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 Security Bank loan calculator

Security Bank 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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Calculate the loan at Security Bank
Interest rates are given in accordance with the rates of the Security Bank in Manila as of 26.11.2022
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30000 ₱
2000000 ₱
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months
days
12
36
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37.53 %
39.53 %
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On June 18, 1951, Security Bank was established as a trust fund and credit institution. It was the first postwar credit institution to open its doors. The bank is currently listed openly on the Philippine stock exchange. Throughout its existence, the company has established itself as a reputable financial market participant, offering services to both consumers and corporations such as securities and currency exchange profitable operations, lending, deposits, and accounts. 

Individuals and legal companies can now use the organization to receive traditional banking services, Internet banking, and financing. The company's services include asset management, trust funds, investing, leasing, and selling used cars, as well as a variety of debit and bonus cards. MasterCard is the most often used payment method used by the bank.

What is a Security Bank loan calculator?

These interactive calculators will compute your regular monthly payment based on your principal balance, interest rate, annual percentage rate, payback period, and monthly add-on rate. When you take out a Security Bank loan, you repay more than the loan amount. Interest, the cost of borrowing money upon the loan maturity, is also included in the monthly loan payment. 

It isn't easy to calculate the precise cost of your monthly payments with added interest rate. You may not know the exact amount until you receive the loan. However, you should have a good concept of your monthly payments before signing on the signed line to ensure you don't borrow more than you can afford. The Security Bank loan calculators assist you in determining the terms of your loan before you apply.

How does the Security Bank loan calculator work?

This loan calculator is an extremely useful tool for any Security Bank customer looking to obtain a loan. All you have to do is enter your loan information, such as the approved loan amount, your minimum gross monthly income, the loan period, your chosen monthly installment payment schedule, and the total amount you would repay appears. Essentially, this can assist you in determining whether or not a loan is worthwhile.

When a Filipino citizen decides on the loan they want, they can simply go to the Security Bank website, choose its loan calculator, and then enter the relevant information, including the down payment amount, amortization, etc. After this, it will display the result almost instantly.

Inputs

Below is the input you will likely see when you are using the Security Bank loan calculator and what they mean:

Principal

The principal is the initial loan amount, but it can also be the amount remaining outstanding on the loan. For example, the principal of a ₱500,000 Security Bank loan is ₱500,000. If you pay down ₱300,000, the remaining principal debt is now ₱200,000. The principle determines the amount of cost you pay on a loan depending on your interest rate. 

When you make monthly loan payments, the money first covers accrued interest charges and the balance is applied to your principal. The only method to lower the amount of interest that accrues each month is to pay down the principle of a loan.

Payment terms

The word is easily associated with Security Bank loans. Their 20-year fixed-rate mortgage, for example, has a term of 20 years. Auto loans are typically five or six years long, while choices are available. Auto loans from Security Bank are frequently stated in months, such as 60-month loans.

Security Bank usually establishes a necessary monthly payment when you take out a loan, such as a 60-month vehicle loan. That payment is designed in such a way that you pay off the loan gradually during the length of the loan. This method of debt repayment is known as amortization. The term also depends on the person's illustrative purposes and additional documents they can provide to the bank.

The period of a loan booking influences your monthly payment and overall interest charges. Because the entire amount borrowed is spread out over more months with a long-term loan, you'll pay less in principal each month, so picking one with the most extended term might be tempting. However, a longer term means more enormous interest rate on the loan maturity.

Gross income

Individual gross income (sometimes known as gross pay on a paycheck) is an individual's total earnings before taxes or other deductions. This encompasses all sources of income, not only work, and is not restricted to monetary income; it also includes property or services obtained.

For businesses, gross income is synonymous with gross margin or gross profit. The gross income of a corporation, as shown on the income statement, is the revenue from all sources less the firm's costs for the goods sold (COGS).

In the Security Bank calculator, the gross income could be asked to be input monthly or annually. The housing loan calculator, for example, asks for the annual income, while the personal loan calculator asks for your monthly income.

