Looking for a personal loan?
If you are reading this article, you are probably considering a loan from UCPB. So here are the advantages, limitations, and important facts you need to know about UCPB YES Personal Loan.
UCPB Quick Facts
The United Coconut Planters Bank, used to be known as Cocobank, is now branding itself as UCPB. The bank has grown its popularity as the coconut farmers’ bank though it actually caters to everyone in all walks of life.
Over the years it had supported the corporations, private and government institutions with various financial services and products. Now, UCPB has 188 branches with more than 300 ATMs nationwide. It also offers telephone banking, internet banking, and mobile banking facilities.
UCPB Personal Loan Eligibility Requirements
- The loan applicant must be a Filipino citizen who has a permanent residency in the current home address.
- The required minimum age is at least 23 years old or not more than 65 years old upon the maturity of the loan. If the applicant is self-employed, the bank considers until the age of 70.
- The borrower must currently have a checking account and a major credit card.
- You must be a permanent employee for at least 2 years in a supervisory rank. This means that rank and file employees can’t apply for a loan.
- Add to that, the minimum gross monthly income is P30,000.
- If you are self-employed with a business operational for at least three years and has to be profitable for the last two years.
UCPB Personal Loan Required Documents
You need to prepare your requirements before making a personal loan application. This prevents hassles and makes the process faster.
The requirements for the UCPB YES Loan are:
- Signed UCPB YES Loan application form,
- Photocopy of two government IDs,
- A copy of the credit card billing statement for the last two months, and
- A copy of latest proof of billing such as utility bills.
- If you are employed you must include your company ID, latest payslip for one month and latest ITR.
- If you are self-employed you will need to submit your 2 years latest audited financial statements, ITR, business registration permits, and a copy of checking account statement for the last 6 months.
UCPB Personal Loan Amount and Payment Option
You can borrow from P50,000 to P300,000 which is payable from 12 months to 36 months. Payments are done through the post-dated checks. This is why applicants are required to have a checking account in UCPB.
Take note that you have to make sure that the postdated check has sufficient funds every due date. This is to prevent penalty charges and additional interests.
UCPB Personal Loan Fees and Charges
The processing fee is P1,500. Either the client will shoulder this or it will be deducted directly from the loan proceeds. Should you want to change the term or make any amendments, you will have to pay P5,000.
The Loan Certification and Certification of Payment History are P300 each. This is deducted from the loan proceeds. The Late Payment Penalty is 5% of the amount due each month.
Benefits of UCPB Y.E.S (Your Easy Salary) Personal Loan
- The process for UCPB Personal Loan is faster compared to other banks’ personal loans. It only takes five days provided that you have submitted your complete requirements.
- The loan can be processed online. There are still some banks and financial institutions which require the applicants to personally process their loans in their nearest branch. On the other hand, UCPB accepts applications through email.
- The loan proceeds can be sent directly to your UCPB account or you can get it in a manager’s check.
Limitations of UCPB Y.E.S (Your Easy Salary) Personal Loan
- The required minimum age is at least 23 years old. Other banks and lending institutions require at least 21 years old. If you are 21 years old, you can consider other loan providers.
- UCPB requires the borrowers to be major credit card holders. If you do not have a credit card, consider other options such as personal loans from the SEC-registered online lending companies.
- Apparently, employed applicants must be in supervisory rank. What if you just got employed six months ago and you are not yet in the supervisory rank? Sadly, you will not be eligible.
- You must be at least two years employed. Since UCPB is a bank, it is understandable that it wants to be sure that borrowers must have a regular source of income. However, the two-year employment does not fit a lot of Filipinos looking for a flexible personal loan.
- The minimum term is 12 months. If you only want a short-term loan, then the UCPB personal loan does not fit your preference.
If the eligibility and document requirements are too much for you, then you have to consider alternatives. Get a personal loan from Cash Mart. The requirements are simple and the process is faster. Plus, the whole process is done online!