000
4% Processing fee = S$160
Net loan amount = S$3,840

S$3,840 will be disbursed to the designated bank account stipulated in your application form.

Q10. How is the interest calculated?

Depending on your loan tenure, interest will be calculated on a monthly rest basis on your approved loan amount (applicable if your annual income is above S$30,000).

The interest is charged on the principal amount outstanding monthly. Since the principal amount of the loan reduces with monthly repayment on the loan, the interest amounts also lowers, as it is charged as a percentage of the reduced principal amount.

For example if you have taken up a S$2,000 loan over a 12-month tenor,

Loan Amount:
S$2,000

Net loan disbursed S$1,920

4% Processing Fee S$80

Tenor 12 months

Interest Rate 9.99% p.a.

Monthly instalment S$175.82

You can also use the Personal Loan calculator if you would like to find out the monthly instalments for other loan amounts or loan tenors.

Q11. What is the Effective Interest Rate?

If your annual income is above S$30,000, the Effective Interest Rate (EIR) is calculated on a monthly rest basis. For a one-year, two-year and three-year loan, the effective interest rate is at 9.99% p.a., 13.99% p.a., and 15.99% p.a. respectively. For a four-year and five-year loan, the effective interest rate is at 13.03% p.a. and 14.66% p.a. respectively.

If your annual income is in the range of S$20,000 to S$29,999, the effective interest rate (EIR) is calculated on a front-end add-on basis. For a one-year, two-year, three-year, four-year and five-year loan are 17.76% p.a., 17.95% p.a., 19.37% p.a., 19.00% p.a. and 18.62% p.a. respectively.

Q12. How will I be notified of my loan application status?

The Bank will send out an SMS to your mobile phone number as indicated in your Personal Loan application form to inform you of your application status (this applies to both approved and rejected applications).

Q13. What documents will I receive after my loan is approved?

Upon loan approval, you will receive the following documents:
- Mail One: Approval Letter
- Mail Two consisting of the following:
  - Disbursement Advice (to inform you of the monthly instalment amount, and the payment due date)
  - Terms and Conditions for UOB Personal Loan
  - Interbank Giro application form (if crediting bank account is a non-UOB account)

Q14. Will I be notified in writing if my application is not approved?

Yes, apart from sending the text message/SMS, the bank will send you a letter to inform you the status.

Q15. How much do I have to pay monthly?

Both the monthly repayment amount and the payment due date will be indicated in the Disbursement Advice that will be sent to you after your loan is approved. The payment due date will be the same every month. If the payment due date falls on a Sunday or a Public Holiday, the funds will be debited on the next business day.

Q16. How do I make payment?

(i)	Auto Funds Transfer - if you have designated a UOB Account as the crediting account, the same account will be the default repayment account for the payment of your monthly instalment.
(ii)	Cash - you may make your cash payment at any UOB Branch.
(iii)	Cheque - you can drop your cheque in the Cheque Deposit Box found in any UOB Group Branch. The cheque is to be made payable to "UOB LTD". Please indicate the loan account number on the reverse of the cheque. Alternatively, you may also mail your cheque to the following address: United Overseas Bank Ltd Credit Processing- Consumer A/Cs 1 Tampines Central 1 #03-01 UOB Tampines Centre Singapore 529539
(iv)	Interbank Giro Payment – Interbank Giro payments are debited from your designated bank account on the payment due date for the loan if you sign up* for Interbank Giro. An Interbank Giro application form will be sent to you once your loan is approved.
* You will receive a Giro Commencement Letter once the Giro is processed. In the meantime, payment by Cash or Cheque is still required.

Q17. What if I default on my monthly payment?

If your monthly instalment that is due is not received by the payment due date, a late fee of S$60 and late payment interest of 24% per annum, subject to a minimum of S$20 (if your annual income is S$20,000 – S$29,999) or a late fee of S$60 and a late payment interest of 4% per annum over the interest rate applicable to your loan (if your annual income is above S$30,000) will be charged to your loan account.

Q18. Will I get a monthly statement detailing the payment and outstanding balance?

No monthly statements will be sent to you as your monthly repayment amount is fixed every month (amount is in accordance with the disbursement advice).

However, there will be an annual statement sent to you at the end of each year. In addition, the Bank will also send an advice to you when your monthly instalment changes from the second year onwards for a four-year or five-year loan.

Q19. Can I restructure or opt for early redemption of my UOB Personal Loan?

Yes. You have the flexibility to restructure+ your loan anytime by stretching or shortening your loan term or to opt for early redemption*. Simply call our customer service hotline at 1800 388 2121 to apply.

If your annual income is in the range of S$20,000 to S$29,999, please note that restructuring or early redemption of your UOB Personal Loan is not allowed.

+ A one time processing fee of S$100 is chargeable for each restructuring request and all requests are subjected to approval. 14 days notification is required
* 2.5% of amount prepaid (must be at least 50% of loan outstanding) is chargeable and 14 days notification is required.

Q20. What are the fees and charges?

- Processing Fee:
  One-time 3% on approved loan amount (if your annual income is S$20,000-S$29,999)
  One-time 4% on approved loan amount (if your annual income is above S$30,000)
- Early Redemption Fee:
  2.5% on loan amount prepaid (only applicable to loans on monthly rest basis)
- Cancellation Fee:
  2.5% on loan amount. Cancellation is only allowed before disbursement of loan into your designated bank account.
- Late Payment fee(will be charged if fixed monthly instalment is not received by payment due date)
  S$60 and a late payment interest of 24% per annum, subject to a minimum of S$20 (if your annual income is S$20,000-S$29,999)
  S$60 and a late payment interest of 4% per annum over the interest rate applicable to your loan (if your annual income is above S$30,000)
- Restructuring Fee:
  S$100 will be charged for each change in loan amount and/or repayment period.
- Request for loan statement:
  S$25 for request of additional copy of loan statement

Loan Amount:	S$2,000
Net loan disbursed	S$1,920
4% Processing Fee	S$80
Tenor	12 months
Interest Rate	9.99% p.a.
Monthly instalment	S$175.82