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Philippine Personal Loans Compared: Rates, Fees and Fit
CIMB starts at 18% annual interest, while EastWest reaches 47.03% EIR. Compare costs, fees, terms and borrower requirements before applying.
Quick Picks
Best overall rate: CIMB Personal Loan, with rates starting at 18% annually for qualifying applicants.
Best for predictable bank pricing: BDO Personal Loan, with a published ACR range of 25.98% to 26.76%.
Best for large unsecured borrowing: EastWest Personal Loan, with loans up to ₱3 million, though its EIR can reach 47.03%.
For most applicants, CIMB deserves the first rate check, while UnionBank and BPI are more balanced alternatives among major banks. Borrowers who need a large amount should compare the total repayment carefully before choosing a longer term.
Rates and terms shown are representative. Your actual rate depends on your credit profile and circumstances. This is not financial advice — always read the lender's terms before applying.
The Philippine Personal Loan Market: Read EIR, Not Just Add-On Rate
The headline monthly add-on rate can make two loans look similar even when their total costs differ sharply. CIMB lists a starting annual contractual rate of 18%, while UnionBank's 1.26% monthly add-on rate translates to a 26.9% ACR for a ₱200,000 loan and an effective interest rate of 31.98% once fees are included.
That difference is the useful market signal: a low advertised rate is not the same as a low borrowing cost. Processing, disbursement, documentary stamp, notarial, settlement and late-payment charges can change the calculation.
Digital applications are also becoming more common. CIMB and UnionBank allow app-based applications, while SB Finance uses the zuki mobile app. Branch access still matters for borrowers who want in-person support, which is where BDO, BPI and Metrobank have an advantage.
One less obvious point: longer terms can reduce the monthly instalment while increasing total interest. Metrobank lists a lower 1.25% monthly add-on rate for 24- to 36-month terms, but its shorter-term pricing rises to 1.75%, with ACR reaching 36.74%. Compare the total repayment figure, not only the monthly amount.
Lowest Published Rates and Mainstream Bank Alternatives
The lowest starting rate in this comparison belongs to CIMB, but qualification matters. UnionBank and BPI sit closer to the middle of the market and may appeal to borrowers who prefer established bank relationships, larger branch networks or higher borrowing limits.
CIMB Personal Loan
CIMB has the lowest published starting rate here: 18% annually, equivalent to a 0.83% monthly add-on rate for qualifying applicants. The application is fully app-based, the minimum monthly income is ₱15,000, and there is no disbursement fee when funds are credited to a CIMB account. The rate can rise to 36% based on risk assessment, so the starting figure should not be treated as a quote. A 3% early settlement fee also matters if you expect to repay ahead of schedule. According to the lender's website, CIMB is most compelling for digitally comfortable applicants with a strong credit profile who can accept variable pricing. Review the terms on the CIMB Personal Loan page before applying.
CIMB Personal Loan
UnionBank Personal Loan
UnionBank gives up some rate advantage to CIMB but offers a stronger large-bank package: up to ₱2 million without collateral, a fully digital application through UnionBank Online, and repayment terms reaching 60 months. Its 1.26% monthly add-on rate is the lowest among the major-bank choices listed here, yet the ACR is 26.9% on a ₱200,000 example and the effective rate including fees reaches 31.98%. That is the detail many borrowers miss. The longer term may ease monthly cash flow, but it can increase total interest substantially. According to the lender's website, this loan fits applicants who want a digital process and a major-bank relationship, but who have checked the full repayment schedule rather than relying on the add-on rate alone. See the UnionBank Personal Loan page for current eligibility criteria.
UnionBank Personal Loan
CIMB Personal Loan
CIMB's low entry rate is attractive, but UnionBank is easier to compare with traditional bank products because its published example shows how the nominal rate converts into ACR and effective cost. If your priority is the lowest possible starting rate and you do not mind app-only servicing, CIMB leads. If you want a higher borrowing ceiling and up to 60 months, UnionBank is the more balanced alternative. Neither figure removes the need to confirm income, credit and documentation requirements before submission.
