Metrobank Cash Loan — Here’s How Much You May Borrow under the Offer
Here’s a guide on how much you may borrow under the multi-purpose cash loan offer of Metrobank Philippines.
Nowadays, the people have several options in times of financial emergencies. There are entities that have designed different types of loan offers including the multi-purpose loans that attend to multiple needs.
Through the multi-purpose loan, you have the option to address multiple financial needs under a loan that would incur a single interest. Banks are among the entities that provide this type of offer.
One of the banks that you may turn to for a multi-purpose personal loan is Metrobank. You may apply for it for personal purchaes, for the payment of tuition fees, to travel, etc. How much you may borrow under the Metrobank cash loan offer?
The loanable amount under the offer depends on certain factors including the client’s capacity to pay. Meanwhile, the bank has generously provided details on how much you may borrow under the Metrobank cash loan offer such as the following:
- Minimum Loanable Amount — Php 20,000
- Maximum Loanable Amount — Php 2 million
The loan is payable for up to three (3) years or 36 monthly installments. The interest rate will depend on the loan term you have chosen.
Here is a guide on the interest that your loan may incur:
| 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% |
Aside from knowing the interest rate, it is best to know the fees that may be charged under your loan so you can decide better on the amount that you want to apply for under the Metrobank cash loan.
Here are the charges set by Metrobank under its cash loan offer:
- 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
To apply for the loan offer, you do not have to leave your house or work as the bank accepts online application. This best suits individuals who are dealing with both financial needs and hectic schedules.
