Metrobank, a leading bank in the Philippines, offers a diverse array of financial products and services, ranging from deposit accounts to credit cards. Among its offerings, Metrobank provides loans tailored to assist you in financing substantial purchases or unforeseen expenses.
If you find yourself in need of financial support, consider applying for a Metrobank personal loan. To guide you through the application process, we have prepared a comprehensive overview. Continue reading to find out more.
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What is a Metrobank Personal Loan?
A Metrobank personal loan is an installment-based financial product with a fixed interest rate that you repay over a predetermined period. This loan option stands out as Metrobank's most versatile offering, allowing you to utilize the funds for various purposes.
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Where Can I Use the Metrobank Personal Loan?
The funds acquired through a successful Metrobank personal loan application can be employed for a wide range of situations where additional financial resources are necessary. However, it's crucial to adhere to legal and ethical guidelines when utilizing the loan proceeds.
Home Renovation
Enhance your living space by utilizing a Metrobank personal loan to fund home renovations, whether it's a major expansion or simply refreshing your interiors with new furniture.
Weddings and Life Milestones
Finance your wedding, from the venue and suppliers to your honeymoon, using the proceeds from your Metrobank personal loan. Additionally, you can celebrate other significant life events, such as birthdays and retirement, with this financial assistance.
Small Business Funding
Realize your entrepreneurial dreams by starting a bakery or online store. If self-funding isn't an option, a Metrobank personal loan can provide the necessary capital to turn your passion into a profitable venture.
Unexpected Expenses
Cover unforeseen costs such as car repairs, home maintenance, or family member’s hospitalization and funeral expenses with the funds from your approved Metrobank personal loan application.
Education
Ensure your child's education by using the loan to pay tuition fees on time. Additionally, you can finance other school-related expenses, including laptops, books, and supplies, with the help of a Metrobank personal loan.
Vacations
Plan family vacations or fulfill your parents' dream anniversary getaway by utilizing the financial support of a Metrobank personal loan. Whether it's a grand holiday or a modest trip, this loan can cater to your vacation needs.
Remember, while the Metrobank personal loan is versatile, it's essential to manage the funds responsibly and use them for legitimate and beneficial purposes.
What is the Borrowing Limit for Metrobank Personal Loan?
Metrobank offers a borrowing range from ₱20,000 to ₱1 million through their personal loan service. However, the final approved amount is contingent upon the applicant's financial situation and history evaluated during the application process.
To enhance your chances of approval, consider settling your existing financial commitments first. This action can bolster your credit score, a factor many lenders consider when evaluating loan applications.
How Long is the Repayment Period for Metrobank Personal Loan?
Metrobank provides flexibility in repayment terms. You can select from various tenors, including 12, 18, 24, or 36 months, tailoring the loan duration according to your financial preferences and capabilities.
What are the Interest Rates for Metrobank Personal Loan?
The interest rates for your Metrobank personal loan depend on the chosen repayment period. Specific monthly add-on rates are applicable to different loan durations, ensuring transparency and clarity in the borrowing process.
| Tenor | Monthly Add-on Rate | Annual Contractual Rate |
|---|---|---|
| 12 months | 1.75% | 36.742% |
| 18 months | 1.75% | 36.676% |
| 24 months | 1.50% | 31.459% |
| 36 months | 1.25% | 25.976% |
What are the Fees for Metrobank Personal Loan?
- Disbursement Fee: Php 1,500
- Documentary Stamp Tax: Php 1.50 for every Php 200 of the loan amount (for loans above Php 250,000)
- Late Payment Fee: Php 850 per incidence of late payment or non-payment
- Pre-termination Fee: 5% of Outstanding Balance or Php 550, whichever is higher
*Rates and fees are subject to change without prior notice.
How to Qualify for Metrobank Personal Loan?
Before you file your Metrobank personal loan application, you have to determine if you’re actually eligible for it. Here are the eligibility requirements you have to meet to qualify for a personal loan from Metrobank:
- Filipino citizen
- At least 21 years old at the time of the loan application and 65 years old upon the maturity of the loan
- Must have a gross annual income of at least ₱350,000 (around ₱29,166 per month)
- Must have a credit card that has been active for at least nine months
- If employed: must be a regular employee with their current employer for at least one year
- If self-employed: must be at least two years in their current business
What are the Metrobank Personal Loan Requirements?
What makes Metrobank a standout when it comes to personal loans is that it requires only two documents for submission: a valid government ID and a signed Promissory Note and Disclosure Statement (PNDS).
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Klook.comHow to Apply for Metrobank Personal Loan?
You only need to follow three steps to complete your Metrobank personal loan online application:
- Go to Metrobank’s official website and fill out the online loan application form.
- Once you submit your application, you’ll receive an email confirming that Metrobank has received your submission.
- Wait for a call from Metrobank’s loan officer regarding your application.
If you're facing financial challenges, trustworthy institutions like Metrobank are there to assist you. Nevertheless, it's crucial to assess your situation thoroughly and consider your options before moving forward with your Metrobank personal loan application.
If you are looking to apply for a credit card, here are my Tips to Get Approved for a Credit Card Application.
Also check out the 5 Credit Cards with No Annual Fees in the Philippines
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Other Low-Interest Personal Loans in the Philippines
Here's a list of banks or financial institutions that offer personal loans with the lowest interest rates in the Philippines:
- SSS Salary Loan
- Pag-IBIG Multi-Purpose Loan
- BPI Personal Loan
- Metrobank Personal Loan
- UnionBank Personal Loan
- HSBC Personal Loan
- CIMB Bank Personal Loan
- Maybank Personal Loan
- RCBC Personal Loan
Also check my list of Top Digital Savings Banks in the Philippines
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