If you are an overseas Filipino worker (OFW) and in need of a short-term loan, the Asia United Bank (AUB) can help you out. The bank promises to provide qualified borrowers with quick and easy access to cash through the OFW Loan program it offers. Let’s take a more in-depth look at the benefits that come with using the Asia United Bank OFW Loan.
Also Read: Top Savings Accounts for OFWs
To discover a loan program that suits your goals and circumstances, you should shop around for different financial institutions and compare their options. If you do this, you will be able to find anything that matches your needs.
To avoid a negative impact on your credit score, you must be aware of the terms and characteristics of any loan program you are contemplating. Failure to comply with this provision may make receiving funds from the same or other institutions more difficult in the future, making compliance with this requirement crucial.
Applying for an Asia United Bank (AUB) OFW Loan
Overseas Filipino Workers (OFWs) can apply for an Asia United Bank OFW Loan to cover medical expenses, tuition, or to establish a business.
Asia United Bank is one of the few banks that received a full-branch commercial bank license in 1997 and is still in operation today. AUB joined the ranks of Philippine Banks that have gone public and gained universal banking status in 2013.
Under Monetary Board (MB) Resolution No. 1149 dated September 3, 1997, AUB was granted the authority to function as a commercial bank and began operations on October 31, 1997. The Bangko Sentral ng Pilipinas (BSP) granted it permission to upgrade its license to expanded commercial banking status in 2012.
AUB has gradually grown over the last three years by cultivating a strong and loyal client base through cautious and focused client generation operations and technology advances for both its deposit-taking and lending divisions.
And here’s how an Asia United Bank OFW Loan works for loans offered to the general public:
Here’s Why You Should Get an Asia United Bank OFW Loan
With over 20 years of experience, AUB has offered its clients the greatest banking experience possible, as well as specialized products and services, including the Asia United Bank OFW Loan targeted at assisting them in shaping the future they desire.
AUB has developed and is still developing numerous platforms and services to make the banking experience better and more comfortable, from automating banking transactions through the Virtual Teller Kiosk to making banking easier and accessible through Preferred Online Banking.
Advantages Of Applying With Asia United Bank OFW Loan
In order to meet the needs of its customers, Asia United Bank provides a user-friendly and customer-centered service, as seen through:
- Fast processing of loan applications;
- High interest on the loan for the borrower
Types of Asia United Bank OFW Loan
Asia United Bank OFW Loan programs include home, motor vehicles, salary loans, and small business loans.
The sections that follow go into detail about the characteristics, requirements, application process, and benefits of each Asia United Bank OFW Loan program.
Asia United Bank Home Loan Program
The preferred home loan offered by Asia United Bank allows for loan amounts of up to P500,000 and a loan-to-value ratio of up to 80%. It comes with adaptable terms as well as many payment choices.
Features:
Loanable Amount: Maximum loan amount of up to 80% of the appraised value or minimum loan amount of Php 1,000,000.
Term: Flexible payment terms of up to 20 years
Interest Rate:
- 0% fixed for 1 year
- 5% fixed for 3 years
- 0% fixed for 5 years
Form of Payment: Auto Debit Arrangement
Home Rate Protect:
- Feature 1: +0.25% on interest rate after the fixing period for Home Loan with excellent payment rating
- Feature 2: Interest rate cap of 9% on all Home Loan
Eligibility
Everyone must go through the application process when it comes to getting a home loan. Most banks follow a set of general criteria when it comes to assessing a loan.
Usually, banks require that the housing loan applicant be at least 21 years old. They also require that they be employed for at least two years in their current company.
One of the most important factors that banks consider when it comes to determining if a person can buy a home is their gross income. Most lenders require that buyers have at least a gross income of at least P50,000 monthly.
Unfortunately, the Asia United Bank has not disclosed the exact list of eligibility requirements for its mortgage program.
Requirements
Basic Requirements
- Duly Filled-out and signed application form
- Photocopy of two (2) valid IDs each from the principal borrower and co-borrower
- Photocopy of Marriage Contract or CENOMAR, as applicable
- Collateral Requirements (**Accredited Developers)
- Copy of collateral title (TCT /CCT)
- Statement of Account, Reservation Agreement/ Contract to Sell**
- Photocopy of the lot plan / vicinity map / subdivision plan
- Photocopy of updated Tax Declaration, Tax Receipts and Tax Clearance
Employed
- Photocopy of Certificate of Employment
- Photocopy of latest three (3) months payslip
- Photocopy of latest Income Tax return / BIR form 2316
Self-Employed
- Photocopy of Business Registration Papers i.e., SEC Registration / Articles of
- Incorporation / By-laws / GIS or DTI Certificates Mayor’s Permit / Business Permit
- Photocopy of latest three (3) months bank statements
- Photocopy of Audited Financial Statements (for the last 2 years)
- Photocopy of Income Tax Return (for the last 2 years)
- List of major trade suppliers and customers w/ contact details (if applicable)
Corporation / Partnership
- Copy of business registration papers with DTI (if single proprietorship) or SEC (if partnership or corporation)
- Copy of Audited Financial Statement (latest 1 year)
- Copy of Income Tax Return (ITR) with BIR or bank stamp (latest 1 year)
- Secretary’s Certification / Board Resolution
Some reminders on the AUB Home loan Requirements:
- The documents you need may depend on what the loan is for. If you want to buy a house, you need to have it appraised and then get a loan based on what it’s worth on the market. You will only need the title to the land, a contract to sell it, a map of the area, and tax documents.
