Union Bank Philippines Salary Loans, Auto and House loan: How to apply and Requirements

Last Updated on July 27, 2024 by admin

Are you Looking for how to get a loan from Union Bank Philippines is simple and straightforward. You need to understand the type of credit facility that suits your dream. The financial institution offers Quick Loan , Auto loan services and Home Loan to qualify customers.

To get the details of various loan packages offered by union bank Philippines, you have to read through this article as we dive deep for clarification.

Read recent post on  14 Best bank Car loan in Philippines

1.  Union Bank Philippines Quick credit /Salary Loans

The Union Bank Philippines Quick Loans is a fully digital salary loan program for Pre-Qualified Payroll Account Holders, cash loan program and non-cash loan program to savings, deposit and payroll account holders who meet certain criteria of the Bank.

First and foremost, the Cash Loan Program is a short-term cash loan available to pre-qualified UBP clients. The Credit facility is disbursed within 1 minutes once all applications are completed.

Furthermore, the Non-cash loan program is offered to pre-qualified UBP clients when they apply through the Quick Loans microsite for the purpose of purchasing select item/s at participating merchant partners.The approved amount depends on the cost of the item availed of.

Interest rate

The interest is fixed and it’s calculated on a daily basis based on the diminishing balance of the loan.

The Processing Fee of the package is determine by the loan amount. Processing fee will be based on availed loan amount.

. Php10,000 and above = P2,000
. Php 5,000 to P9,999 = P500
. Php 2,000 to P4,999 = P300
. Php 1,000 to 1,999 = P100

Also Read: Banks and Online lenders in Philippines that offers Business Loans

Loan Terms and Amounts

The loanable amounts depending on your pre-qualification which is mainly base on your current salary amount result…..range from the following:

Maximum loan – P250,000.00
Minimum loan – P1,000.00

Tenor

The Union bank Philippines quick loans can be availed in 1, 2, 3, 6 and 12-month terms

How to be pre-qualified? for quick credit loan

Union bank Pre-qualified customers will receive an SMS and /or email notification. This will include a unique invite code which you can use to log on to the website. Qualified Payroll account holders with the UnionBank Online App will be notified via sms and a button prompt inside the app.

2. UnionBank Personal Loan:

UnionBank Personal Loan offers you financial assistance to help you achieve your goals and aspirations. Whether it’s for education, home renovation, medical expenses, or other personal needs, this loan can provide the funds you require.

Key Features:

•  You can borrow up to ₱2 million, depending on your income and credit history.
•  This is an unsecured loan, meaning you don’t need to pledge any assets as security.
•  Choose a repayment term that suits your budget, ranging from 12 to 60 months.
• Get a decision on your loan application in as fast as 5 minutes.
•  You can apply online through the UnionBank website or visit a branch for assistance.

Eligibility Requirements:

•  You must be a Filipino citizen or a foreigner residing in the Philippines.
• You should be between 21 and 65 years old.
•  Your minimum annual gross income should be ₱250,000.
• You should be employed for at least 2 years (1 year if you are a professional) with the same employer.
•  You must have an existing savings account with UnionBank.

Documents Required:

• One (1) valid government-issued ID with photo and signature.
• For Employed Individuals:
  • Latest Income Tax Return (BIR Form 2316) or latest 1-month full payslip.
• For Self-Employed Individuals:
  • Latest Income Tax Return (BIR Form 1701).
  • Audited Financial Statements (AFS) of the business with an independent auditor’s report and balance sheets and tax receipt.

How to Apply:

1. Visit the UnionBank Personal Loan page: [invalid URL removed] and fill out the application form.
2.  Visit your nearest UnionBank branch and inquire about the Personal Loan.

3. Union bank Philippines Home Loan

Union bank Philippines offers Home loan to qualify customers to enable them Purchase or Construction of their dream House. Filipino citizens or former Filipino citizens are eligible under BP 185 guidelines;While foreign nationals are also eligible if purchasing a unit covered by CCT.

Before you can qualify for the credit package, you must be gainfully employed and with permanent status. If self-employed, the business must be at least 2 years in profitable operations.

The bank home loan cover 90% financing and up to 20 Years tenor and applicant must be 21 – 65 years old

How Much Can I Borrow With A Union Bank Housing Loan?

1.Minimum of ₱500,000
2.Maximum of 90% of the appraised value of the property.

 Read: Banks and online lenders that offer Salary loan in Philippines

Required Documents for union bank home loan

During your loan application, you must provide the following documents

Self-employed:

1.Duly filled out Application form
2.Photocopy of Marriage Contract (if applicable)
3.Photocopy of any government-issued ID with picture and signature
4.Business Registration
5.Latest 6 months Bank Statements
6.Financial Statements
7.ITR
8.Top 3 list of suppliers/customers with contact numbers (landline)

Government or Private organization staff :

1.Duly filled out Application form
2.Photocopy of Marriage Contract (if applicable)
3.Photocopy of any government-issued ID with picture and signature
4.Certificate of Employment

OFW:

1.Duly filled out Application form
2.Photocopy of Marriage Contract (if applicable)
3.Photocopy of any government-issued ID with picture and signature
4.Original Consularized Special Power of Attorney (SPA)
5.Passport with entry and exit stamps
6.3 months latest pay slips

How to Apply:

1. Visit the UnionBank website:
2. Fill out the application form with accurate information.
3. Prepare the required documents and submit them to your chosen UnionBank branch.

Read: 10 Philippines Banks that offer Personal Loans with Lowest Interest Rate

4.  Union Bank Philippines Auto loan

UnionBank of the Philippines offers auto loans to help you finance your dream car, whether it’s brand new or pre-owned.

Key Features:

• The minimum loanable amount is ₱200,000. The maximum loan amount is up to 80% of the selling price for new cars or the appraised value for used cars.
•  Minimum down payment is 20% for new cars and 30% for used cars.
•  The interest rates vary depending on the type of car (new or used) and the chosen loan term.
•  Flexible repayment terms ranging from 12 to 60 months for new cars and 12 to 48 months for used cars.

Eligibility Requirements:

• Age: 21 to 60 years old at the time of application.
• Employment:
  • Employed: Permanently employed for at least 1 year.
  • Self-Employed: Business must be in operation for the past 2 years.
  • OFWs: Must have a 1st-degree relative residing in the Philippines as co-maker and should not be over 65 years old by the loan maturity date.

Required Documents:

• Duly accomplished and signed loan application form.
• Two (2) valid government-issued IDs.
• Proof of Income (depending on employment status):
  • Employed: Latest Income Tax Return (ITR) or payslips.
  • Self-Employed: Latest ITR with Audited Financial Statement (AFS).
• Proof of billing.

How to Apply:

1. Get a Quote: Use the car loan calculator on the UnionBank website to estimate your monthly payments.
2. Apply Online: Fill out the online application form with the required information.
3. Submit Documents: Submit the necessary documents to your chosen UnionBank branch.
4. Wait for Approval: UnionBank will review your application and notify you of their decision.