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Metrobank Personal Loan: Worth the Fees?
Metrobank offers personal loans up to ₱2 million with monthly add-on rates from 1.25%. But beware the ₱1,500 disbursement fee and 36.74% ACR for shorter terms.
The Quick Version
Metrobank's personal loan shines with its low 1.25% add-on rate for longer terms and no collateral requirement for up to ₱2 million. However, watch out for the ₱1,500 disbursement fee and high ACR of 36.74% for shorter 12-18 month loans. source
Rates shown are representative. Your actual rate depends on your credit profile. This is not financial advice.
Metrobank Personal Loan
Metrobank's long-term rates are a key selling point.
The Numbers
Metrobank offers tiered monthly add-on rates: 1.25% for 24-36 month terms and 1.75% for 12-18 months. ACR ranges from 25.98% to 36.74%. You can borrow between ₱20,000 and ₱2 million. Expect a funding speed of 7 banking days. Fees include a ₱1,500 disbursement fee, ₱850 late payment fee per incidence, and a pre-termination fee of 5% of the outstanding balance or ₱550, whichever is higher. source
What's Actually Good
The standout feature is the 1.25% add-on rate for 24-36 month terms. You won't need collateral for loans up to ₱2 million, which is a major plus for those without assets to pledge. Plus, Metrobank's extensive branch network makes it easy to manage your loan face-to-face if needed.
The Catch
The downsides? The ₱1,500 disbursement fee adds up, especially for smaller loans. The ACR of 36.74% for shorter-term loans is on the higher side, which could make borrowing costly if you opt for a 12-18 month term. Late payments will also cost you ₱850 per incident.
Who Benefits Most
This loan suits high-credit individuals seeking larger amounts over longer periods. If you need more than ₱500,000 and can commit to a 24-36 month term, the lower add-on rate is beneficial. However, if you're looking for a short-term solution, you might want to look elsewhere due to the high ACR.
The Bottom Line
If you're after a significant loan amount and can handle the longer repayment term, Metrobank offers a competitive package. But for short-term borrowers, the high fees and ACR might outweigh the benefits. For more options, consider checking out SB Finance vs CTBC Bank: Which Personal Loan Fits Your Needs?.
