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Unionbank loan calculator

Unionbank loan calculator online in the Philippines in 2022. How to figure out the loan yourself? A handy tool that will show whether you can pay off a loan, help you choose lending with affordable payments.

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Calculate the loan at Unionbank
Interest rates are given in accordance with the rates of the UnionBank in Manila as of 01.12.2022
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i

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PHP
PHP
1000 ₱
1000000 ₱
Loan term
i

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months
days
1
12
Interest rate
i

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0.5 %
2 %
Type of payments
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The Union Bank of the Philippines, Incorporated, or simply Union Bank, is one of the Philippines' universal banks and the country's ninth largest bank in terms of assets. It is a collaboration between the Aboitiz Group, Insular Life, and the Social Security System (SSS). It began operations in 1981 and was chartered as a commercial bank on January 19, 1982. Union Bank was, however, awarded a license to operate as a universal bank in July 1992.

Union Bank recognizes the evolution of banking and aims to be the Philippines' premier digital bank to serve the expanding requirements of Filipinos better worldwide. The bank has consistently been among the first to adopt technological advancements to serve its customers better. As a result, it has been regularly acknowledged as one of Asia's premier corporations, ranking among the top universal banks in the Philippines in terms of efficiency and profitability.

Union Bank's digital transformation plan underscored the bank's commitment to providing exceptional client experiences and promoting inclusive prosperity in the country. For numerous years, major institutes named the bank Best Digital Bank, and it was also awarded in the areas of change, people, and culture. Union Bank holds steadfast in its pledge to drive the future of banking by co-creating technologies for its customers and a better world with its mission to Tech up Pilipinas and be a facilitator of the Philippines' ambition to become a G20 country by 2050.

What is a Union Bank loan calculator?

You may need to borrow money from a lending institution sometime in your life. Whether you're buying a car or a house, starting a business, consolidating debt, coping with unexpected expenditures, or paying for college, there will be occasions when you need more money than you have saved. A loan is generally a better option for a ready supply of cash than a credit card since loan interest rates are often substantially lower than credit card interest rates. A Union Bank loan calculator is a free tool that will assist you in determining whether the loan you are considering is competitively priced and appropriate for you. A Union Bank loan calculator calculates the terms of a Union Bank loan. You may calculate the entire cost by entering loan information like loan duration and interest rate. Your monthly payments will drop as the loan term lengthens, while the overall cost of the loan (the total paid) will increase.

How does the Union Bank loan calculator work?

This free tool is simple to use, understand, and does computations quickly. You must provide your loan information, which includes, among other things, your loan duration and selected monthly installment payment. Identifying your loan type, which defines your allowed loan payment schedule, is the first step in determining your monthly payment. This phase has no mathematics. Is it an interest-only loan or an amortized loan? You'll be able to figure out what kinds of loan payment calculations you'll need to conduct once you know. You can consult the support representative on the bank's website if the transaction gets confusing at any point.

The tool calculates your maximum loanable amount based on your chosen loan terms. All you should do is enter your information and select the ideal loan period for you and the appropriate interest rate. The tool will calculate your expected monthly amortization and needed minimum income. Also, remember that the computation is simply an estimate and excludes out-of-pocket expenses such as the application form cost, appraisal fee, mortgage registration fee, and any other fees linked with your housing loan application form.

Inputs

The inputs are the data the tool needs to compute the monthly payments and other outputs. You will need the following input data and information to calculate your possible loan details:

Outputs

The outputs are the results of the tool's analysis of the information entered by the user. In the Union Bank loan calculator, the following are the anticipated computed values or output:

Union Bank loan calculator formula

The formula the tool uses to calculate the fixed monthly payment is:

M = {P[(1+R)^N]}/[(1+R)^N -1]

Where: 

The Union Bank loan calculators consider the vehicle's unit price, your down payment, the bank's interest rate, and the loan period. The amount owing is paid in equal monthly installments, including principal, interest, and fees, over the life of your loan. Although your term may vary, you should expect to make 12 payments every year.

Types of Union Bank Bank loan calculator

There are two loan calculators on the Union Bank website, they are:

Union Bank home loan calculator

How it works

You may use their house loan calculator to calculate your monthly payment, or you can do it manually if you're ready to do some arithmetic. Here is the traditional formula for calculating your monthly mortgage payment by hand:

M = {P[(1+R)^(Nx12)]}/[(1+R)^(Nx12) -1]

Where: 

To calculate your Union Bank home loan’s monthly payment, you have to follow the steps below:

  1. Visit the Union Bank website and click on PersonalLoan, and Home loan.
  2. When the page opens, click on Let’s go to access the Union Bank home loan calculator.
  3. Choose if you are using an accredited dealer or a non-accredited one. If you are using an accredited one, select from the list.
  4. Type in your contract price, and downpayment, then select your interest rate.
  5. Type in the loan period.
  6. Your loan summary will automatically appear on the right-hand side of the screen.

