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Why Asia United Bank Salary Loan is Not for Every Pinoy

Need cash for emergency bills, tuition fees or just to survive until the next paycheck?
Most Filipinos would encounter a financial need at least once in their lifetime. Utang has been part of our culture. When there is a need for funds, we think of ways to get cash.
Just like there are various kinds of loans, there are also a lot of banks and lenders who offer these financial solutions at your fingertips. Convenient?
Actually, you’ve got a lot of options on your plate. However, how will you know which one fits you best? Can Asia United Bank Salary Loan be your best bet to survive?

Why Asia United Bank Salary Loan is Not for Every Pinoy

Asia United Bank

AUB began as a joint venture between Filipino Industrialists and Taiwanese investment banks. It soon expanded to 204 branches. Asia United Bank was granted the authority to operate as a commercial bank on September 3, 1997. Then, by 2013 AUB was listed as a universal bank that offers a wide range of financial services such as investments, loans, and trading.
Currently, AUB offers four loan facilities: auto loans, home loans, salary loans, and commercial loans.

AUB Personal Loan

Asia United Bank Personal Loan or CasHelp is a multi-purpose salary loan. This means you can use the approved funds in any way you want. However, practically speaking, you have to use it wisely since you will have to pay it with an interest charge.
AUB salary loan may also not be applicable for every Pinoys. This is because you will need your company to be accredited with AUB.
Unlike other banks or registered money lenders, which offer loans only with your personal documents as requirements, AUB requires salary loan applicants to be employees of accredited companies.

AUB Salary Loan Eligibility

If you want to apply for AUB Salary Loan, you will need to be a regular employee who has been in your current company for a year. The minimum basic salary is at least P10,000 a month. This I quite low compared to most personal loans offered by banks.
Your monthly amortization must not exceed 25% of your net income to ensure that you can handle your finances despite the monthly repayments.

AUB Salary Loan Company Accreditation Requirements

Since this AUB loan will require you to have your company accredited, you will need a couple of documents. You must present the latest three (3) years of Audited Financial Statement, the latest General Information Sheet, the SEC Registration Certificate, and the company’s profile. Also, don’t forget to complete the AUB Salary Loan form. 
Getting these requirements could be a bit troublesome, and you will not be able to hide the fact that you are getting a loan. This could be a downside for individuals who want to keep their financial problems personal.

Asia United Bank Salary Loan Amount

You can borrow from P30,000 up to P250,000. However, the approved amount will greatly depend on a couple of things, such as your monthly salary, the loan term you have chosen, and your credit history.

Asia United Bank Salary Loan Interest Rates

Like most banks, AUB Salary Loan interest rates are subject to the bank’s approval. It could also be affected by your credit history, the amount of the loan, and your loan term.

AUB Seafarers Loan

AUB offers a personal for seafarers who are at least 21 years old but not older than 60 with a minimum gross salary of $1,000. You must have completed at least one (1) employment contract prior to the time of your loan application. It is a must to open an AUB account.

Asia United Bank Salary Loan Fees

The Late Monthly Payment Charge is 5% of every installment you missed or a portion of the remaining balance on each due date. You will be charged with Prepayment Penalty should you settle your loan ahead of the AUB loan maturity date. This will be computed based on the taxes, applicable interest, and costs incurred by the bank.

Facts to Consider:

  • Your company must be accredited with AUB. This means that if your company declines, then you can’t be approved for a loan.
  • The only payment mode is Salary Deduction. The loan repayments will be automatically deducted from your salary. This lacks flexibility as you will never know when a more important financial need pops up.
  • The amortization, interest rate, and loan amount are subject to the bank’s discretion.
  • AUB will review your Credit Reports. In the case of delinquency, your negative listings will be reported to any credit bureau or institution.

Need a loan, but your company is not accredited with AUB? Get a salary loan from Cash Mart with less hassle!