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Fund Your Big Dreams: How to Apply for a UnionBank Personal Loan

Venus Zoleta

Venus Zoleta

Last updated October 20, 2023

UnionBank is primarily known for its credit cards that complement a wide range of lifestyles and needs. But did you know that UnionBank also offers a personal loan product?

The UnionBank Personal Loan has a lot of exciting features and unique selling points that make it a better choice over other loan products in the market.

Interested? We’ve pulled together a comprehensive guide for you, from this loan’s uses to interest rates. We’ve also included a quick guide on how to apply for a personal loan from UnionBank.

What is a UnionBank Personal Loan?

how to apply personal loan union bank - what is it

Does UnionBank offer personal loans? Yes! The UnionBank Personal Loan is a financial product that borrowers can use for funding major goals in life.

It’s an unsecured loan, meaning that you don’t have to pledge an asset as a form of repayment to the bank.

What Can I Use the UnionBank Personal Loan For?

A personal loan from UnionBank can be used for a wide range of purposes, including the ones below:

✔️ Home Renovation

Want to increase the resale value of your home? Does your growing family need a bigger home? Or do you need to repair your house after a typhoon or natural disaster? With a UnionBank Personal Loan, you can get access to funds for renovating your property.

✔️ Kids’ Education

If payday doesn’t coincide with your children’s tuition payment schedule, you can borrow money from UnionBank to cover such expenses. The surpluses of your loan can be used to buy a laptop, school supplies, books, and learning materials.

✔️ Personal Growth

Planning to enroll in a baking class for your future patisserie or take a post-grad course? Use the UnionBank Personal Loan to pay for your tuition or fund your other career growth endeavors.

Why Should You Get a UnionBank Personal Loan?

Apply for a UnionBank personal loan via Moneymax

There are many reasons you should go for a UnionBank Personal Loan application. Here are some of the loan product’s features that may convince you to apply:

👍 Fast Loan Approval

UnionBank approves personal loan applications in as fast as 5 minutes. In contrast, other banks take at least five to seven banking days or even longer to approve a personal loan.

With the UnionBank Personal Loan, borrowers can get approved without the need for collateral or a guarantor. Fast approval, of course, depends on the borrower's eligibility and submission of complete requirements.

👍 High Loan Amount

Borrowers can avail of a UnionBank Personal Loan up to ₱2 million, which can be used for a wide array of purposes. Just keep in mind, though, that the actual loan amount is subject to the bank’s approval.

👍 Flexible Loan Terms

Another advantage of the UnionBank Personal Loan is its flexible repayment terms of up to five years, the longest in the Philippines. Borrowers can choose to repay their personal loan in 12, 24, 36, 48, or 60 months, depending on how much they can afford to repay monthly.

👍 Low Interest Rate

UnionBank has one of the lowest personal loan interest rates in the market. Its monthly add-on rate is only 1.29%, and its annual contractual rate is 26.9%. This makes borrowing money more affordable.

How Do I Qualify for a UnionBank Personal Loan?

To be eligible for a personal loan with UnionBank, a borrower must meet all these criteria:

  • 21 to 65 years old
  • Filipino or foreign resident with a valid Philippine billing address
  • Employee or self-employed professional/entrepreneur with a minimum gross annual income of ₱250,000
  • Principal credit cardholder for at least three months
  • With a taxpayer identification number (TIN)

What are the UnionBank Personal Loan Requirements? 

how to apply personal loan union bank - required documents

UnionBank requires borrowers to submit a photocopy of the following documents (except for the personal loan application form, which should be an original copy):

📋 Requirements for Filipinos

  • Completed online UnionBank Personal Loan application form
  • Valid government-issued ID with photo and signature
  • For employed borrowers: Latest one-month full payslip issued within the last two months / Certificate of Employment issued within the last two months / Latest income tax return (ITR) or BIR Form 2316
  • For self-employed borrowers: Latest ITR or BIR Form 1701 and audited financial statements with independent auditor's report and balance sheets and tax receipt

