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UnionBank business loans for September 2022 in the Philippines

Get a business loan at UnionBank. On 25.09.2022 there are 2 options available to you. Increase your chances of getting a loan — fill out an application with a free credit rating check.

Offers: 2

Updated:
29.08.2022
08:41
UnionBank
Dealers Financing Line
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Recommended FinScore™
0
300
650
1000
up to ₱10,000,000
Term
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Loan term for the financial product

flexible
Submit your loan application online
Submit your loan application online

Take advantage of our business loan selection system with a free credit check!

UnionBank
MSME Business Loan
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The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Recommended FinScore™
0
300
650
1000
₱50,000 - ₱1,000,000
Rate
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Effective interest rate on the product

3% per month
Term
i

Loan term for the financial product

3 - 36 months

Business loan application in the Philippines

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100000 ₱
10000000 ₱
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1
72
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Loan comission
29 246
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UnionBank business loans for September 2022

UnionBank's business loans are officially known as the MSME business loans. They are designed specifically for medium and small-business owners. The loanable amount ranges from ₱50,000 to ₱1,000,000. The loan term is between 3 and 36 months.

How to apply for a UnionBank business loan?

To apply for a business loan from UnionBank, follow the steps below:

  1. Visit the UnionBank website and move your mouse to MSME.

  2. Go down and locate Loans. Click on it.

  3. When the page opens, scroll down and click on Apply online now! This will take you to a new page.

  4. On this page, you will first be required to check the outcome of your preferred loan terms using the loan calculator.

  5. Click on Sign-up to apply, sign up to the website, and follow the onscreen directives to apply for an MSME loan.

Requirements

Below are some of the requirements for a UnionBank business loan:

Pre-eligibility

To apply, the applicant must be over 21 years old. Their business must be registered as a corporation, partnership, or sole proprietorship with the Securities and Exchange Commission or the Department of Trade and Industry. It should also be operational for at least three years. If employed, they should earn a minimum of ₱50,000 every month. Apart from that, you will be required to submit the following documents.

For single proprietorship

  • Duly filled application form

  • The borrower's company profile

  • Latest 3-year 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 corporation

  • 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 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

Below are some pros and cons of MSME business loan

Pros

  • The loan application is online-based.

  • The loan can be approved in as little as one day.

  • The 3% monthly interest rate is considerably low compared to competitors.

Cons

  • There is not much information about the loan details on the website, meaning you may have to visit a bank branch to find out the details.

  • The loan application is done on another website and not UnionBank.

How to repay?

Like auto and home loans, UnionBank MSME loan borrowers can choose from three payment options. They can pay their monthly amortizations at any UnionBank branch or by issuing UnionBank post-dated checks. Borrowers can also use the auto-debit arrangement (ADA) function, which requires them to designate their accounts and define the amount and payment schedule. The payments will be withdrawn automatically from their UnionBank savings or checking accounts every month.

FAQ

What happens if I am unable to repay a UnionBank commercial loan?

If you cannot repay a business loan, UnionBank may file a lawsuit to reclaim the loan's principal and any outstanding interest, fees, and costs. This lengthy and costly procedure can be tremendously harmful to a company and, in certain situations, may even result in bankruptcy.

What is the operation of the UnionBank business loan calculator?

The UnionBank MSME loan calculator computes the borrowing cost and the maximum amount that may be paid in one installment. Enter the loan amount to calculate the monthly amortization for different terms.

Is it true that the more money you want, the less likely you will get a UnionBank MSME business loan?

No, the loan's desired principal amount has no bearing on whether or not you are authorized. UnionBank is often willing to meet significant funding requests for the suitable borrower. It's more profitable for them in the long term. Don't hesitate to request the amount of money you genuinely require.

How will I receive the funds from my UnionBank business loan?

The loan funds will be credited to your selected account as soon as your application is approved. If you do not already have a UnionBank current or savings account at the time of loan application, you must open one at the branch or online.

Can I get another MSME loan from UnionBank?

Loans can be re-availed as long as half of the initial loan principal has been returned and there is no history of missing payments. The previous loan balance will be deducted from the proceeds when the new loan is booked.