1. What is the Union Bank Personal Loan?

The Union Bank Personal Loan provides Filipinos with flexible financing options for various needs. The calculator helps estimate monthly payments based on principal amount, interest rate, and loan term.

2. How Does the Calculator Work?

The calculator uses the standard loan payment formula:

Where:

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

3. Loan Requirements

Requirements:

• Principal credit cardholder status OR audited financial statements for foreigners
• Minimum annual income of ₱250,000
• Valid government-issued ID
• Proof of income (payslips, ITR, or bank statements)

4. Using the Calculator

Tips: Enter principal amount in PHP, annual interest rate in percentage, and loan term in months. All values must be positive numbers.

5. Frequently Asked Questions (FAQ)

Q1: What is the minimum loan amount?
A: Union Bank typically offers personal loans starting from ₱50,000.

Q2: What are typical interest rates?
A: Rates vary but generally range from 12% to 24% annually depending on creditworthiness.

Q3: What loan terms are available?
A: Terms typically range from 12 to 60 months (1-5 years).

Q4: Are there processing fees?
A: Yes, there's usually a processing fee of 1-3% of the loan amount.

Q5: How long does approval take?
A: For complete applications, approval typically takes 3-7 business days.