How to Start Your Metrobank Personal Loan Application
As an AI language model, I can provide general information and guidance regarding Metrobank personal loans. However, please note that I am not affiliated with Metrobank and cannot access specific information about your personal loan application.How to Start Your Metrobank Personal Loan Application
To apply for a personal loan from Metrobank, follow these steps:
- Check your eligibility: Before applying for a personal loan, make sure you meet the eligibility criteria set by Metrobank. Generally, you must be a Filipino citizen or a foreigner with a valid Philippine address and at least 21 years old but not older than 70 years old upon loan maturity. You must also have a stable source of income and a good credit standing.
- Determine your loan amount: Decide how much money you need to borrow. Metrobank offers personal loans from PHP 30,000 to PHP 2,000,000.
- Gather required documents: Prepare the necessary documents for your loan application. These may include a valid ID, proof of income, and proof of address.
- Apply online or in-person: You can apply for a Metrobank personal loan online or in-person. Online applications are convenient and allow you to apply from the comfort of your home. In-person applications may require you to visit a Metrobank branch.
- Wait for loan approval: Metrobank will review your application and notify you of its decision. If your loan is approved, you will receive the loan amount in your Metrobank account or via check.
- Repay your loan: Once you receive your loan, you will need to repay it according to the agreed-upon terms. Metrobank offers flexible repayment terms of up to 36 months.
Keep in mind that personal loans come with interest rates and fees, so make sure you understand these before applying. Also, be sure to borrow only what you need and can afford to repay to avoid getting into debt.
What is a Metrobank Personal Loan?
A personal loan from Metrobank is a type of loan where you borrow a certain amount of money and repay it in installments with a fixed interest rate over an agreed period of time. It’s a very versatile loan product offered by Metrobank because you can use it for different purposes.
What Can I Use the Metrobank Personal Loan for?
You can utilize the cash obtained from a successful Metrobank personal loan application for any situation that requires additional funds. However, it is important to refrain from using the loan amount for illegal activities or transactions.
👉 Home Renovation
Certain financial institutions provide home improvement loans for major projects like this. However, it may come as a surprise that personal loans can also be utilized to enhance the aesthetic of your living space. Whether you intend to expand your house or simply update your living room with fresh furniture, Metrobank can assist you with their personal loan options.
👉 Weddings and Other Life Milestones
“Are you in the process of organizing your wedding? You can utilize the funds from your Metrobank personal loan to cover expenses for your chosen venue, suppliers, and even for your honeymoon. Additionally, this loan can also be
used to finance other important life milestones and celebrations like birthdays or retirement.”
👉 Funding Your Small Business
Are you envisioning the idea of opening up your own bakery or online store? If you don’t have the necessary funds to kickstart your business, one option is to apply for a personal loan from Metrobank. Upon approval of your application, you can use the loan amount to fuel your passion and transform it into a profitable venture.
👉 Unexpected Expenses
By getting your personal loan application approved with Metrobank, you can obtain funds to cover unexpected expenses, such as car or home repairs. Additionally, the loan amount can be utilized to finance the medical bills of a family member’s hospitalization or even for funeral expenses.
👉 Education
You can ease your mind about getting IOUs by ensuring your child’s tuition is paid on schedule through Metrobank’s personal loan. This loan may also be utilized to finance other educational expenses such as laptops, textbooks, and supplies.
👉 Gadget, Appliance, and Other Big-Ticket Purchases
Are you interested in purchasing a new refrigerator but currently unable to afford it? The Metrobank personal loan offers a convenient option to purchase appliances or gadgets right away. This can be a practical solution, particularly if you intend to use the item frequently.
👉 Vacations
Not all vacations require a significant amount of money, but if you plan on taking your entire family on a luxurious trip or want to finance your parents’ dream anniversary vacation, you might need to consider taking out a personal loan from Metrobank. It’s essential to note that you’ll have to pay back the loan with interest long after the vacation is over.
👉 Debt Consolidation
If you’re having trouble keeping track of multiple debts that you’re repaying, it can be confusing. However, if you take out a Metrobank personal loan, it can also serve as a debt consolidation loan. This means that you can pay off all of your existing debts with one monthly payment.
Consolidating your debts can be beneficial if the interest rate on the approved loan is lower than the interest rates on your current debts. Plus, it’s much more convenient because you only have to remember one payment due date each month.
🎁 Get a Free Gift with Your Successful Metrobank Personal Loan Application
Looking for funds for an unexpected medical emergency, starting a business, consolidating debt, going on a dream vacation, or renovating your home? Look no further and consider applying for a Metrobank Personal Loan, which offers low interest rates, flexible payment terms, and an easy online application process.
What’s more, upon successful loan disbursement, you’ll receive a reward! Apply through Moneymax and once approved, you’ll have the option to choose between two welcome gifts: either a ₱5,000 GCash or a Marshall Willen wireless speaker worth ₱6,590.
Take note that terms and conditions apply, and this promo is only available until May 19, 2023. So don’t wait and apply now!
How Much Can I Borrow with Metrobank Personal Loan?
The Metrobank personal loan offers borrowing options ranging from ₱20,000 to ₱1 million. However, the final loan amount approved is subject to the borrower’s financial status and background during the application process.
To improve the likelihood of approval for your Metrobank personal loan application, it is advisable to settle any current financial obligations beforehand. This approach can help increase your credit score, which serves as a common criterion for many lenders when evaluating loan applications.
How Long Should I Repay the Metrobank Personal Loan?
The repayment terms for the Metrobank personal loan are flexible. You can choose from the following tenors: 12, 18, 24, or 36 months.
What is the Interest Rate of a Metrobank Personal Loan?
