UnionBank loan application process

A Practical Guide On UnionBank Personal Loan

Summary

Considering a personal loan? UnionBank stands out as a reliable option, offering practical solutions for various needs. This loan isn't just a financial product: It's a strategic tool aligned with individual financial goals.

Considering a personal loan? Juggling budgets can be a bit tricky, but fear not—UnionBank stands out as a reliable option in the world of bank financing.

Let’s walk through everything you need to know, from the application process up to the payment rates.

Practical use cases of a UnionBank Personal Loan

Instead of waiting ages to save up, this loan option will enable you to make significant strides. Here are a few practical ideas:

  1. Debt consolidation: Dealing with multiple debts can be overwhelming. UnionBank offers a practical solution by allowing you to consolidate various debts into one manageable loan. This simplifies your financial landscape, offering clarity and ease in managing repayments. Through debt consolidation, you can reduce the complexity of multiple payment schedules and focus on a single, more manageable installment.
  2. Emergency medical expenses: Unexpected medical bills can create financial stress. With a UnionBank Personal Loan, you gain the flexibility to address unforeseen medical expenses promptly. Whether it’s hospital bills, unexpected treatments, or health-related emergencies, the loan provides a financial buffer to ease the burden of medical costs. This ensures access to quality healthcare without compromising your financial stability.
  3. Travel and leisure: Fulfilling travel dreams or indulging in leisure activities often requires a financial commitment. This loan, when used responsibly, can serve as your ticket to realizing these aspirations without breaking the bank. Whether it’s a dream vacation, a special celebration, or simply taking time for yourself, the loan offers the financial support needed to make these experiences a reality. This allows you to enjoy life’s pleasures without compromising your budget.
  4. Vehicle purchase or repairs: Whether you’re considering the purchase of a new vehicle or need funds for essential repairs, this loan is a convenient solution. Acquiring a new ride or ensuring the reliability of your existing vehicle becomes more accessible with tailored loan terms. This option offers financial flexibility, allowing you to make vehicle-related decisions without the immediate strain on your budget.
  5. Home-based business start-up: For those with entrepreneurial dreams, the UnionBank Personal Loan serves as a catalyst for starting a home-based business. Whether it’s launching a small enterprise or expanding an existing one, the loan provides the necessary capital to kickstart your entrepreneurial journey. This avenue not only supports your business ambitions but also contributes to the growth of your financial portfolio.

Who Qualifies for a UnionBank Personal Loan?

Let’s talk about eligibility for this UnionBank Personal Loan journey.

You're good to go if:

  • Age: Between 21 to 65 years old
  • Residency: You’re either a Filipino citizen or a local resident foreigner with a valid Philippine billing address.
  • Minimum gross annual income: At least ₱250,000
  • Principal credit cardholder for at least 3 months
  • Possession of a tax identification number (TIN)

 

Documentary requirements for locals

For our fellow Pinoys interested in taking on this loan journey, it’s your standard fare and should be pretty straightforward.

Here's what you need:

1. Completed UnionBank personal loan application form

2. A government-issued ID with your photo and signature

3. For employed applicants::

  • Recent payslip from the past 2 months
  • Certificate of Employment (COE) from the past 2 months
  • ITR with a BIR Stamp issued in 2021 onwards

For the self-employed:

  • Your latest ITR or BIR Form 1701
  • Audited financial statements with an independent auditor’s report, balance sheets, and tax receipt

Documentary requirements for foreigners

If you’re a foreigner residing in the Philippines, the bank will need a little more from you — as is the case with most banks.

Foreign applicants must submit the following:

  • Alien Certificate of Registration (ACR) or a valid passport
  • Some proof that you’re calling the Philippines home:
  • Immigrant Certificate of Residency (ICR)
  • Visa and work permit or Alien Employment Permit (AEP) valid for more than a year
  • ACR I-Card with a permanent visa status or validity of more than a year
  • Special Resident Retirement Visa (SRRV)
  • Special Resident Investors Visa (SRIV)
  • For expats in the top 2,000 companies: An employment contract or a letter from your company HR on some official letterhead. Include your name, job title, and how long you plan to stick around.

Steps in applying for a UnionBank Personal Loan

Securing a quick loan with UnionBank is a straightforward process, provided you hold a current account with the bank, most especially that you possess a credit card that is at least three months old with good credit history.

To initiate your loan application, the first step involves creating an online account with UnionBank, a requirement seamlessly fulfilled through these three convenient methods:

  1. UnionBank Website: Visit the official UnionBank website to access the pre-qualification form. Here, you’ll need to furnish essential details such as a unique invite code, mobile number, email address, and payroll account number to kickstart your quick loan application.
  2. UnionBank Mobile App: For a more mobile-centric approach, the UnionBank Mobile App is available for download on Apple Store, Google Playstore, and Huawei App Gallery. Once you’ve signed up with Union Bank, access quick loans seamlessly through the app, providing you with instant financial solutions at your fingertips.

For a guided and more involved processing to help ensure you're submitting all the right docs:

Apply through iMoney

You can apply for a UnionBank quick loan via iMoney.ph. Simply hit “Apply Now” and fill out the application form. Expect a call from an iMoney customer care agent within one business day, guiding you through the application process and ensuring a smooth experience tailored to your financial needs.

Understanding UnionBank Personal Loan interest rates

Now, let’s talk about the terms, fees and rates. Here’s what you need to know:

For your information

  • Loan terms: Can go from 1 to 5 years
  • Average annual contractual rate: It’s around 26.9%
  • Documentary Stamp Tax: Think ₱1.50 for every ₱200 of the loan amount
  • Disbursement fee: Set at ₱1,750
  • Late payment fee: Either ₱500 or 6% of the overdue amount—whichever is higher
  • Closure handling fee: About 4% of the unbilled principal component if you decide to pay early.

UnionBank App: Making banking feel like a breeze

The UnionBank App isn’t just any app; it’s your all-in-one tool for banking magic. You can peek at your finances 24/7 without stepping into a bank.

With features like ‘Pay Bills,’ ‘Transfer Money,’ and ‘Check Deposit,’ you’ve got banking power in the palm of your hand. No more stressing about managing your money—easy peasy.

Ways to make payments for your Union Bank Personal Loan

Here are the available options when settling your payments:

  • Union Bank Auto-Debit: Set it and forget it. Make sure your UnionBank account is loaded, and your monthly repayments will automatically deduct when they’re due.
  • Over-the-Counter Payments: Visit any UB branch and make payments over the counter.
  • UnionBank Quick Loan App: The UB app features a Pay Bill feature that allows you to process payments to various targeted institutions, including settling your loan.
  • Digital Wallets: Utilize digital wallets such as Upay, PESONet, and InstaPay for convenient UnionBank loan repayments.
  • UnionBank Partners: The Union Bank of the Philippines has an extensive network of partner outlets globally, including ECPay, PayMay, and GCash. Input your loan account number, installment, and name in any of the partner’s platforms, and the money will be billed automatically.

UnionBank’s Personal Loan goes beyond the ordinary, presenting a strategic framework for financial empowerment. It is not merely a financial product – it’s a tool designed to align seamlessly with your unique financial goals. Whether you’re consolidating debts, tackling unexpected emergencies, chasing your aspirations, or steering entrepreneurial ventures, this loan product can be a true ally on any of those fronts.

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