1. What is the Personal Loan Payment Formula?

The personal loan payment formula calculates the fixed monthly payment (PMT) required to repay a loan over a specified term. This formula accounts for the principal amount, interest rate, and loan duration.

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)
• \( n \) — Number of monthly payments (term in months)
• \( PMT \) — Monthly payment amount (PHP)

Explanation: The formula calculates the fixed payment that covers both principal and interest each month, ensuring the loan is paid off by the end of the term.

3. About Metrobank Personal Loans

Details: Metrobank offers personal loans with competitive interest rates, flexible terms (up to 5 years), and loan amounts up to PHP 2 million. Rates typically range from 10% to 24% per annum depending on creditworthiness.

4. Using the Calculator

Tips: Enter the loan amount in PHP, annual interest rate (without % sign), and loan term in months. The calculator will show your estimated monthly payment, total repayment amount, and total interest cost.

5. Frequently Asked Questions (FAQ)

Q1: What is the typical interest rate for Metrobank personal loans?
A: Rates typically range from 10% to 24% per annum depending on credit score, loan amount, and term.

Q2: What is the maximum loan term available?
A: Metrobank offers personal loans with terms up to 60 months (5 years).

Q3: Are there processing fees for Metrobank personal loans?
A: Yes, there's typically a processing fee of 1-3% of the loan amount.

Q4: Can I prepay my Metrobank personal loan?
A: Yes, but there may be prepayment penalties depending on your loan agreement.

Q5: How accurate is this calculator?
A: This provides an estimate. Actual loan terms may vary based on Metrobank's final approval and any applicable fees.