- If you want a loan to build a house, you will need to show the floor plan, the building specifications, and a list of the costs of building the house.
- If you don’t need as much as P500,000 for your home, you should look for other ways to get the money. This is to keep you from being tempted to borrow more than you need.
- Think about any other possible fees and how they might affect your budget. Don’t just think about how much you must pay back and how much interest you have to pay. Know that you will have to pay a lot of other fees. Ask AUB if it will charge you an appraisal fee, a handling fee, a notary fee, a registration fee, a document stamps tax, and insurance fees.
- You can get a Pag-IBIG housing loan if you are a member of the Pag-IBIG Fund. Ask the AUB bank if your Pag-IBIG housing loan can help you with your payments. Some financing companies work with Pag-IBIG to make it easier for working Filipinos to pay back their housing loans.
How to Apply for an Asia United Bank Personal Loan
Interested clients may apply for an Asia United Bank Auto Loan by clicking this link.
Asia United Bank Motor Vehicle Loan
The Asia United Bank Motor Vehicle Loan Products can help you finance the purchase of a new car or the acquisition of a used vehicle. The bank will also assist you in finding the best deal on a brand-new vehicle or in acquiring a used car.
According to the corporate website of the financial institution, the Motor Vehicle Loan come in the following types:
- Auto Loan
- Big Bike Loan
- Truck Loan
Eligibility
Everyone must go through the application process when it comes to getting a motor vehicle loan. Most banks follow a set of general criteria when it comes to assessing a loan.
Usually, banks require that the housing loan applicant be at least 21 years old. They also require that they be employed for at least two years in their current company.
One of the most important factors that banks consider when it comes to determining if a person can buy a motor vehicle is their gross income. Unfortunately, the Asia United Bank has not disclosed the exact list of eligibility requirements for its motor vehicle loan program.
Auto Loan Requirements
Employed
- Duly accomplished Application Form
- Two (2) Government IDs with clear signature
- Latest BIR Form 2316 or Income Tax Return (ITR)
- Latest three (3) months payslip
- Certificate of Employment (COE) indicating salary, position and length of service
Self Employed
- Duly accomplished Application Form
- Two (2) Government-Issued IDs of the owner and spouse
- DTI Registration
- I.S. (General Information Sheet)
- Articles of Incorporation and By-Laws with SEC Registration Certificate
- Audited Financial Statements for the last 2 years with the latest Income Tax Return
- Bank statements for the past 6 months
Partnership
- Duly accomplished Application Form
- Certificate of Registration of Articles of Partnership with SEC
- Articles of Co-Partnership
- Notarized Partnership Agreement
- Two (2) Government-issued IDs of partners
- Latest Income Tax return
Corporation
- Duly accomplished Application Form
- SEC Certificate of Registration
- Latest Articles of Incorporation and By-Laws
- Latest General Information Sheet
- Latest Audited Financial Statements stamped received by the BIR and SEC
- Latest Income Tax Return
- Bank Statements for the last six (6) months
- Two (2) Government-issued IDs of Signatory/ies
Big Bike Loan Requirements
General
- Two (2) valid government-issued IDs with photo and signature
- Latest Proof of Billing under your name
Locally Employed
- Latest Income Tax Return or BIR Form 2316 or Pay Slips for at least 3 months
- Latest Certificate of Employment with position, length of stay and compensation
Self-Employed
- Latest Audited Financial Statements for the last 2 years
- Latest Income Tax Return(ITR)/ BIR Form 2316 (duly stamped by BIR)
- Bank statements or photocopy of passbook for the last 3 months
- Certificate of Business Registration with DTI (Sole Proprietorship) or SEC (Partnership/Corporation)
Overseas Filipino Workers
- Proof of Remittance(allotment slips) for the last 3 months
- Latest Crew Contract duly authenticated by Phil. Consulate (for OFWs)
- Consularized Special Power of Attorney
Big Bike Loan Requirements
Employed
- Duly accomplished Application Form
- Two (2) Government IDs with clear signature
- Latest BIR Form 2316 or Income Tax Return (ITR)
- Latest three (3) months payslip
- Certificate of Employment (COE) indicating salary, position and length of service
- Proof of Billing Address
Self-Employed
- Duly accomplished Application Form
- Two (2) Government Issued ID’s of owner and spouse
- DTI Registration
- I.S. (General Information Sheet)
- Articles of Incorporation and By-Laws with SEC Registration Certificate
- Audited Financial Statements for the last 2 years with latest Income Tax Return
- Bank statements for the past 6 months
How to Apply for an Asia United Motor Vehicle Loan
Interested clients may apply for a Asia United Bank Home Loan by filling out the online application form using this link.
