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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:
Visit the UnionBank website and move your mouse to MSME.
Go down and locate Loans. Click on it.
When the page opens, scroll down and click on Apply online now! This will take you to a new page.
On this page, you will first be required to check the outcome of your preferred loan terms using the loan calculator.
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.