Cost of property 

This only applies to the Security Bank housing loan calculator. This is the total cost of the property you want to use the loan to finance. It is from the price of the property you wish to acquire, coupled with your annual income the calculator can now compute the highest loan amount you are eligible for.

The state of the vehicle

This means whether the vehicle you are interested in financing is brand new or a second-hand one. If it is a new car, then you choose Brand new car. If it is a second-hand vehicle, then you choose Used car. Note that if you are financing a used car, it should not be older than 11 years, according to the bank.

Your downpayment

A downpayment is an amount paid by a loan applicant in the early stages of acquiring a car. The downpayment is a part of the total purchase price, and the applicant will often finance the remaining with a Security Bank vehicle loan.

The applicant may pay 20% to 50% of the entire cost of the home up front, with the remaining covered by the bank mortgage — car downpayment function in the same line.

Mileage

This is the total number of miles driven in a certain period, length, extent, or distance. It is also the number of miles or average distance a vehicle can drive on a given amount of gasoline. In the case of a Security Bank Car4Cash loan, the average distance traveled by car after purchase is expressed in miles. Users can assume the condition of the car based on the miles it has been driven and calculate if it's good for independent use.

Output

The following are the expected calculated values or output and what they mean:

Monthly installment

A monthly installment is a regular payment amount fixed by Security Bank to a lender each calendar month on a specific day. Monthly installments are used for both interest rate and principal each month until the loan is paid off in total over a stipulated period. In Security Bank personal loans, for instance, after inputting all the necessary information like your contact details and your income details, the maximum monthly installment will be displayed, which means you can only get a loan if your monthly payment does not exceed the one shown.

Downpayment required

The downpayment is one of the most significant upfront costs when purchasing a property. The downpayment is part of the purchase price you pay. In general, putting less money down on a property at close will increase its processing fee and interest over the life of the loan (and vice versa).

When you use a Security Bank home loan calculator, you must input all the data correctly, and when you click on Calculate, the downpayment required means that it is the least down payment you can make.

Amount financed

This is the amount of money borrowed from the bank minus the majority of the bank's upfront costs.

Appraised value

Appraisals evaluate the market worth of old autos rather than new cars. Several assessment types are accessible, and their accuracy depends on which one you choose as per your individual circumstances. An automobile evaluation examines the year, make, model, options, mileage, and vehicle scarcity. An assessment also considers the current market and identifies if the value of a specific vehicle is growing or dropping. An appraisal can discern different values if a car is sold at retail or exchanged for a new one.

While older automobiles are relatively easy to evaluate, classic vehicles (those older than 20 years) may benefit from the services of a professional appraiser. A professional appraiser may be knowledgeable about a specific make or model, and their valuation may rise or fall.

Indicative loan assignment

This is seen in the Security Bank Car4Cash, the highest loan amount the bank can give out after the car has been appraised. 

Security Bank loan calculator formula

The easy payment calculation considers your loan principal, annual percentage rate, interest rate, and repayment duration. The total amount owing, including principal, interest, and fees, is paid out in equal installments over the life of your loan. Although your term length may vary, you should plan to make 12 payments every year. The type of Security Bank loan calculator you require depends on the type of loan you apply for.

Interest-only loans

Monthly payment is required for most secured and unsecured loans to cover both interest and the loan principal. When you obtain an interest-only loan, you are financing the interest, not the principle (also known as your principal). Consequently, your monthly payment will be lower for a limited time. You must eventually return the entire loan, either in one lump amount or by increasing your monthly payment to include both principal and interest.

Monthly payments on interest-only loans are often lower than on regular loans. This is because standard loans sometimes include interest fees and a proportion of the loan total. Amortization is the process of prioritizing interest payments while paying down debt over time.

Self-employed applicants or any applicant for that matter can calculate the monthly payment on an interest-only loan. The calculator multiplies the loan amount by the interest rate and divides it by 12 months. If you owe ₱500,000 and the interest rate is 5%, your interest-only payment would be: 

*i.e. ₱500,000 x (5/100) = ₱25,000. ₱25,000/12 = ₱2,083.3/month.

