1. What is the Security Bank Personal Loan Calculator?

The Security Bank Personal Loan Calculator helps you estimate your monthly payments for a personal loan from Security Bank 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
• \( PMT \) — Monthly payment amount (PHP)

Explanation: The formula accounts for compound interest over the life of the loan to determine a fixed monthly payment that pays off the loan by the end of the term.

3. Importance of Loan Calculation

Details: Calculating your loan payments helps you budget effectively, compare loan offers, and understand the total cost of borrowing before committing to a loan.

4. Using the Calculator

Tips: Enter the loan amount in PHP, annual interest rate (Security Bank typically offers 1%-24%), and loan term in months (12-60 months). All values must be positive numbers.

5. Frequently Asked Questions (FAQ)

Q1: What are Security Bank's typical interest rates?
A: Interest rates vary but typically range from 1% to 24% per annum depending on creditworthiness and loan terms.

Q2: Are there other fees besides interest?
A: Security Bank may charge processing fees (usually 1-3% of loan amount) and other service charges.

Q3: What loan terms are available?
A: Security Bank offers personal loans with terms from 12 to 60 months (1-5 years).

Q4: How can I get the best interest rate?
A: Maintain good credit, have stable income, and consider shorter loan terms for better rates.

Q5: Is this calculator exact?
A: This provides estimates. Actual loan terms may vary based on bank approval and specific conditions.