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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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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.

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.

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.

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:

**Home developers.**This is a lengthy list of authorized housebuilders who operate with the bank.**Contract price.**This is the purchase price of the building you want to acquire. It is the total contract price you have agreed upon with a developer. Before applying for the Union Bank house loan, you should study more about the home you desire, including all the financial aspects of purchasing it. Enter the total agreed-upon contract price with the dealer in this section.**Downpayment percentage.**This is the entire amount of money you pay upfront to buy a property, represented as a percentage of the total loan or unit amount. Your interest rate may be affected by the amount of your down payment. Union Bank usually provides lower interest rates if you make a more significant down payment. The bank accepts down payments ranging from 10% to 90% for accredited partners and 40% - 90% for non-accredited partners.**Loan term.**The loan term refers to the time you have to repay the debt. The longer the duration, the lower your monthly payment, but the higher the total interest paid. The shorter your loan term, the higher your amortization and the lower the total interest paid. Loan periods of up to 20 years are available from the bank.**Interest rate.**The interest rate tells you how much it costs to borrow money or how much it pays to save money. If you're a borrower, the interest rate is the cost of borrowing money stated as a percentage of the total amount. The higher the percentage for a specific debt, the more you must pay back. Even minor changes in interest rates can have a significant impact. It is vital to track whether they rise, fall, or remain steady.**Car condition.**This relates to whether you want to buy a new or used automobile. If you don't know the interest rate, this may help you figure it out because interest rates on used cars tend to be higher. In the Union Bank loan calculator, you must select either a new or used vehicle. When you take out a loan to finance a new automobile, you must choose**Brand new**, and when you take out a loan to finance a used car, you must select**Pre-owned**.

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:

**Car price.**This is the most current pricing for the automobile brand you selected.**Insurance premium.**An insurance premium is the amount of money paid for an insurance policy by an individual or corporation. Premiums for plans covering healthcare, vehicle, house, and life insurance are paid. The premium is money for the insurance firm after it is earned.**Chattel mortgage fee.**A chattel mortgage charge is a cost you will pay the Union Bank to collect cash for a chattel mortgage. Customers can use a chattel mortgage to finance cars utilized for business at least 50% of the time. It's comparable to a secured car loan.**Amount financed.**The total amount of your loan will be displayed here by the tool. It subtracts the downpayment percentage from the previously specified unit value and presents the result in figures so you can see your loan amount.**Total cash out.**This is the total amount you will have to pay for your loan. The tool will convert the previously provided downpayment percentage into values. This will enable you to see exactly how much you are paying.**Monthly amortization.**This is a monthly payment made to Union Bank on a specific day each calendar month to settle their debt. Monthly payments are utilized to pay the interest rate and principle until the loan is entirely paid off over a certain period. After you enter all required information, such as your desired loan amount, loan period, and interest rate, the monthly payment will be presented immediately, indicating the amount you are likely to pay at the end of each month.

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

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

Where:

M = Monthly payment

P = Total loan amount

R = Interest rate

N = Loan tenure

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.

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

The home loan calculator

The auto loan calculator

Union Bank will lend you up to 90% of the value of the collateral you specify. By acquiring your credit report from credit assessment agencies, the bank will examine your financial ability to pay and your character as a borrower.

With a Union Bank home loan, you can buy a lot, a house and a lot, a townhouse, or a condominium unit. You can renovate your present house, construct a new home, and then refund the money you spent on the property. If you feel it would give you financial relief, Union Bank also allows you to use this loan to pay off an existing mortgage.

Before you apply for a loan, use the Union Bank home loan calculator to determine the total loan amount, anticipated monthly amortization, and minimum necessary income.

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:

M = Monthly payment

P = Total loan amount

R = Interest rate

N = Loan term

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

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

If you are between the ages of 21 and 70 at the time of application, a Filipino citizen, a foreigner resident in the Philippines for at least one year, or a foreigner with a Filipino co-maker, you are eligible to apply for a Union Bank auto loan, whether it is for a new or used vehicle.

The loan features a low down payment, competitive interest rates, a simple amortization structure with numerous financing options, and a convenient payment option.

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:

M = Monthly payment

P = Total loan amount

R = Interest rate

N = Loan tenure

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

Visit the Union Bank website and click on

**Personal, Loan,**and**Auto loan**.When the page opens, click on

**Let’s go**to access the Union Bank auto loan calculator.Choose if you are financing a new car or a second-hand one.

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

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

Type in your budget and select a downpayment.

Select a loan period and click on

**Calculate.**Your loan summary will automatically appear on the right-hand side of the screen.

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

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.

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.

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.

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.

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.

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.

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 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).

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).

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 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 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:

Contract price - ₱10,000,000

Downpayment - 30%

Interest rate - 8.25% fixed for five years

Loan term - 15 years

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

Loan amount = ₱7,000,000.00

Estimated monthly amortization = ₱67,909.825

Minimum required income = ₱169,774.563

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

Contract price - ₱7,010,000

Downpayment - 45%

Interest rate - 11% fixed for ten years

Loan term - 20 years

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

Loan amount = ₱3,855,500.00

Estimated monthly amortization = ₱39,796.023

Minimum required income = ₱99,490.059

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:

Vehicle type: Brand new

Budget: ₱5,000,000

Total loan period: 60 months

Downpayment: 30%

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

Car price = ₱8,790,000.00

Insurance premium = ₱146,027.02

Chattel mortgage fees = ₱125,142.15

Amount financed = ₱6,153,000.00

Total cash out = ₱2,908,169.17

Monthly amortization = ₱135,135.25