Union Bank auto loan calculator

How it works

You can use the Union Bank vehicle loan calculator to estimate your monthly payment or do it manually if you're ready to do some arithmetic. The following is the conventional formula for calculating your monthly loan payment by hand:

M = {P[(1+R)^N]}/[(1+R)^N -1]

Where: 

To calculate your Union Bank auto loan’s monthly payment and some other fees, you have to follow the steps below:

  1. Visit the Union Bank website and click on Personal, Loan, and Auto loan.

  2. When the page opens, click on Let’s go to access the Union Bank auto loan calculator.

  3. Choose if you are financing a new car or a second-hand one.

  4. Choose if you want to start with a budget or if you have a car in mind.

  5. Select a car brand from the list. When you are done, select its model.

  6. Type in your budget and select a downpayment.

  7. Select a loan period and click on Calculate. Your loan summary will automatically appear on the right-hand side of the screen.

What are the benefits of the Union Bank loan calculators?

The following are some of the benefits of utilizing Union Bank loan calculators:

It allows you to experiment with values

A Union Bank loan calculator allows you to experiment with the factors that affect your monthly payments, making an informed decision. Your loan amount, loan length, and monthly interest rate all impact your monthly payment. 

This is because monthly amortization is directly related to the principal amount borrowed: the more significant your loan amount, the greater your monthly payment. Furthermore, a longer loan term helps reduce your monthly payments, but a shorter period raises your payment. A greater interest rate, of course, indicates a more significant monthly payment. The calculator allows you to experiment with different loan amounts and loan durations to discover the right loan amount you can take out without incurring financial hardship, as well as the period you can comfortably repay your loan.

It is time-saving

The Union Bank loan calculator provides fast and reliable results. The tool is available online, which saves you the time and effort of going to the bank, standing in lines, and calculating your loan conditions. The loan application process is then finished. 

Furthermore, the hassle of completing a slew of time-consuming paperwork or calling an agent to determine loan amounts and interest rates is alleviated. Calculators are available online, so you may use them while walking, taking a break at work, or even on vacation in the most remote parts of the world. You only need a dependable and secure Internet connection.

It makes calculations easier

You must first determine your monthly payment before proceeding with any loan paperwork. If you are one of those customers ready to apply for a Union Bank loan, enter the loan amount, interest rate, loan term, and other needed inputs for your specific loan type. The loan calculator will do the necessary calculations and return the monthly payment amount to you as quickly as feasible. You may also use the calculator to see how much money you can borrow.

It is easily accessible

You can use a Union Bank loan calculator whenever and anywhere. Depending on your requirements, you can utilize the calculator an infinite number of times. That is better than going to the bank and doing complicated mathematical operations that may leave you confused. Connect to the Internet from wherever you are and use the Union Bank loan calculator.

It is multifunctional

A loan-specific Union Bank loan calculator is advisable because it simplifies and expedites your process. In other words, customers may use a separate calculator to compute every type of loan, whether personal, home, or car. Although the conditions for each loan are typically the same, there may be situations when loan-specific calculators are required. The tool's suitability may be determined in terms of a single loan and should only be used for that loan.

It provides accurate results

One of the most significant benefits of utilizing the Union Bank loan calculator is the accuracy of the findings. There is always the possibility of making mistakes while manually calculating the loanable amount. You are not required to utilize pen and paper and risk wrongly calculating the loanable amount. 

You also don't have to sit around and experiment with various effective interest-rate combinations, desired loan rates, and loan tenures on your own. Using the loan calculator will save time since it provides precise and rapid answers for several loan possibilities in seconds. The algorithm allows you to experiment with different loan terms and tweak the components affecting your loan without negatively impacting your credit score.

Functions of Union Bank loan calculators

The tools are pretty simple to use; no particular skills are required, and no special functions exist. Some Union Bank calculator functions are listed below.

Addition

Addition is the process of determining the total, or sum, by adding two or more variables (must be on the consent of all the variables). The calculators uses this function throughout the process, for instance where it added one and the interest rate (1+R).

Multiplication

When we multiply, we add equal groupings or items, therefore the number of objects in the group rises. Union Bank loan calculators uses this function as well, for instance where it multiplied the loan term by 12 (Nx12).

Raise to a power

To put it simple, raising anything to a power implies multiplying the power for a number of times. Just as we may think of multiplication as repeated addition, we can think of powers as repeated multiplication. This also happens when using the tool, for example, this function is applicable when it raises a function to the power of the loan term [(1+R)^N].

Brackets

Brackets are a series of markings, similar to parentheses, used to surround a collection of phrases, products, services or variables. Any terms included between the brackets must be considered a group. For instance in the tool we have the expression (1+R)^(Nx12), (1+R) and (Nx12) are enclosed in brackets, meaning we must treat each of them as one.

Example of calculations using a Union Bank loan calculator

Example 1: Let's assume a Filipino is interested in a Union Bank home loan from one of the banks’ accredited developer and their preferred loan details are as follows:

Applying the above information to a Union Bank home loan calculator, we receive the following results:

Example 2: A person wants to collect a Union Bank home loan from a non-accredited developer and their loan details are as follows:

After inputting these into the calculator, the result will be as follows:

How to perform complex calculations using a Union Bank loan calculator

Let's assume someone is interested in using Union Bank auto loans to fund the purchase of a BMW 6 Series 630D Gran Turismo Luxury, with the following details: 

When we input these data into a Union Bank loan calculator, we have: