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Bank of Commerce loan calculator online in the Philippines in 2022. How to figure out the loan yourself? A handy tool that will show whether you can pay off a loan, help you choose lending with affordable payments.

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Bank of Commerce (BankCom), a trademark of San Miguel, is a progressive bank in the Philippines, with a global banking license from the Bangko Sentral ng Pilipinas (BSP) subject to government regulations. The institution has been operating since 1963 and is descended from the Overseas Bank of Manila, which had its headquarters in Binondo, Manila. Bank of Commerce became an associate of San Miguel Corporation in 2008, debuting a new corporate logo of San Miguel Corporation escudo. The Intellectual Property Office (IPO) issued the trademark of San Miguel authorization for BankCom as the bank's formal nickname in December 2020.

Bank of Commerce offers online banking services for retail and commercial customers to encourage them to make their transactions via online banking mediums. This includes bill payment, money transfer, card loading, and other services via these Internet banking platforms. Users can use Bank of Commerce personal and business banking, as well as the latest mobile banking app, to access these services. The bank operates a national network of 140 offices and 261 automated teller machines (ATMs). Bank of Commerce offers a comprehensive variety of goods and services in deposit, commercial loans, credit card solutions, consumer banking, commercial banking, treasury, wealth management, transaction banking, and trust and investments. More can be seen about the bank on their Facebook page or through the Internet banking FAQs on their website.

A Bank of Commerce loan EMI calculator is a web-based application that calculates your monthly payment amount depending on your principal balance, interest rate, and payback period length. It applies to various loans, including Bank of Commerce mortgages and Bank of Commerce auto loans. BankCom offers free access to a loan calculator on their website, which customers can use anytime.

Bank of Commerce is regulated by the Bangko Sentral ng Pilipinas, with a corporate logo of San Miguel and a registered trademark of San Miguel Corporation. BankCom's loan calculator is easy to use, understand, and quickly perform. You only need to enter loan details such as approved capital, gross monthly income, loan period, and downpayment. The first step in calculating your monthly payment is determining your loan type, which defines your approved loan payment arrangement. There is no math involved in this step. Are you getting an interest-only loan or an amortized loan? You'll be able to determine the types of loan payment computation you'll need to make once you know.

When you've identified the type of loan you want, go to the Bank of Commerce website's specialized calculator, select its loan calculator, and insert the relevant information. The result, including the downpayment amount, amortization, and so on, will appear almost instantly. Let's look at some of the Bank of Commerce calculator inputs and outputs and what they mean.

**Vehicle price**

This is the price of the vehicle you plan to purchase with the loan proceeds. If you want to make a down payment or trade-in, the tool will subtract that amount from the purchase price of the vehicle to calculate the loan amount. The minimum purchase price in the Bank of Commerce auto loan is ₱100,000.

**Loan term**

When you obtain a Bank of Commerce loan, you must make monthly payments to repay it over time. You must pay off the entire amount at some point to be debt-free. The term length, also known as the loan term or loan maturity period, is the period the lender offers to repay your loan. The Bank of Commerce auto loan has a term of 12 to 60 months, while the Bank of Commerce home loan has a term of 5 to 20 years.

**Downpayment**

This is the total amount paid to buy a house or a car, expressed as a percentage of the entire unit or loan amount. The amount of your downpayment may have an impact on your interest component. Bank of Commerce typically offers lower loan rates for larger down payments. The downpayment for a home loan ranges from 20% to 50%, while the downpayment for an auto loan ranges from 20% to 45%.

**Gross monthly income**

Gross monthly income is the amount paid to the applicant at their workplace a month before taxes or other deductions. The amount is printed on both job offer letters and paychecks. Overtime, bonuses, and commissions are all potential sources of additional gross monthly income. Bank of Commerce requires this information to determine the best loan terms for them.

**Selling price**

This is the cost of purchasing the building you want to buy. It is the total contract price you and the developer agreed upon. Before applying for a Bank of Commerce home loan, you should learn more about the house you want to buy, including all the financial aspects of doing so. In this section, enter the total agreed-upon contract price with the dealer. A Bank of Commerce home loan has a minimum selling price of ₱500,000.

**Fixed-rate**

The interest rate is the cost of borrowing money expressed as a percentage of the total amount. The higher the percentage for a specific loan, the higher the amount you must repay. Even minor changes in interest rates can have a significant impact. It is critical to track whether they rise, fall, or remain stable. The tool will ask you how long you want your mortgage interest rate to be fixed.

**Loan purpose**

A loan property type refers to a property's characteristics and the housing configuration that contains one or more residential structures. The property type could be a residential condominium, house and lot (purchase and construction), lot purchase, or property acquisition in a BankCom loan EMI calculator.

**Downpayment**

This is the total cost of purchasing a home or a car. After converting the percentage downpayment of the entire unit or loan amount given in the input, the tool outputs the downpayment in figures. Your downpayment amount may affect your interest component. For larger down payments, Bank of Commerce typically offers lower loan rates.

**Amount financed**

This is the sum of money that the bank will lend to the applicant. The tool will calculate this by subtracting the downpayment from the total cost of the car or house.

**Monthly amortization**

This is the monthly payment to BankCom on a specific calendar day to fulfill the loan obligation. The EMI creates interest and principal payments until the loan is completely paid off over a set period. Following the entry of all necessary information, such as loan amount, loan duration, and interest rate, the EMI amount will be displayed instantly, indicating the amount you are expected to pay at the end of each month.

**Maximum loanable amount**

The tool will show you the total amount of your loan here. It deducts the downpayment percentage from the previously selected unit value and displays the result in figures, allowing you to see the total cost of your loan.

The tool uses the following formula to calculate the fixed EMI amount:

M = {P[(1+R)^N]}/[(1+R)^N -1]

Where:

M = Loan EMI

P = Total loan amount

R = Interest rate

N = Loan term

The Bank of Commerce loan EMI calculator considers the mortgage or car's unit price, your downpayment, the bank's rate of interest, and the loan term. The principal, interest, and other fees, such as the processing fee, are paid in equal monthly installments over the life of your loan. Although the length of your loan may vary, you should plan on making 12 payments per year.

There are two loan product calculators on the Bank of Commerce loan website: the auto loan calculator and the home loan calculator.

After providing some information about the loan for which you have applied or are about to apply, you can use the EMI calculator provided by the bank to determine the equal monthly installment required to repay a Bank of Commerce auto loan. The calculator is simple, which is why many people use it. The auto loan EMI calculator provided by the bank also includes an amortization schedule to assist users in visually analyzing and comprehending their loan payback method and timeline during the repayment term.

You can use the BankCom auto loan calculator to estimate your monthly payment or do it manually if you're willing to do some math. The traditional method for manually calculating your monthly loan payment is as follows:

M = {P[(1+R)^N]}/[(1+R)^N -1]

Where:

M = Monthly payment

P = Total loan amount

R = Interest rate

N = Loan term

To calculate your monthly payment for your Bank of Commerce vehicle loan, you must follow the steps below:

Click on

**Products**,**Personal**, and then**Loan products**.Click on

**Auto loan**, and scroll down to access the auto loan calculator.Type in your selling price and then select the loan term of your choice.

Select your preferred downpayment and then type in your gross monthly income.

Click on

**Calculate**when done, and your loan’s outputs will be displayed immediately.

A home loan EMI calculator is an online tool that forecasts your monthly loan EMI payment. You can calculate your EMIs with BankCom's simple and user-friendly EMI calculator. Enter the loan amount, interest rate, and loan term you want, then click **Calculate**. The EMI calculator will generate an estimate based on your input. The program eliminates human errors and time-consuming computations, allowing you to plan your home financing in seconds. Contact BankCom's customer service representatives for more information and advice on home loans.

