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Metrobank Personal Loan: Lower Rates, Hidden Fees
Discover the ups and downs of Metrobank's personal loan offerings.
The Quick Version
Metrobank offers personal loans with add-on rates from 1.25% to 1.75%, and an ACR from 25.98% to 36.74%. You can borrow up to ₱2 million without collateral, but beware of a ₱1,500 disbursement fee and other hidden costs.
Rates shown are representative. Your actual rate depends on your credit profile. This is not financial advice.
Metrobank Personal Loan
Metrobank offers up to ₱2 million with no collateral.
The Numbers
Metrobank's personal loan offers monthly add-on rates starting at 1.25% for 24-36 month terms, and up to 1.75% for 12-18 month terms. The ACR varies from 25.98% to 36.74%. You'll face a ₱1,500 disbursement fee and an ₱850 late payment fee per incidence. Check source for details.
What's Actually Good
Metrobank shines with a low 1.25% add-on rate for longer terms and no need for collateral on loans up to ₱2 million. As one of the Philippines' major banks, it has an extensive network, which can be a plus for in-person services.
The Catch
The loan comes with a ₱1,500 disbursement fee and a hefty ₱850 late payment fee. The pre-termination fee is also high at 5% of the outstanding balance or ₱550. Shorter terms carry a higher ACR of 36.74%.
Who Benefits Most
This loan is best suited for individuals with a high credit score looking to borrow larger amounts over longer periods. It's ideal if you prefer dealing with an established bank and can manage the fees involved.
The Bottom Line
If you need a substantial loan and value working with a major bank, Metrobank's personal loan could be a fit. However, watch out for the fees, especially if you anticipate any late payments. Finding the Best Personal Loans: Quick Cash and Low Rates can guide you to more options.
