UNION BANK of the Philippines, Inc. (UnionBank) has launched a personal loan product that will now be processed digitally to allow for immediate cash disbursement after approval.
UnionBank’s “enhanced” personal loan is now available under a full digital process, from loan application to approval, it said on Thursday.
Borrowers can submit their documents, track their application status and receive approval via the bank’s secure digital platform. “This seamless process eliminates the need for branch visits and cuts down wait times significantly,” UnionBank said.
“At UnionBank, we’re redefining what customers should expect from their financial partners. With our all-new Personal Loan, we’re offering not just speed, but a seamless, empowering experience to help customers achieve their dreams faster,” UnionBank Cards and Consumer Loans Head Mukul Sukhani said.
UnionBank customers with a savings account can borrow up to P2 million without the need for collateral or a guarantor.
The loan product has flexible repayment terms of up to five years.
“UnionBank Personal Loan is designed for modern customers who value speed, simplicity, and security,” it said.
“Designed to meet the needs of today’s fast-paced lifestyles, UnionBank’s fully digital loan process gives customers access to fast, flexible financing for major milestones — from upgrading their dream home, pursuing higher education, making home improvements, to supporting a growing family — anytime and anywhere,” the listed bank added.
UnionBank’s attributable net income declined by 28.93% year on year to P14.06 in the first quarter due to one-time tax-related write-offs from a subsidiary and front-loaded non-recurring costs.
The drop came even as its revenues climbed by 8.4% year on year to P19.4 billion in the period amid continued growth in its consumer business.
Its shares went down by five centavos or 0.15% to close at P33.95 each on Thursday. — A.M.C. Sy