Amortizing loans

An amortizing loan is a type of debt that requires you to make regular monthly payments. In this loan, a portion of your monthly payment is deducted immediately from the loan's principal, while the remaining is applied to interest. Fully amortized loans, often installment loans, have an equal monthly payment. Partially amortized loans also have monthly installments, but a balloon payment is made at the beginning or conclusion of the loan. 

The balance of an amortized loan decreases over time. Qualified professionals might use an amortization plan to track the progress of repaying their loans. An amortization payment schedule is also a handy visual representation that indicates how much interest and how much is committed to principal reduction. 

Before making regular monthly payments toward reducing the loan's principal, the debtor or depositor must pay a portion of the interest payable on the loan. To calculate the amount of interest owed, the lender will multiply the current loan balance by the appropriate interest rate or annual percentage rate. The lender then deducts the interest payable from the monthly payment to calculate how much is applied to the principle. 

As the loan balance decreases, the part of your payment that goes toward interest decreases, while the portion goes toward principal reductions. The vast majority of installment loans are repayable. Auto loans, Car4Cash loans, home loans, and personal loans, to name a few, are all amortized. Loans with a balloon payment or that enable negative amortization are not amortizing loans.

How do amortized loans work?

Assume A and B wish to apply for a loan of ₱1,000,000 to buy a condominium in a Manila suburb. They received an amortizing loan with a 5% interest rate. The portion of the payment allocated to the loan principal was ₱1,201.5 in the first month, while the portion devoted to interest was ₱4,166.7. By month 12, the payment part devoted to principal repayment will be ₱1,257.8, while the amount dedicated to interest will be ₱4,110.4.

Types of Security Bank loan calculator

The Security Bank website has four loan product calculators:

The Security Bank personal loan calculator

The personal loan has competitive rates and flexible repayment arrangements. When you need a financial boost, you might think of a personal loan as your lifeline or safety net. It may also be used for emergencies, education, travel, house improvements/low down payments, and automobile repair/purchase. Security Bank Finance Company, Inc. offers personal loans that are guaranteed by Security Bank Corporation. To know more about this you can fill out the online application form with your office or residence landline number.

How it works

The minimum loan amount offered by the bank for this loan is ₱30,000, and the maximum amount is ₱2,000,000. The payment term ranges from 12 to 36 months, and the approval time is generally within five banking days. Follow the steps below to use the calculator:

  1. Visit the Security Bank website and click on Loans, then Personal loan.

  2. Go down a bit and locate the Personal loan calculator.

  3. The space tagged I want to borrow means the amount of loan you want. This can be between ₱30,000 and ₱2,000,000 — type in your amount.

  4. Select your preferred payment term and then input your minimum gross monthly income. Then click on Calculate

  5. The calculator's report or output will be your highest loanable monthly installment.

The Security Bank home loan calculator

With the Security Bank's fast-approval home loan, you can own your home with payment terms of up to 20 years. You may move in sooner with no upfront expenses through their all-in financing option. The loan can be used to:

How it works

The loanable amount is up to 80% of the property's appraised value, and the payment terms are up to 20 years. The joint minimum gross monthly income is up to ₱50,000, and the loan approval time is within 10 banking days. The minimum loan amount is ₱1,000,000. You can use the calculator following the steps below:

  1. Visit the Security Bank website and click on Loans, then Home loan.

  2. Go down a bit and locate the Housing loan calculator.

  3. Enter your annual income at the space labeled My annual income is

  4. Enter the term of your loan at the space labeled I want this loan for.

  5. Enter the property's value at the space labeled My desired property is worth, and then click on Calculate. The results will appear immediately, provided you did the right thing.

  6. The computed result will show your required down payment, the maximum loan amount you are eligible for, and the maximum monthly payment you can afford. It will also show if, with your input, you are eligible to get more loan amount or less.

