1. What is the Metrobank Personal Loan Calculator?

The Metrobank Personal Loan Calculator helps you estimate your monthly payments for a personal loan from Metrobank Philippines. It uses the standard loan amortization formula to calculate your payment based on principal amount, interest rate, and loan term.

2. How Does the Calculator Work?

The calculator uses the loan payment formula:

Where:

• \( P \) — Principal loan amount (PHP)
• \( r \) — Monthly interest rate (annual rate ÷ 12)
• \( n \) — Number of monthly payments (loan term in months)
• \( PMT \) — Monthly payment amount (PHP)

Explanation: The formula accounts for compound interest over the life of the loan, spreading payments evenly across the loan term.

3. Importance of Loan Calculation

Details: Understanding your monthly payment helps with budgeting and ensures the loan is affordable. It also helps compare different loan offers.

4. Using the Calculator

Tips: Enter the loan amount in PHP, annual interest rate (Metrobank's current rate), and loan term in months (typically 12-60 months for personal loans).

5. Frequently Asked Questions (FAQ)

Q1: What are typical Metrobank personal loan rates?
A: Rates vary but typically range from 10% to 24% annually depending on creditworthiness and loan term.

Q2: Are there other fees besides interest?
A: Metrobank may charge processing fees (1-3% of loan amount) and insurance fees. These are not included in this calculation.

Q3: Can I pay off my loan early?
A: Yes, but check for prepayment penalties which may apply in some cases.

Q4: How does loan term affect payments?
A: Longer terms mean lower monthly payments but higher total interest paid over the life of the loan.

Q5: What's the maximum loan amount?
A: Metrobank typically offers personal loans up to PHP 2 million for qualified borrowers.