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

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

The UnionBank Personal Loan offers exciting features and unique selling points that make it a better choice compared to other loan products in the market.

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

What is a UnionBank Personal Loan?

Does UnionBank offer personal loans? Yes! The UnionBank Personal Loan is a financial product borrowers can use to fund major life goals.

It’s an unsecured loan, meaning you don’t have to pledge an asset 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? Plan to build a bigger home for your growing family? Or do you need to repair your house after a typhoon or natural disaster?

With a UnionBank Personal Loan, you can access funds to renovate your property.

✔️ Education 

If payday doesn’t coincide with your children’s tuition payment schedule, borrow money from UnionBank to cover the expenses. Use the surplus of your loan to buy a laptop, school supplies, books, and learning materials.

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

✔️ Debt Consolidation

Got multiple debts? Combine them all into one manageable debt with the UnionBank Personal Loan. This way, you have only one due date to track.

✔️ Major Life Milestones

Going abroad to pursue further education? Planning your dream wedding? Use the UnionBank Personal Loan to fund major expenses.

Note, however, that UnionBank approves applications for such uses on a case-to-case basis, so expect longer approval times.

Why Should You Get a UnionBank Personal Loan?

Wondering if you should pursue your UnionBank Personal Loan application? Here are some of its features that may convince you to apply:

👍 Fast Loan Approval

UnionBank approves personal loan applications in as fast as five minutes. Fast approval, of course, still depends on the borrower's eligibility and submission of complete requirements. In contrast, other banks take at least five to seven banking days or even longer to approve applications. 

Plus, with the UnionBank Personal Loan, borrowers can get approved without a collateral or guarantor. 

👍 High Loan Amount

Borrowers can avail of a UnionBank Personal Loan worth up to ₱2 million. 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.

👍 Competitive Interest Rate

UnionBank Personal Loan's interest rate is one of the most competitive in the market. Its monthly add-on rate is only 1.29%, while its annual contractual rate is 26.9%. This makes it more affordable to borrow money.

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? 

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 UnionBank Personal Loan application form
• Valid government-issued ID with photo and signature
• For employed borrowers, any of the following:
  • 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
  • Audited financial statements with independent auditor's report and balance sheets and tax receipt with bank stamp

📋 Requirements for Foreigners

• Completed UnionBank Personal Loan application form
• 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 Online

Once you confirm you're qualified for a personal loan from UnionBank, collate all the necessary requirements, and ensure you can afford the monthly repayments, you can proceed with your application. 

So how can you get a personal loan from UnionBank? Follow this step-by-step guide to complete your UnionBank personal loan online application—it's as easy as 1-2-3:

1. Access and fill out the UnionBank Personal Loan Online Application form at https://www.unionbankph.com/personal-loan.^[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! 

UnionBank Personal Loan Application Process: 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 or device and submit your application again. You may also try using a different browser or device.

2. Does UnionBank have a personal loan calculator?

Yes, you can take a look at sample Unionbank Personal Loan computations on its page.^[1] 

3. 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 the documents you submitted, your intended use for the loan, and your 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 on your end. Still, 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. Submitting incomplete and incorrect documents will delay your application.
• 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.

4. 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).

5. 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 disbursement.

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 after. 

6. 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 the loan applicant.

7. What are the UnionBank Personal Loan fees?

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

8. 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. 

9. 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:

• How to Get a Loan From BPI: Application Process and Requirements
• Fast and Easy Guide to Security Bank Personal Loan Online Application
• How to Start Your Metrobank Personal Loan Application

Final Thoughts

If you’re looking for a reliable lender to finance 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 fast approval and flexible terms.

Furthermore, with high loan amounts, 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!

Source: ^[1] UnionBank Personal Loan