Guide on Metrobank Car Loan Interest Rates & Fees under the Offer
METROBANK CAR LOAN INTEREST RATES – You can check here the interest rates set by the bank based on the loan term and the fees.
One of the popular and trusted car loan offers in the Philippines is the Metrobank Car Loan. It is ready to finance the purchase of a brand new vehicle and you may also apply for it for the re-imbursement of a purchase of a brand new car.
In availing a loan, one of the most important things to do is to check the interest rates. Truth be told that many people miss to do this thing when they already know the monthly amortization and they believe they can handle it.
However, it is important to know it to also be aware of how much interest your loan incur. Here is a guide on the Metrobank Car Loan interest rates:
| In Arrears | One Month Advance (OMA) | |||
|---|---|---|---|---|
| Term | Add-on Rate | Effective Rate (p.a.) | Add-on Rate | Effective Rate (p.a.) |
| 12 months | 4.63% | 8.44% | 3.98% | 7.27% |
| 18 months | 6.99% | 8.65% | 6.28% | 7.79% |
| 24 months | 11.02% | 10.25% | 10.17% | 9.48% |
| 36 months | 17.33% | 10.69% | 16.36% | 10.12% |
| 48 months | 23.55% | 10.78% | 22.50% | 10.33% |
| 60 months | 29.51% | 10.68% | 28.41% | 10.31% |
Aside from knowing the Metrobank Car Loan interest rates, it is also equally important to know the fees charged by the bank. It can prepare you for possible deductions from the loan proceeds or amounts that you need to pay for the application to proceed.
The bank loan fees are divided among the “upon loan application fees” and “after loan approval fees”. Here are the charges upon the loan application:
| Car Loan Fees | Amount |
|---|---|
| Appraisal Fee (applicable for reimbursement and vehicles sourced from non-authorized dealership (gray market) transaction) | PHP 500 |
| Car History Fee (applicable for reimbursement and vehicles sourced from non-authorized dealership (gray market) transaction) | PHP 750 |
Once the Metrobank loan application is approved, here are the fees that you must be aware of:
| Car Loan Fees | Amount |
|---|---|
| Security Interest Registration Fee | To be quoted by the Registry of Deeds |
| Documentary Stamp Tax | PHP 1.50 for every PHP 200.00 or fractional part thereof |
| Notarial Fee | PHP 300 |
| Handling Fee | PHP 1,500 |
Aside from the Car Loan, Metrobank also has several other loan offers such as the Metrobank Home Loan and the Metrobank Cash Loan offers.