Moneymax Union Bank Personal Loan Calculator

Loan Payment Formula:

\[ PMT = P \times \frac{r \times (1 + r)^n}{(1 + r)^n - 1} \]

Monthly Payment (PMT):

Total Payment:

Total Interest:

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1. What is the Moneymax Union Bank Personal Loan?

The Moneymax Union Bank Personal Loan offers up to ₱2 million with no collateral required. This calculator helps estimate your monthly payments based on the loan amount, interest rate, and term.

2. How Does the Calculator Work?

The calculator uses the standard loan payment formula:

\[ PMT = P \times \frac{r \times (1 + r)^n}{(1 + r)^n - 1} \]

Where:

\( P \) — Principal loan amount (₱)
\( r \) — Monthly interest rate (annual rate ÷ 12)
\( n \) — Number of monthly payments
\( PMT \) — Monthly payment amount (₱)

Explanation: The formula accounts for compound interest over the loan term to calculate fixed monthly payments.

3. Importance of Loan Calculation

Details: Calculating your monthly payments helps with budgeting and ensures the loan is affordable before applying. Union Bank offers terms from 12 to 60 months.

4. Using the Calculator

Tips: Enter the loan amount (₱1,000-₱2,000,000), annual interest rate (%), and loan term (1-60 months). All values must be positive numbers.

5. Frequently Asked Questions (FAQ)

Q1: What is the maximum loan amount?
A: Union Bank offers personal loans up to ₱2 million through Moneymax, depending on your creditworthiness.

Q2: What are the typical interest rates?
A: Rates vary based on credit profile but typically range from 1% to 3% per month (12%-36% APR).

Q3: Are there any fees?
A: There may be processing fees (1-3% of loan amount) and late payment fees. Check with Union Bank for exact fees.

Q4: How long does approval take?
A: Approval can take 1-3 business days for complete applications with all required documents.

Q5: What are the eligibility requirements?
A: Generally requires Filipino citizenship, age 21-65, stable income, and good credit history.