📋 Requirements for Foreigners

  • Alien Certificate of Registration (ACR) or valid passport
  • Any proof of residency in the Philippines:
    • Immigrant Certificate of Residency (ICR)
    • Visa and work permit or Alien Employment Permit (AEP) with a validity of more than one year
    • ACR I-Card with a permanent visa status or validity of more than one year
    • Special Resident Retirement Visa (SRRV)
    • Special Resident Investors Visa (SRIV)
  • For expats employed in the top 2,000 companies: Employment contract or letter from the company HR printed on company letterhead with name, job title or position, and confirmation of term

How to Apply for a Personal Loan From UnionBank in the Philippines

how to apply personal loan union bank - application process

Once you've confirmed that you're qualified for a personal loan from UnionBank, have all the necessary requirements, and can afford the monthly repayments, you can proceed with your application. 

So how can you get a personal loan from UnionBank? The process is simple. Here's a step-by-step guide to help you complete your UnionBank personal loan online application.

👉 How to Apply for a UnionBank Personal Loan Online

The UnionBank Personal Loan application process is simpler and faster online—it's as easy as 1-2-3:

  1. Access and fill out the UnionBank Personal Loan Online Application form at www.unionbankph.com.[1]
  2. Wait for a phone call from a UnionBank sales officer to verify your application.
  3. Email the required documents to the provided e-mail address.

You can also apply easily via Moneymax. Click the button below to proceed! 

how to apply personal loan unionbank - moneymax

UnionBank Personal Loan Application FAQs

1. The UnionBank Personal Loan Online Application system is not working. What should I do?

If you always get a system error message when applying for a UnionBank loan online, clear the cache on your browser and device and try submitting your application again. You may also try using a different browser or device.

2. How can I get approved fast for a UB Personal Loan?

While UnionBank approves certain loan applications within minutes, not all borrowers can get approved that fast. It still depends on whether the documents you submitted are complete or not and the result of the bank's credit evaluation, among other factors.

Here's what you need to do before and during your UnionBank Personal Loan application to raise your chance of getting approved fast:

  • Check your credit score and report. This means more work and time spent prior to submitting your UnionBank Personal Loan application. But checking your credit score and report is a lot better than wasting your time and effort applying for a loan that would end up getting rejected because of a poor credit score.
  • Double-check your UnionBank Personal Loan application form to avoid incomplete and inconsistent entries. All mandatory fields should be filled out.
  • Make sure your documents are complete. 
  • Submit your documents to UnionBank by 5 p.m. from Monday to Thursday (except for the day before a holiday). Documents sent on a Friday or a day before a holiday will be processed on the next business day.

3. How can I check my UnionBank Personal Loan application status?

If you don't hear from UnionBank several days after you applied, call the bank's 24/7 customer service hotline at (+632) 8841-8600 or 1-800-1888-2277 (toll-free).

4. How will I receive my loan proceeds?

Once UnionBank approves your personal loan application, you'll receive another phone call to finalize the details of releasing the loan amount.

Here are your options for claiming your loan proceeds:

  • Funds transferred to your nominated bank account
  • Manager's check sent to your billing address

Next, review and sign the Loan Disclosure Statement (DS) and agree to an Auto-Debit Agreement (ADA) with your UnionBank deposit account. Your loan proceeds will be released afterward. 

5. Can someone else receive the UnionBank Personal Loan proceeds on my behalf?

You may be thinking of issuing a special power of attorney (SPA) or employing similar means to have someone else receive the loan proceeds. Unfortunately, UnionBank doesn’t allow this arrangement. For your security, the money will be released only to you, the loan applicant.

6. What are the UnionBank Personal Loan fees?

Here are the fees[2] that come with a personal loan from UnionBank:

UnionBank Personal Loan Fee Cost
Disbursement fee ₱1,750 per disbursement
Documentary Stamp Tax (DST) ₱1.50 per ₱200 of the loan amount
Monthly late charge ₱500 or 6% of the overdue amount, whichever is higher
Closure handling fee 4% of the unbilled principal component of the loan that is prepaid
Returned check fee ₱1,500 per check that has bounced or has been returned due to insufficiency of funds, uncollected deposits, stop payment orders, and alterations or erasures on the check
Attorney’s fees and other judicial fees The cost of collection and/or attorney's fees and the litigation and judicial expenses, as applicable, in case of payment default and on top f late and interest charges

 

7. How to pay for a UnionBank Personal Loan?

The ADA automatically deducts payments from your UnionBank account. Make sure your account contains enough funds for payment. 