You can use their home loan calculator to calculate your monthly payment or do it manually if you're willing to do some arithmetic. The following is a typical formula for calculating your monthly mortgage payment by hand:

M = {P[(1+R)^(Nx12)]}/[(1+R)^(Nx12) -1]

Where:

M = Monthly EMI

P = Total loan amount

R = Interest rate

N = Loan term

The tool provided by this financial institution computes the monthly payment based on the principal, interest to be paid, and loan term. Interest payable accounts for a significant portion of the EMI because the principal amount is substantial in the loan's early years. The interest component of the loan decreases as the loan matures, but the principal component grows steadily.

Follow the steps below to calculate the monthly payment on your BankCom home loans:

Visit the Bank of Commerce official website.

Click on

**Products**,**Personal**, and then**Loan products**.Click on

**Home loan**, and scroll down to access the auto loan calculator.Type in the property’s selling price, then select your preferred fixed interest rate.

Select the loan term and then the loan purpose.

Select your preferred downpayment and then type in your gross monthly income.

Click on

**Calculate**when done, and your loan’s outputs will be displayed immediately.

**Simple to use.**The ease of use of the Bank of Commerce loan EMI calculator is one of its primary advantages. It is simple to use and guides you through each step. Bank of Commerce values its customers' comfort and clarity, which is why they have ensured that the loan calculators are easy to use. You do not need to go to a Bank of Commerce branch; instead, go to the Bank of Commerce website. Enter the loan amount, preferred interest rate, and gross monthly income. The repayment period of a BankCom loan can range from one to twenty years. Bank of Commerce also provides on-call or in-person assistance with loan calculations and other aspects of the loan application process.**Saves time.**The BankCom loan EMI calculator provides timely and accurate results. The tool is available online, which saves you the time and effort of going to the bank, waiting in lines, and calculating your loan terms. In addition, the time-consuming task of filling out paperwork or calling an agent to determine loan amounts and interest rates is eliminated. Bank of Commerce calculators are easily accessible online, allowing you to use them while strolling, taking a break at work, or even on vacation in far-flung corners of the globe. You only need a dependable and secure Internet connection.**Produces precise results.**One of the most significant benefits of using the Bank of Commerce loan EMI calculator is the accuracy of the results. There is always the risk of making a mistake when manually calculating the amount of interest due. You are not required to use pen and paper and risk underestimating the amount of interest owed. You also do not have to sit and experiment on your own with various effective interest-rate combinations, desired loan rates, and loan tenures. You can save time using the BankCom loan EMI calculator, which provides accurate and instant results for various loan options in minutes or seconds. The algorithm is designed so that you can experiment with different loan amounts and adjust the factors affecting your loan without causing any harm to your credit score.**Calculates different values.**You can use the Bank of Commerce loan EMI calculator to play around with the variables that affect your monthly payments and make an informed decision. The loan amount, loan term, and monthly interest rate all impact your monthly payment. This is because monthly amortization is proportional to loan principal: the more significant your loan amount, the higher your monthly payment. Furthermore, a longer loan term reduces monthly payments, whereas a shorter term increases them. Of course, a higher interest rate means a higher monthly payment. The calculator allows you to experiment with different loan amounts and repayment periods to determine the appropriate amount to take out without experiencing financial hardship and the period over which you can quickly repay your loan.**Helps in financial planning.**Obtaining relevant loan information before applying for one will help you better manage your finances. As a result, the Bank of Commerce loan EMI calculators can assist you in determining how to lower your expenses and the loan's value over time.

