Union Bank Personal Loans Guide
Key takeaways:
- Union Bank offers loans with favorable interest rates for bank customers
- With Union Bank you can take a personal loan up to PHP 2 million
- To apply for a loan, you must meet their requirements such as annual income
- You can pay your "Big Loan" loan with Union Bank
- Get a quick loan up to PHP 25.000 for urgent needs with "Big Loan"
Union Bank of the Philippines, Inc, founded in 1968 and initially known as Union Savings Mortgage Bank, became a commercial bank in 1982 and a universal bank in 1992. It is now among the top 10 universal banks in the country, noted for its high profitability, solvency, liquidity, and robust online banking services.
Union Bank is among the lenders in the Philippines offering affordable loans. It is also the best bank for car loans in the Philippines. You can request a UnionBank loan with an attractive interest rate and excellent service. Let's dive in and learn more about the firm's loan.
Types of Union Bank Loans
Union Bank understands your needs, and for this reason, they offer different types of personal quick loans. Each of these loan purposes is designed to help individuals achieve their personal and financial goals by providing them with the necessary funds in a timely and flexible manner. That's not all. They present you with a flexible loan repayment plan, and you can request funds between PHP 1000 – PHP 2000,000.
Quick Loans
These small personal loans are designed for fast processing and disbursement, ideal for urgent financial needs without the requirement for collateral.
Personal Loans
These loans offer larger amounts and longer repayment terms. They are suited for bigger financial commitments, such as major purchases or consolidating debts.
Home Loans
Aimed at helping customers purchase or renovate their homes, these loans offer structured repayment plans over extended periods.
Auto Loans
These loans are available for purchasing new or used vehicles, with options for flexible payment terms to accommodate different budgetary needs.
Union Bank Personal Loan
Union Bank personal loans cater to a variety of financial needs associated with major life milestones or can be used as a quick emergency loan. Here's a more detailed look at these purposes:
Significant Life Events
These loans provide swift financial support for significant life events or big projects that you've been dreaming about. Whether it's starting a new business, celebrating a major personal event, or making a large purchase, the loan can be instrumental in bridging the gap between your aspirations and your current financial capacity.
Home Renovation
If you're looking to enhance the comfort, functionality, or aesthetic appeal of your home, UnionBank personal loans can help. This funding can be used for various home improvement projects like remodeling kitchens, updating bathrooms, or even expanding living spaces, making your home better suited to your needs and increasing its value.
Learning and Self-Development
These loans also support personal advancement through education. Whether it's funding tuition fees for yourself or family members, covering expenses for professional certifications, or even consolidating educational debts, Union Bank provides the financial resources necessary to invest in personal and professional development.
Debt Payment
If you are burdened by outstanding debts and are in good standing with your previous loan providers, you can use a Union Bank Personal Loan to consolidate and settle your existing debts.
Emergency Expenses
Life can present unforeseen challenges, and during such times, having quick access to funds is crucial. Whether it's a medical emergency or an unexpected major expense, a Union Bank quick loan can provide the necessary financial support to navigate these emergencies.
Union Bank Personal Loan Interest Rates
The annual interest rate on Union Bank personal loans is set at 26.9% APR. Here's a breakdown of the loan repayment table for different amounts and terms:
For PHP 500,000
| Loan Term | Monthly Installment | Interest Rate |
|---|---|---|
| 60 months | PHP 15,237.79 | 26.9% |
| 48 months | PHP 17,112.80 | 26.9% |
| 36 months | PHP 20,385.79 | 26.9% |
| 24 months | PHP 27,164.77 | 26.9% |
| 12 months | PHP 47,984.31 | 26.9% |
For PHP 100,000
| Loan Term | Monthly Installment | Interest Rate |
|---|---|---|
| 60 months | PHP 3,047.56 | 26.9% |
| 48 months | PHP 3,422.56 | 26.9% |
| 36 months | PHP 4,077.16 | 26.9% |
| 24 months | PHP 5,432.95 | 26.9% |
| 12 months | PHP 9,596.86 | 26.9% |
Additional costs include a Documentary Stamp Tax, which is charged at ₱1.50 for every ₱200 borrowed. A disbursement fee of ₱1,750 is applied when the loan amount is issued. If payments are late, a fee of ₱500 or 6% of the missed payment amount, whichever is higher, is charged.
Union Bank Personal Loan Requirements
To qualify for the Union Bank personal loan, applicants must meet several criteria:
Basic Requirements
- Age between 21 and 65
- Filipino citizen or foreign resident with valid local address
- Taxpayer's Identification Number (TIN)
- Primary holder of a credit card
- Minimum gross annual income of PHP 250,000
Required Documents
For Employed Individuals:
- Recent pay slips from the last two months
- Certificate of Employment with salary details
- Most recent Income Tax Return (ITR) with BIR stamp
For Self-Employed Individuals:
- Latest business Income Tax Return (Form 1701)
- Most recent Audited Financial Statements
Frequently Asked Questions
Does Unionbank have a salary loan?
Yes, UnionBank offers a salary loan through its partnership with Advance Tech Lending. This loan is available as a short-term salary advance, ideal for meeting immediate financial needs. To access this loan, your company needs to be partnered with Advance Tech Lending, which will then verify loan eligibility.
What are Unionbank's loan requirements?
To apply for a UnionBank loan, you'll need an existing UnionBank account, particularly for Quick Loans. The application process involves completing a form on UnionBank's website, where you'll provide personal and financial details. Required documents include a valid government-issued ID and proof of income, such as payslips or income tax returns.
How to qualify for a Unionbank quick loan?
To qualify for a UnionBank Quick Loan, you must meet certain eligibility criteria that typically involve having an existing relationship with the bank. Applicants are usually required to have an active UnionBank account.
Can I reloan with Unionbank if I have unpaid debt?
Generally, if you have an unpaid debt with UnionBank, it may affect your ability to reloan. UnionBank typically requires good standing in previous loan agreements to consider a new loan application. If there's an outstanding balance on a quick loan, it would be prudent to clear that debt or discuss restructuring options with the bank to maintain eligibility for future loans.
Can I get a quick cash loan from Unionbank?
Yes, you can get a quick cash loan from UnionBank. UnionBank offers a fully digital loan program called UnionBank Quick Loans, designed for qualified UnionBank account holders. This program allows for easy and rapid access to cash.
Disclaimer: This article was written based on information available to the writer at the time of publication and the article was published for instructional, research, reference, and educational purposes only. The information and data used and disclosed in this article are publicly available and the writer or the Company does not claim any exclusive ownership or proprietary right over the information, data, literature or article sourced or obtained from publicly available sources.