List of Metrobank Cash Loan Fees Aspiring Clients Must Be Aware Of
METROBANK CASH LOAN FEES 2024 – Here is a complete guide on the charges that Metrobank implements under its Personal Loan offer.
Some of the giant banking companies in the Philippines have been in the service of the Filipino people for decades already. One of these is the Metropolitan Bank & Trust Company or more popularly called Metrobank.
It was 62 years aho when Metrobank was founded by a group of businessmen at the Wellington Building in Binondo, Manila. Through the years, it grew to become one of the biggest banks in the country now. It has several offers to the public.
Metrobank got different bank account offers, loans, investment products, credit cards, and many other financial products. One of its loan offers is the Personal Loan which is open for individuals who meet the following qualifications:
- 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
Under the multi-purpose cash loan offer of Metrobank, a client may borrow up to P1 million. There is an option for light monthly installments as the bank allows a repayment of up to three (3) years or 36 monthly installments.
However, if you need a specific amount, it is best to know the Metrobank cash loan fees to assess how much you will borrow better. Here are the charges that may be implemented by the bank on your loan:
- The Disbursement Fee amounting to Php 1,500 will be charged upon the booking of the loan. It is automatically deducted from the principal loan proceeds.
- The Documentary Stamp Tax which is at Php 1.50 for every Php 200 of the loan amount will be applied upon the loan booking of loans with proceeds that are Php 250,000 and above.
- Metrobank charges a Late Payment Fee of Php 850 per incidence of late payment or non-payment of the monthly due.
- The bank has set the Pre-termination Fee at an equivalent of 5% of the Outstanding Balance of the loan or Php 550, whichever is higher, in case you wish to finish the loan repayment earlier than the set term.
To push through with a loan application, take the first step of preparing the requirements for Metrobank cash loan application.