Guide on UnionBank Personal Loan Interest Rate & How Much You May Borrow
UNIONBANK PERSONAL LOAN INTEREST – Here is a guide on the loanable amount and the interest rate charged by UnionBank Philippines.
One of the trusted and most popular banks in the country is the UnionBank Philippines. It has several offers encompassing savings and checking accounts, loans, investment products, and credit card offers among others.
With regards to the UnionBank Personal Loan, it is a multi-purpose cash loan offer that you can turn to for financial needs. Under the offer, the maximum loanable amount is Php 2 million.
UnionBank does not require a collateral in applying for the loan offer. A collateral is a property that the bank can take in the even of non-payment for the loan. Furthermore, the bank also does not require a guarantor to qualify for the loan offer.
The UnionBank Personal Loan is payable from one (1) year up to five (5) years. It will be released through a bank credit to your nominated bank account or a delivery of a Manager’s Check to your billing address.
With regards to the UnionBank Personal Loan interest rate, it is computed based on the unpaid daily balance of the loan. The interest is charged on a monthly basis.
On the UnionBank Personal Loan interest rate on a daily basis, it will be equal to the annual interest rate at the time divided by 365.
According to the bank, an initial interest will be charged on the first statement fo account issued following the Personal Loan application’s approval. The first estimated monthly installment (EMI) will be in the succeeding statement.
It is important to pay for your loan due on time to prevent incurring a monthly late charge of Php 500 or 6% of the overdue amount depending on whichever is higher. In case of returned checks, there will be a penalty of Php 1,500.
