MetroBank Personal Loan Review Philippines (2024)

Whether you’re tackling a planned expense or facing an unexpected financial need, a personal loan could be the way to go. If you’re in the Philippines, Metrobank is a significant player in the personal loan market. But is their offering competitive? This in-depth review will examine the features, pros, cons, interest rates, and the application process to help you decide.

Metrobank Personal Loan Review Philippines

Key Features

• Competitive Rates: Metrobank boasts competitive interest rates compared to some other lending institutions in the Philippines.
• Flexible Loan Amounts: Borrowers can access loans ranging from Php 50,000 to Php 2 million, catering to diverse financial needs.
• Tailored Repayment Terms: Choose a repayment term that aligns with your budget, with options spanning from 12 to 36 months.
• Wide Network: Metrobank’s extensive branch network allows for convenient loan applications and disbursements.

Pros

• Established Reputation: Metrobank’s long-standing presence instills trust and security for borrowers.
• Streamlined Process: The application process can be completed online or through a branch, offering convenience.
• Potential for Lower Interest Rates: Compared to other lending options, Metrobank personal loans might offer more competitive interest rates, particularly for qualified borrowers.

Cons

• Potentially Stricter Eligibility Requirements: Metrobank might have stricter eligibility requirements compared to some online lenders, such as requiring a minimum income or a good credit history.
• Longer Processing Time: Compared to online lenders, the application process through Metrobank might take slightly longer.

Is Metrobank Legit or Not?

Absolutely. Metrobank is a legitimate and well-established financial institution. They are registered with the Bangko Sentral ng Pilipinas (BSP), the central bank of the Philippines.

Metrobank Personal Loan Interest Rate Philippines

Interest rates vary based on your creditworthiness, loan amount, and repayment term. Expect rates in the range of 1.25% to 2.5% per month. Use Metrobank’s online loan calculator or contact them directly for the most accurate quote based on your circumstances.

How to Apply for Metrobank Personal Loan

Eligibility Requirements:

• Must be at least 21 years old and a Philippine citizen.
• Possess a valid government-issued ID (SSS, PhilHealth, Passport, Driver’s License).
• Proof of income (payslips, bank statements, business permits for self-employed individuals).
• Minimum income requirement (varies depending on loan amount).
• A good credit history is not mandatory but may influence approval and interest rates.

Step-by-Step Application Guide

Option 1: Online Application

1. Visit the Metrobank website and navigate to the Personal Loan section.
2. Fill out the online application form, providing your personal information, income details, and desired loan amount.
3. Upload required documents electronically.
4. Submit your application and wait for a response from Metrobank.

Option 2: Branch Application

1. Visit any Metrobank branch.
2. Inform the bank representative of your intent to apply for a personal loan.
3. A bank representative will guide you through the application process and assist in completing the application form.
4. Submit all required documents.
5. The branch will process your application and inform you of the decision.

Required Documentation:

• Valid government-issued ID (SSS, PhilHealth, Passport, Driver’s License)
• Proof of income (payslips, bank statements, business permits for self-employed individuals)
• Income tax return (for self-employed individuals)
• Certificate of Employment (if employed)

Metrobank Personal Loan Renewal

Renewal options might be available depending on your repayment history and current eligibility. Consult directly with Metrobank about your specific situation.

Conclusion

A Metrobank Personal Loan can be a good choice for those with reliable income and a decent credit profile seeking competitive rates from a trusted bank. However, it’s essential to compare offers, understand the total cost of the loan (including interest and fees), and ensure you can comfortably afford the monthly payments before committing.