Details about the Metrobank Cash Loan Interest Rate based on Loan Term
METROBANK CASH LOAN INTEREST RATE – Here is a guide on the Metrobank interest rate under the Personal Loan offer based on loan term.
In the Philippines, one of the popular and trusted banks is Metrobank or the Metropolitan Bank & Trust Company. It has been in the service of the Filipino people for decades already since 1962 when it first operated in Binondo, Manila.
Metrobank has several offers including different bank accounts, credit cards, loans, invesment products, and insurance policies. Its offers encompass both personal and business offers and the former include the Personal Loan.
The Personal Loan offer of Metrobank is multi-purpose. You may apply for it to finance an event, make minor home improvements, get the car repaired, pay the school tuition fee of your child, travel, etc.
Metrobank boasts its offer with a fast loan processing. Undeniably, it has minimal requirements from eligibility to the documentary requirements. Here are the qualifications under the cash loan offer:
- Filipino citizen
- 21 years old and above at the time of loan application and 65 years old upon the loan maturity
- has a gross annual income of at least PHP 350,000
- has an existing credit card
- If employed: be of regular status with current employer for at least 1 year
- If self-employed: be at least 2 years in the current business
Another excellent feature of the offer is the low Metrobank cash loan interest rate. The rates set by the bank vary depending on the loan term.
With regards to the Metrobank cash loan interest rate, the bank has set a minimum Annual Percentage Rate (APR) at 30.516% and the maximum APR at 33.317%. Here are the interest rates based on the loan term:
| 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% |
To apply for the loan offer, there are two (2) requirements for Metrobank cash loan that you must prepare for application. The loan processing may conclude in as fast as seven (7) working days.