The personal loan from Metrobank is a multi-purpose lending instrument that may be utilized for any personal emergency. The smallest loanable amount is ₱20,000, while the highest loanable amount is ₱1,000,000. The loan period is one-year minimum and three years maximum. You can use the loan for any personal emergency, such as:
- Health and safety. A personal loan from Metrobank can be a suitable alternative if you are in an unexpected scenario.
- Home improvement. Homeowners can utilize a personal loan from Metrobank to improve their homes or make critical repairs such as replacing damaged plumbing or electrical wiring.
- Consolidation of debts. Debt consolidation is one of the most typical reasons for obtaining a personal loan from Metrobank. When you apply for a personal loan, you consolidate your existing loans and credit card balances and use the proceeds to pay them off.
- Education. Inflation is at an all-time high, affecting every expenditure imaginable, including your child's tuition. You can prepare for it right now with a Metrobank personal loan.
- Fantasy vacation. With a Metrobank personal loan, you may finally take that dream holiday. Increase your trip fund and begin your jetsetter life.
- Weddings. Have you always wanted a fantasy wedding? There is no need for a fairy godmother to emerge and fulfill your request. Apply for a Metrobank personal loan, and you'll be your fairy godmother and a princess bride-to-be.
How to apply for a Metrobank personal loan?
Applying for a personal loan from the bank is easy. You must follow the steps below:
- Visit the Metrobank website.
- Swipe your mouse to Upgrade, and under Loan, click on Personal loan.
- Click onApply now, then fill out the online form that will be displayed.
- You will receive an email verifying your submission if it is successful.
- Customer service will call you regarding the loan.
Requirements for a Metrobank personal loan
Below are what will be needed before you can qualify for a personal loan from this bank:
Eligibility
- Applicants must be Filipino nationals.
- Applicants must be at least 21 years old at the time of loan application and 65 years old at the time of loan maturity.
- Applicants must have a minimum yearly gross income of at least Php 350,000.
- Applicants must have a credit card.
- If employed, applicants must have been in regular status with a present job for at least one year.
- If self-employed, applicants must have at least two years of experience in their present business.
Documentary requirements
- An income document is something like a pay stub or an ITR.
- A bank statement or utility bills might serve as proof of residency.
- Two or three valid forms of identification.
You will also need the following:
For employed applicants
- A photocopy of the most current Tax Return (ITR) or BIR Form, as well as the original payslip, is required (one month).
- A photocopy of a legitimate photograph-bearing ID, passport, driver's license, and any government-issued ID, such as a PRC ID, SSS Card, etc.
- Proof of home address.
For self-employed applicants
- ITR and audited financial documents for the last three years are required (the two must be for the same business).
- Registration certificate from the SEC/DTI.
- Permit for Business or Mayor's Permit.
- A valid ID photocopy.
- Bank statement over the previous three months (of accounts at least one year active).
- A photocopy of a valid picture ID (passport, driver's license, or PRC ID) accompanied by evidence of nationality and date of birth.
- Evidence of residential address.
Pros and cons of Metrobank personal loan
Below are the pros and cons of Metrobank personal loans, which you must note before applying for a loan.
Pros
- The bank offers loan amounts up to ₱1,000,000.
- The loan can be processed in as little as seven days.
- The loan is a multi-purpose loan.
- The loan does not have too many requirements.
- The loan application could be started and completed online.
- The loan comes with an interest rate as low as 1.25%.
- The loan also comes with a flexible payment term of up to three years.
Cons
- The bank will run a check on your credit history before giving out a loan.
- You will have to wait to receive a call from the bank before you progress with the application.
How to repay a Metrobank personal loan?
Loan payments are made via an auto-debit arrangement (ADA) through your Metrobank deposit account. If you do not already have a Metrobank deposit account, you will be asked to acquire one after your loan is authorized.