The tools are relatively simple to use, no unique attributes are needed, and no distinctive features and functionality are present. The following are some functions of the BankCom loan EMI calculator:

**Subtraction.**To subtract implies taking something away from a group or a set of objects. Whenever we subtract, the number of items in the group decreases or becomes less. A subtraction issue includes the minuend, subtrahend, and difference. The number seven is the minuend, the number three is the subtrahend, and the number four is the difference in the subtraction problem, 7 - 3 = 4. The BankCom loan calculator uses this function in this equation, [(1+R)^N -1], which one is subtracted from.**Addition.**The process of determining the total, or sum, by adding two or more variables is known as an addition (must be on the consent of all the variables). Calculators use this function throughout the computation process, such as when it adds one and the interest rate (1+R).**Multiplication.**We multiply by adding equal groups or items, which increases the number of things in the group. Bank of Commerce loan calculators also employ this function when the loan duration is multiplied by 12. (Nx12).**Division.**This is a process of dividing something into equal pieces. It is one of the four basic arithmetic operations that produce a fair outcome of sharing. The division is the inverse action of multiplication. The tool also uses this function, for example, when {P[(1+R)^N]} was divided by [(1+R)^N -1].**Percentage.**This is a relative quantity that represents one-hundredth of a sum. Because 1% represents the hundredth portion, 100% denotes the entire amount, and 300% denotes triple the specified quantity. For example, 1% of ₱5,000,000 is 1/100 of ₱5,000,000 or ₱50,000, and 50% of ₱5,000,000 = 50/100 of ₱5,000,000 or ₱2,500,000. When the Bank of Commerce loan calculators ask for your chosen downpayment, it uses a percentage. You must enter this input in the calculator.**Raising to power.**Raising anything to power implies multiplying it many times. Powers are equivalent to repeated multiplication, just as multiplication is equivalent to repeated addition. This also happens while using the tool. This function, for example, is proper when it raises a function to the power of the loan term [(1+R)N].**Brackets.**This, like parentheses, these symbols surround a set of phrases, things, services, or variables. Any terms included in brackets must be viewed as a group. In the tool, for example, we have the equation (1+R)(Nx12), where (1+R) and (Nx12) are enclosed in brackets, implying that they must be considered as one.

**Example 1: **For example. you decide to go for a BankCom auto loan with the following inputs:

Vehicle price: ₱2,500,000.00

Loan term: 12 months

Downpayment: 45%

Gross monthly income: ₱55,000.00

Putting these values into a BankCom loan EMI calculator and clicking on **Calculate**, we have the following outputs:

Downpayment: ₱1,125,000.00

Amount financed: ₱1,375,000.00

Monthly amortization: ₱122,879.17

Maximum loanable amount: ₱246,176.80

The above outcome means you are not eligible for a loan since your maximum loanable amount is lower than your financed amount.

**Example 2:** Let’s consider a BankCom auto loan with the following inputs:

Vehicle price: ₱5,800,000.00

Loan term: 60 months

Downpayment: 45%

Gross monthly income: ₱390,000.00

Putting these values into a BankCom loan EMI calculator and clicking on **Calculate**, we have the following outputs:

Downpayment: ₱2,610,000.00

Amount financed: ₱3,190,000.00

Monthly amortization: ₱67,808.77

Maximum loanable amount: ₱7,338,874.08

The result above indicates that the applicant is qualified for a loan because their maximum loanable amount exceeds their financed amount.

**Example 3: **Let’s now consider a BankCom auto loan with the following inputs:

Vehicle price: ₱1,100,000.00

Loan term: 60 months

Downpayment: 45%

Gross monthly income: ₱90,000.00

When we enter these figures into a BankCom loan EMI calculator and press the Calculate button, we get the following results:

Downpayment: ₱495,000.00

Amount financed: ₱605,000.00

Monthly amortization: ₱12,860.28

Maximum loanable amount: ₱1,693,586.33

The result mentioned above indicates that the applicant is qualified for a loan because their maximum loanable amount exceeds their financed amount.

Consider a BankCom home loan with the following parameters:

Selling price: ₱15,000,000.00

Fixed-rate: 3 years fixed @ 8.25%

Loan term: 5 years

Loan purpose: Purchase of a house and lot, townhouse, or condominium

Downpayment: 50%

Gross monthly income: ₱400,000

Putting these values in the BankCom home loan calculator, we have:

Downpayment: ₱7,500,000.00

Amount financed: ₱7,500,000.00

Monthly amortization: ₱144,996.01

Maximum loanable amount: ₱8,276,089.72