Asia United Bank Salary Loan
You are welcome to submit an application for the Salary Loan offered by the Asia United Bank in securing your personal goals or securing your family’s future. This program comes in two types:
- Seafarers Loan
- Cashelp
Seafarers’ Loan
This multi-purpose loan is exclusive to qualified seafarers for short-term financial needs (up to 10 months).
Features:
- Lowest Interest Rate
- No Advanced Payment, No Co-Maker!
- Approved and Released in 24 Hours!
- You can borrow up to Php 500,000*
* Subject for credit evaluation and approval
Eligibility
- The applicant must be a Filipino citizen
- 21-60 years old at the time of loan maturity
- Must have completed at least one employment contract at the time of loan application
- Must open an account with AUB
- Minimum gross salary of USD $800
Requirements:
- Completely filled out and signed Application Form
- Photocopy of Employment Contract with POEA stamp
- Photocopy of Passport and Seaman’s Book
- Photocopy of Seafarers Registration Certificate (SRC) or Worker’s Information Sheet (WIS)
- Allotment Arrangement certified by the company
- Plane ticket or Certificate of Departure issued by the manning agency
- Authority to deduct from AUB account
Cashelp
AUB CASHELP is a multi-purpose salary loan available to qualifying employees of recognized businesses. It offers simple credit with repayment via wage deduction.
Benefits:
- Paperless Loan Application
- High Loanable Amount of up to 6x of gross salary
- Affordable interest rates
How to Apply for an Asia United Cashelp:
Interested clients may apply for an Asia United Bank Cashelp, please refer to the following steps:
- Download the AUB Mobile App via App Store or Google Play Store Open the app, then tap Loans Select CASHeIp Salary Loan.
- Read the steps and tap Apply Now then Enter your Company Code.
- Accept the Terms and Conditions.
Asia United Bank Commercial Loan
- Short-Term Loans (Denominated in both Peso and Dollar) – The maximum term of the credit line arrangement for working capital is one year.
- Long-Term Loans (Denominated in both Peso and Dollar) – loans on a term basis for the development or expansion of a plant, including the purchase of any other required capital. The tenor typically ranges from three to seven years.
- Domestic Bills Purchase Line – Direct purchase of the customer’s checks in exchange for their deposit into their deposit account at the financial institution.
- Foreign Bills Purchase Line – Outright purchase of the client’s dollar-denominated or third-currency denominated drafts upon deposit of these drafts in the client’s deposit account in exchange for cash.
- PDC Discounting Line – A credit facility in which the receivables of the client, in the form of post-dated cheques, are discounted with a bank in order to obtain cash for the facility.
Tips when Applying for an Asia United Bank OFW Loan
1. Visit the bank first with all your questions or concerns so that you can make a decision quickly.
Writing down the challenges and difficulties you wish to discuss with the bank representative will make the process easier for you.
2. Before applying, use the bank’s loan calculator.
If you utilize the bank’s loan calculator tool, which is available to all clients, you will be able to calculate your monthly installments by viewing a graphical representation of what those payments will be. This is true regardless of which option you choose.
3. Preparation is required before applying for a loan.
Make sure you understand that it is wiser to borrow only what you need rather than what you wish to spend your money on.
4. Make sure you have the necessary documents before interacting with a bank.
This will simplify the procedure and free up more of your time to focus on the things that must be performed in the coming days and weeks.
5. Learn to negotiate
Learn to negotiate if you are being offered bundles or extras when purchasing a car from a dealer so that you may receive the best deal possible. Choose the one that is most important to you and trade it in for one of the available bundles that you do not require.
6. Look at insurance requirements and coverage.
Ask what kind of insurance you are required to carry and whether you can get it from a third-party source who is not associated with the company and who offers a reduced price if you do so. Because of this, the overall cost of your loan can end up being lower.
It is in your best interest to spend some time and investigate your options before committing to a car loan.