Security Bank car loan calculator

The Security Bank auto loan can be used for the following purposes:

How it works

The loanable amount for a brand new car is up to 80% of the purchase price, and for a second hand is up to 70% of appraised value. The payment terms for brand new cars are 12 to 60 months, while for second-hand vehicles are 12 to 48 months. The down payment is as low as 20% of the purchase price. The loan approval time is one banking day, and the maximum car age may be up to 11 years. Follow the steps below to use this tool:

  1. Visit the Security Bank website and click on Loans, then Car loan.

  2. Go down a bit and locate the Car loan calculator.

  3. Choose if or if not you are a bank customer with a depositor account.

  4. Select if the car you want to purchase is a brand new car or a used one, and then choose how you want to pay (in advance or arrears).

  5. Select the down payment you want, which can be up to 50%.

  6. Input the car's selling price, and then select your preferred loan term.

  7. Now input your net monthly income and then click on Calculate.

  8. Your displayed output values will include your down payment amount, the amount to be financed, monthly amortization, and the maximum amount of loan you're eligible for.

The Security Bank Car4Cash financial calculators

This loan lets you keep your car’s OR/CR as collateral required by the bank while you keep on using your car. 

How it works

To use the Car4Cash financial calculators, follow the steps below:

  1. Visit the Security Bank website and click on Other loans, then Car4Cash.

  2. Go down a bit and locate Check how much you can borrow.

  3. Select your car brand and model.

  4. Select the date of purchase shown on the car’s receipt and the purchase price.

  5. Input the mileage and then indicate if you are using a credit card or not, then click on Next page.

  6. The calculator's report or output will be shown, including the appraised value of your car and the indicative loan assignment.

What are the benefits of using a Security Bank loan calculator?

The loan calculator comes with many benefits. They include the following.

It lets you know your loan terms beforehand

Security Bank loan calculators allow you to know how much interest you will pay before you apply for a loan. On the website, you may discover a variety of loan calculators. They are all free to use.

It saves time

Security Bank loan calculators save you time and effort by completing the work for you. You do not need to be a financial expert to understand how the loan calculator works and how you may use it to calculate actual loan numbers.

It allows you to compare different terms

Enter the necessary figures into a Security Bank loan calculator and press the Calculate button. Various loan calculators allow you to compute multiple numbers. For example, in a house calculator, you may enter the loan amount, payback term length, and interest rate to calculate your monthly payment amount. Compounding interest is also taken into consideration by a mortgage loan calculator.

You may use your monthly salary to assess the size of the house you can afford by utilizing a housing loan calculator. Evaluating different loan conditions is a significant benefit of Security Bank loan calculators. The calculator may compare two or more loan conditions to locate the best prices much more effortless.

It is useful for financial planning

The loan calculator may also show you how much interest and principal you'll have to pay each month. As a result, you may choose the ideal monthly payback amount for you, paying off both the principle and the interest. The calculator can assist you in developing your household budget and saving strategy for the next few years. You can seek personalized advice on personal finance issues from a qualified professional financial adviser, who will provide investment advice for more effective results.

Example of calculations using a Security Bank loan calculator

Example 1: Mr. A wants to take a Security Bank home loan. His annual income is ₱2,800,000, and the property he intends to finance is worth ₱8,000,000. The loan term of his choice is 15 years. If we key this information into a housing loan calculator, we will get the following detailed calculation results:

Example 2: Let’s say a Filipino is in an emergency and wants to get a personal loan from Security Bank. They want to get a loan worth ₱150,000 on a 36-month loan term. Their minimum gross monthly income is ₱50,000. Inputting this into the personal loan calculator, we will get that:

How to perform complex calculations using a Security Bank loan calculator

Someone wants to get Security Bank car loan to finance their new car purchase. They are Security Bank account holders and wish to purchase a brand new car. They are planning to pay for the vehicle in advance and are ready to make a down payment of 40%. The car is going for ₱4,000,000, and their preferred loan term is 60 months. Their net monthly income is ₱80,000. If we carefully input all these details into a car loan calculator, we will get the following detailed calculation results:

This means that from the details you have given, your down payment is ₱1,600,000.00, and the amount you want the bank to finance is ₱2,400,000.00, your monthly amortization from the data imputed will be ₱51,652.00, and the highest loan amount the bank can give from the details provided is ₱1,105,141.98.