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This AUB loan is primarily intended for business purposes. It involves the establishment of debt, as with all loans, which will be repaid with added interest.
Types of AUB business loans
Below are the types of business loans offered by AUB:
- Short-term loans. This loan is available in both pesos and dollars. It is a working capital credit line with a maximum term of one year.
- Long-term loans. This loan is likewise available in both pesos and dollars. They are term loans for plant building or expansion, including procurement of other capital needed. Tenor is often three to seven years.
- Domestic bills purchase line. This is an outright purchase of the client's checks upon deposit into their deposit account.
- Foreign bills purchase line. This is the straightforward purchase of the customer's dollar-denominated or third-currency valued drafts upon their deposit in the client's deposit account.
- PDC discounted line. This is a credit facility in which the client's receivables are reduced with a bank to get money.
How to apply for an AUB business loan?
To apply for an AUB business loan, you should.
- Visit an AUB branch closest to you.
- Ask for a commercial application form and carefully fill it out.
- Submit the form and follow the subsequent instructions.
Contact their account management department at 8282-8888 for further information on how to apply for a commercial loan from AUB, and an account management officer will be pleased to help.
Requirements for an AUB business loan
The general requirements for a business loan in the Philippines are:
Pre-eligibility
To apply, the individual must be over the age of 21. Their company must be registered with the Securities and Exchange Commission or the Department of Trade and Industry as a corporation, partnership, or sole proprietorship. It must also be functioning for a minimum of three years. If they work, they should make at least ₱50,000 each month. Aside from that, you will be required to submit the documents listed below.
For single proprietorships
- Carefully filled AUB business loan application form
- The borrower's company profile
- The last three years Audited Financial Statements (AFS) and Income Tax Return (ITR)
- Latest DTI registration certificate
- Business/Mayor's permit
- Two valid government-issued IDs from the primary applicant and proprietor
- Trade references must feature at least five customers and five suppliers with contact details and credit terms.
For corporations
- Duly filled application form
- The Company profile
- Latest 3-year Audited Financial Statements (AFS) and Income Tax Return (ITR)
- General information sheet (GIS)
- Business/Mayor's Permit
- Two valid government-issued IDs from the primary applicant and proprietor
- Trade references must feature at least five customers and five suppliers with contact details and credit terms.
Eligibility
- The significant principal owner/s is a residing Filipino citizen.
- The principal owner/s is at least 21 years of age at the time of application and not older than 65 upon maturity of the loan.
- Their business must be duly registered by the SEC to operate as a business in the Philippines for at least three years.
- They must have a profitable business that has been operational for the past three years.
- There should not be any reverse credit findings on the company and its principals.
- The applicants must also ensure they do not have an existing loan under UnionBank.
Pros and cons of AUB business loans
Below are some pros and cons to consider before applying for an AUB business loan:
Pros
- There’s a long range of business loans to choose from.
- The loan has a reasonable interest rate if compared to competitors.
Cons
- Not enough loan information is stated on the bank’s website, which means you must call a customer rep or visit a bank branch for full terms and information.
- There is no online application. Loan application is only available in-branch.
How to repay AUB business loan?
Most business loans in the Philippines are repaid in a set or equal monthly payments that include principal and interest. For more information on business loan repayment, call the Asian Union Bank account management department at 8282-8888.