Union Bank of the Philippines or UnionBank, as it is popularly called, is a publicly-listed bank that was incorporated in 1982. It is a universal bank with centralised and streamlined operations which helps it responsive and secure transaction processing. The Bank is backed by the Social Security System, Aboitiz Group and Insular Life, making it one of the largest banks in the country. In 2008, it obtained ISO 9001:2000 Quality Management System (QMS) Certification for its Central Processing Services and was thereafter certified for ISO 27001:2005 Information Security Management System ISO 9001:2008 certifications for its Customer Service Group in 2012 and Branch Operations Management in 2013 and in 2014, UnionBank successfully obtained ISO 22301:2012 Business Continuity Management System Certification.
You’re probably eligible for an Union Bank Car Loan if you are
At least 21 years old
Less than 65 years old
Salaried or self-employed
with regular income
Earn more than the minimum
Your Union Bank Car Loan amount eligibility is based on these factors
Minimum income required
P50,000 per month
EMIs of other loans lower
Increase your eligibility for Bank Car Loan amount by these steps
Pay off your credit card bills
Choose longer tenure loan up to 5 years
Documentation needed to apply for an UnionBank Car Loan
- 1.Duly filled application form
- 2.Photocopy of ID such as driver's license, passport, SSS ID, Postal ID, PRC ID
- 3. Latest income tax return statement
- 4.Documentation for salaried applicants:
- Original copy of Certificate of Employment with compensation provided
- Photocopy of last full month pay slip
- 5. Documentation for self Employed applicants:
- Photocopy of DTI registration or SEC
- Copy of the bank statements of last 3 months.
- Copy of Audited Financial Statements of the past year
UnionBank Car Loan DetailsUpdated on 03 Dec 2016
|Minimum Loan Amount||P200,000|
|Interest rates||5.68% - 29.99%|
Through UnionBank, choosing a car and availing car loan is a really easy process. The web portal of the bank also offers auto loan calculator for the customers to better understand the repayment pattern and related information.
UnionBank Car Loan Features and Eligibility
- The minimum loan amount is P200,000.
- Minimum down payment is only 20% of car value.
- Attractive and incomparable interest rates.
- Offers tools such as auto loan calculator.
- Quick approval, as soon as within four banking hours upon submission of completely filled up application form.
- High level of security and assured confidentiality.
- Superior services offered to customers including handling negotiation with dealers and getting offers, discounts and freebies for the customers to enjoy.
- Maximum loan term is 60 months.
- Mode of payment can be either Auto Debit Arrangement, i.e., the amount to be repaid is automatically deducted from the customer’s account, or Post-Dated Checks.
- The applicant must be between 21 to 65 years old.
- Total monthly income should be minimum P 40,000.
- Foreign nationals married to a Filipina or business entities like corporations and partnerships may apply for an auto loan.
- Applicant must be 65 years of age and not above upon maturity of the loan.
Documents to be submitted
Employed applicants will need to submit the following documents:
- Certificate of employment with compensation provided.
- Latest ITR statement received.
- Duly filled and completed application form.
Self-employed applicants will need to submit the following documents:
Union Bank Auto Loan Rates
|Term||Standard Installment Rate||One month Advance Installment Rate||Effective Interest Rate Standard Installment Rate||Effective Interest Rate One month Advance Installment Rate|
FAQ’s about UnionBank Auto Loan
- What kind of vehicles can I purchase with UnionBank? What are the terms and conditions applicable?
In order to avail an auto loan from UnionBank, the purpose of the vehicle to be bought should be for personal or business use, and not as an accommodation.
- What are the modes of payment which are available/offered by UnionBank?
The modes of repayment available/offered by UnionBank are: either through Auto Debit Arrangement or ADA which is automatically deducted from customer’s account; or through Post-Dated Cheques (PDC) with a minimum of 12 cheques for the customer’s monthly amortization.
Other Products from Union Bank