1. What is the Metrobank Personal Loan Payment Formula?

The Metrobank Personal Loan Payment Formula calculates the fixed monthly payment required to repay a loan over a specified term. It considers the principal amount, annual interest rate, and loan duration in months.

2. How Does the Calculator Work?

The calculator uses the standard loan payment formula:

Where:

• \( P \) — Principal loan amount (PHP)
• \( r \) — Monthly interest rate (annual rate ÷ 12 ÷ 100)
• \( n \) — Number of monthly payments (loan term in months)
• \( PMT \) — Monthly payment amount (PHP)

Explanation: The formula calculates the fixed payment needed to fully amortize the loan over its term, accounting for both principal and interest components.

3. Importance of Loan Payment Calculation

Details: Accurate payment calculation helps borrowers understand their financial commitment, compare loan offers, and budget effectively for repayment.

4. Using the Calculator

Tips: Enter the principal amount in PHP, annual interest rate in percentage, and loan term in months. All values must be positive numbers.

5. Frequently Asked Questions (FAQ)

Q1: What is Metrobank's typical personal loan interest rate?
A: Rates vary but typically range from 10% to 24% per annum depending on credit profile and loan terms.

Q2: Are there other fees besides the interest?
A: Metrobank may charge processing fees (usually 1-3% of loan amount) and documentary stamps tax.

Q3: What loan terms does Metrobank offer?
A: Typically 12 to 36 months, with some loans up to 60 months depending on amount and purpose.

Q4: Can I pay off my loan early?
A: Yes, but check for prepayment penalties or fees in your loan agreement.

Q5: How does this differ from credit card computations?
A: Personal loans have fixed terms and payments, while credit cards have revolving credit with minimum payments.