The monthly add-on rate of your loan will depend on the payment duration of your loan. Here are the corresponding monthly interest rates for each tenor:
- 12 months – 1.75%
- 18 months – 1.50%
- 24 months – 1.50%
- 36 months – 1.25%
Am I Eligible for Metrobank Personal Loan?
To apply for a personal loan from Metrobank, you need to check if you meet the eligibility criteria. The following are the requirements you need to fulfill to be eligible for a personal loan from Metrobank:
- You must be a Filipino citizen.
- You should be at least 21 years old at the time of loan application and not more than 65 years old upon the maturity of the loan.
- You should have a gross annual income of at least ₱350,000 (approximately ₱29,166 per month).
- You should have an active credit card for at least nine months.
- If you are employed, you should be a regular employee with your current employer for at least one year.
- If you are self-employed, you should be in your current business for at least two years.
Note that Metrobank will conduct a credit evaluation for all eligible applicants.
What are the Metrobank Personal Loan Requirements?
What sets Metrobank apart in terms of personal loans is that they only require two documents for submission: a valid government-issued identification and a signed agreement containing a promise to repay the loan and disclosure of loan terms and conditions.
Metrobank Personal Loan Application Process: 3 Easy Steps
Are you unsure about how to request a personal loan from Metrobank? You can easily apply for one online by following these three steps:
- Visit Metrobank’s official website and complete the loan application form provided online.
- After submitting your application, you will receive an email from Metrobank confirming that they have received your submission.
Wait for a loan officer from Metrobank to contact you about your application. Check out other personal loan options in the Philippines:
- Citibank Personal Loan
- BPI Personal Loan
- EasyRFC Multi-Purpose Loan
FAQs on Metrobank Personal Loan Application
“If you have any inquiries about your Metrobank personal loan application, refer to the frequently asked questions (FAQs) below to find the information you need.”
1. How much will be my Metrobank personal loan monthly payment? How much should I borrow?
Metrobank offers a Personal Loan Calculator on its website that can assist you in determining the amount you can borrow. You simply need to enter the loan amount you desire and select a loan term. The calculator will then calculate your approximate monthly payment, along with any applicable fees and charges, as well as the total interest.
It’s important to note, however, that the results provided by the calculator are only estimates and are subject to change.
2. What valid IDs does Metrobank accept?
Metrobank lists the following as valid IDs that you can present in your personal loan application:
- Passport (also includes those issued by foreign governments)
- National ID/Philippine Identification Card (Phil ID)
- Driver’s license
- Postal ID
- PRC ID
- Voter’s ID
- SSS ID or UMID Card
- GSIS e-Card
- Senior Citizen Card
- Seaman’s Book
- Overseas Filipino Worker ID or e-Card
- IBP ID
- PWD ID issued by the National Council on Disability Affairs
- ID issued by government offices or government-owned and controlled corporations (e.g., SEC, BSP, Insurance Commission)
- Signature-bearing company ID (applicant presenting this must be registered, supervised, or regulated by SEC, BSC, or Insurance Commission)
- Photo-bearing school ID signed by the principal or head of school for Filipino students who are not yet of voting age
- For foreigners: Immigrant Certificate of Registration or Alien Certificate of Registration
3. How many days will my Metrobank personal loan processing take?
Metrobank prides itself in providing a quick turnaround time. The Metrobank personal loan approval time takes as fast as seven business days.
4. Do I have to pay fees and charges?
Yes. Metrobank imposes the following fees and charges on personal loan applications:
- Disbursement fee worth ₱1,000
- Documentary tax stamp (applies only to loan amounts over ₱250,000)
- Pre-termination fee: 5% of the outstanding balance or ₱550, whichever is higher
- Late payment fee: ₱850 per incidence of late payment or non-payment
5. How do I follow up on my Metrobank personal loan status? What is Metrobank’s customer service hotline?
If you want to follow up on your Metrobank personal loan status, you can get in touch with the bank’s contact center through the following details:
- Metro Manila phone number – (02) 88-700-700
- Domestic toll-free number – 1-800-1888-5775
- Email address – customercare@metrobank.com.ph
You may also fill out an inquiry form on Metrobank’s official website. The bank will reply to you via email within two to three business days.
6. How do I repay the loan?
To pay off your loan in installments, Metrobank will automatically deduct the amount from your Metrobank deposit account through an auto-debit arrangement (ADA). If you don’t have a Metrobank deposit account yet, the bank will ask you to open one after approving your loan application.
7. Does Metrobank have a salary loan?
To expedite your financial needs during an emergency, you can consider Metrobank’s Payroll Cash Advance, which is a loan facility created in collaboration with PSBank. This service enables you to receive a portion of your salary using the Metrobank debit card issued by your employer at any Metrobank or PSBank ATM across the country. The most advantageous aspect of this loan is that you won’t be charged any interest, and you’ll only need to pay a fee of ₱125.
It’s essential to note that the Payroll Cash Advance is only accessible to customers who have received an email or SMS stating their eligibility for the program. If you qualify, you won’t be required to fill out an application form to obtain this loan.
This service can be used to cover unforeseen expenditures such as:
To expedite your financial needs during an emergency, you can consider Metrobank’s Payroll Cash Advance, which is a loan facility created in collaboration with PSBank. This service enables you to receive a portion of your salary using the Metrobank debit card issued by your employer at any Metrobank or PSBank ATM across the country. The most advantageous aspect of this loan is that you won’t be charged any interest, and you’ll only need to pay a fee of ₱125.
It’s essential to note that the Payroll Cash Advance is only accessible to customers who have received an email or SMS stating their eligibility for the program. If you qualify, you won’t be required to fill out an application form to obtain this loan.
This service can be used to cover unforeseen expenditures such as:
- Medical emergencies
- Remittances and groceries
- School fees and transportation