8. When will my loan payments start?

Your first estimated monthly installment (EMI) will start from the second succeeding month after you get your personal loan. For instance, the EMI for a loan approved in January will begin by March. Always take note of the due date to avoid penalty fees.

Related reading:

Final Thoughts

If you’re looking for a reliable lender for financing your big goals, make sure to include UnionBank in your list. The UnionBank Personal Loan is among the best loan products on the market, as it offers low interest rates, fast approval, and flexible terms.

Furthermore, its high loan amounts mean that you can use the money for a wide array of purposes, such as home improvement, education, and more.

We hope this guide on how to apply for a personal loan from UnionBank helps improve your chances of approval. Good luck with your application!

💸 Compare Other Personal Loan Options via Moneymax

Looking for more options? Below is a list of other personal loan companies and their product features. Compare them and apply through Moneymax!

Personal Loan 
Loan Amount

Monthly Add-on Rate

Minimum Annual Income

Approval Time

UnionBank Personal Loan
unionbank-logo-300x92
Compare Now
Up to ₱2 million
1.29% 
₱250,000
As fast as 5 minutes
UNO Digital Bank Personal Loan
uno digital bank
Compare Now
₱10,000 to ₱200,000
2%
₱180,000
As fast as 7 banking days
Metrobank Personal Loan
metrobank
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₱20,000 to ₱1 million
1.25% to 1.75%
₱350,000
7 days
BPI Personal Loan
bpi logo
Compare Now
20,000 to  ₱3 million
1.2%
180,000
5 to 7 banking days
RFC Loan
easyrfc-1
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10,000 to  ₱150,000
4%
120,000
As fast as 24 hours
Tonik Quick Loan
tonik
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₱5,000 to ₱50,000
Starts at 4.26%
₱180,000
As fast as 1 hour
Tala Loan
tala

Compare Now

₱1,000 to ₱15,000
15%
None
24 hours
HSBC Personal Loan
2560px-HSBC_logo_(2018).svg
Compare Now
30,000 to ₱500,000
0.65%
168,000
5 to 7 banking days
CIMB Personal Loan
CIMB-Logo-1
Compare Now
30,000 to ₱1 million
1.95%
180,000
As fast as 24 hours
Maybank Personal Loan
Maybank logo 2011-1
Compare Now
50,000 to ₱1 million
1.3%
300,000
5 to 10 banking days
RCBC Bank Personal Loan
rcbc-logo-2
Compare Now
50,000 ₱1 million
1.3%
360,000
5 to 7 banking days
SB Finance Personal Loan
SB-Finance-e1631324202933

Compare Now
₱30,000 to ₱2 million
2%
₱180,000
5 banking days
CTBC Bank Personal Loan
ctbc-Mar-28-2022-12-20-39-62-PM
Compare Now
₱500,000 to ₱2 million
1.39% to 1.79%
180,000
1 to 5 banking days
PSBank Personal Loan
PSBank-300x207-1
Compare Now
₱20,000 to ₱250,000
1.75% or 2.5% 
₱180,000
5 to 9 banking days

Sources:

Venus has almost 20 years of combined experience in content marketing, SEO, corporate communications, and public relations. Most of her career was spent creating informative articles on personal finance and digital marketing. She also invests in stocks, mutual funds, VUL, and Pag-IBIG MP2. Venus graduated cum laude with a Journalism degree from the University of the Philippines Diliman. A hardcore Hallyu Tita, she loves bingeing Korean shows on Netflix while bonding with her cats. Follow Venus on LinkedIn.

FINANCIAL TIP:

Use a personal loan to consolidate your outstanding debt at a lower interest rate!

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