Asia United Bank OFW Loan FAQs
1. What can an Asia United Bank OFW loan be used for?
- paying for the utility bills
- covering the travel expenses
- paying for the hospital bills
- improving your home
- buying a new appliance
- funding a celebration
- buying a new gadget
2. What are some considerations when gathering the requirements for an AUB Home Loan?
- Different banks have different lists of what they need. You should know what you need to send in because missing requirements can slow down the process of getting a loan. Also, you need to make sure the documents are correct, easy to read, and consistent.
- AUB needs at least two valid forms of ID (each from the principal borrower and co-borrower). If you are married, you must also bring a photocopy of your Marriage Contract from the NSO.
- As for the documents for the collateral, you will need to show a copy of the title, a Statement of Account, a Reservation Agreement or a Contract to Sell from an Accredited Developer, a copy of the lot plan or a map of the area, and updated tax documents.
- If you want to use the loan to build a house, you will also need a floor plan, building plans, and a list of the materials you will need. This will help the bank decide how much money to give you to build your house.
- Your proof of income is also very important. You must show your Certificate of Employment, your pay stubs from the last three months, and your most recent Income Tax return. If you are self-employed, you need to include your business registration papers, audited financial statements for the last two years, your income tax return, your bank statements from the last three months, and a list of your biggest customers and suppliers with contact information.
3. What is the AUB Home Loan Amount?
The amount that can be borrowed varies from bank to bank as well. You can choose that the minimum loan amount offered by various banks is P300,000, while the minimum loan amount offered by AUB is P500,000. Do not give in to the temptation to borrow anything that you have no use for. Keep in mind that the interest rate will increase proportionately with the amount of money you borrow.
4. What is the AUB Home Loan Term
The selection of the loan period is not something that should be made on the spur of the moment. It’s possible that selecting the longest term will bring you the lowest possible monthly payment, but doing so will also drive up the total cost of the loan.
In addition, if you want to pay off the loan earlier than what was agreed upon, you may be subject to a prepayment penalty that is calculated based on the amount that is still owed.
5. What is the AUB Auto Loan Amount?
The least amount you can borrow for a car loan from AUB is P200,000. If you don’t need that much money, you shouldn’t be tempted to borrow it. Remember that the interest you have to pay goes up the more you borrow.
6. What is the AUB Auto Loan Term?
Loan term is how long it takes to pay back a loan. Most of the time, a longer term means a lower monthly payment, but it also means that you will have to pay for a few years.
And if you have a long-term loan, you might have to pay more interest. Car loans from AUB can be for as little as 12 months or as long as 60 months, or five (5) years.
7. What is the AUB Auto Loan Interest Rate?
Everyone knows how important it is to think about the interest rate when getting a loan. The interest rates at AUB are not made public. To find out how much they charge for interest, you have to ask them yourself.
Interest rates usually depend on the loan term. Other banks charge lower interests to their loyal clients.
8. What is the AUB Auto Loan Mode of Payment?
This loan is paid back with Post-Dated Checks or an Auto Debit Arrangement. If you want a car loan, make sure you can pay each monthly payment without much trouble. Most banks, including AUB, get loan payments through Post-Dated Checks or an Auto Debit Arrangement.
Summary
The application procedure for an Asia United Bank OFW Loan product that is offered has been simplified, and as a result, it is now both speedy and straightforward to complete. Because of this, you will have the opportunity to save both time and money.
Finding the appropriate loan and being able to satisfy its conditions can each take a significant amount of time and be quite challenging to accomplish successfully. A great number of people are clueless on where they should look for answers.
Nevertheless, it is of the utmost importance that you obtain the loan that is suitable for your requirements as well as the conditions in which you find yourself. Thankfully, the Asia United Bank OFW Loan may be one of your top choices.
Depending on the terms of the loan, customers of this financial institution have a choice of options to choose from when it comes to how they put their personal loans to use. They could prove useful in getting you through the day and assisting you in achieving your goals.
An Asia United Bank OFW Loan may be used in the future to provide funding for the acquisition of real estate or the launch of a company. Applying for a loan of this kind is a straightforward process that won’t take up much of your time and won’t be necessary if you can maintain consistent payments on your other obligations and meet all the requirements.
When it comes to the many kinds of loans and the quantities that can be borrowed, there is a wide range of flexibility offered by financial organizations like banks and other financial companies. After reading this article, you might be interested in the following products and deals that are currently being offered. Find out more about these loans by clicking here.
Contact Information
Asia United Bank Corporation Head Office
Address: Joy~Nostalg Center, No. 17 ADB Avenue, Ortigas Center, Pasig City, Philippines
Trunkline: 02) 8631-3333 / (02) 8638-6888
Email: customercare@aub.com.ph
Google Map Location: