Union Bank Personal Loan Philippines

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 Union Bank Personal Loan?

Union Bank Philippines offers personal loans up to ₱2 million with approval in as fast as 5 minutes. This calculator helps you estimate your monthly payments based on 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: Understanding your monthly payment helps with budgeting and ensures the loan is affordable before applying.

4. Using the Calculator

Tips: Enter the loan amount in PHP (₱1000-₱2,000,000), annual interest rate (%), and loan term in months (1-60). All values must be valid positive numbers.

5. Frequently Asked Questions (FAQ)

Q1: What is the maximum loan amount from Union Bank?
A: Union Bank offers personal loans up to ₱2 million for qualified applicants.

Q2: How fast can I get approved?
A: Approval can be as fast as 5 minutes for qualified applicants with complete requirements.

Q3: What are the typical interest rates?
A: Interest rates vary based on creditworthiness but typically range from 1% to 3% per month.

Q4: What loan terms are available?
A: Loan terms typically range from 12 to 60 months (1-5 years).

Q5: Are there any fees?
A: There may be processing fees and other charges - check with Union Bank for exact fees.