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

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

Last Updated on December 2, 2023 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. 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.

How to apply for a loan

Union bank customers can apply for quick credit loan through UnionBank Online App or online portal

From the main dashboard, a button with the words “You qualify for a loan” will appear. Simply Click that and follow the process by imputing your Invite Code, Last 5 Digits of ATM payroll OR 12-digit payroll account number, Email Address and Mobile Number

 

2. 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

 

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

 

3. Union Bank Philippines Auto loan

UnionBank Auto Loans are offered to qualify customers to purchase brand new or second hand cars or brand new light trucks. The term qualification means you must be between 21 to 65 years old. Foreign nationals married to a Filipino or business entities like corporations and partnerships may also apply for an auto loan.

You can get up to P10,000 worth of FREE gas and pay for annual car insurance at 0% installment

 

Documents to apply for Auto Loan

To apply for a UnionBank auto loan you must provide the following documents

1. (2) Government issued IDs with signature
2. Proof of billing address

3. If you are employed, you will need to submit the following: COE -Certificate of employment with compensation (3) months’ payslip

4. Latest Income Tax Return (ITR)* -ITR is not required for loan amounts below P3,000,000
5. If you are self-employed, you will need to submit the following: Business Registration papers (DTI, SEC if applicable), ITR with audited financial statements (2 years) and Trade references

Meet Ogbeide Frank, popularly known as perere, a blogger who loves writing about finance and Tech. He studied Business administration at the Ambrose Alli University Ekpoma and Mobile Communication at Orange College Malaysia .Frank have worked as a banker and consultant in variety of Nigeria agencies

For Advertisement, Content marketing andsponsored post: contact : kokobest04@gmail.com
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    Ogbeide Frank loves writing and research about finance and Tech. He studied Business administration at the Ambrose Alli University Ekpoma and Mobile Communication at Orange College Malaysia .Frank have worked as a banker and consultant in variety of Nigeria agencies For Advertisement, Content marketing and sponsored post: contact : kokobest04@gmail.com

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