Are you in good hands when it comes to dealing with banks?
“You’re in Good Hands” is Metrobank’s brand promise and assurance that Filipinos can trust their brand. Over the years, Metrobank has been one of the most known universal banks in the country. If has been founded on September 5, 1962, with its original name as Metropolitan Bank & Trust Co.
It was incorporated in Binondo, Manila by a group of Filipino businessmen. The primary aim is to give financial services to the Filipino-Chinese community.
After more than five (5) decades, Metrobank now has over 1,950 ATMs nationwide and more than 860 domestic branches. It also has 31 foreign branches, representative offices, and subsidiaries.
Being a universal bank, Metrobank does not only offer a full range of banking products but also created various loan options.
Here are some basic facts about Metrobank loans that you have to consider.
Metrobank Loan Products
Metrobank offers its car loan for Filipinos who are 21 to 65 years old and living in the permanent residence for the past five (5) years. The borrower should have a landline and must have been employed in the current company for two (2) years as a regular employee.
Metrobank car loan minimum interest rate is 8.44%. This is a bit higher compared to the interest rates or car loans offered by other banks.
You can borrow from P250, 000 up to 80% of the net selling price of the vehicle. Most banks offer at least P100,000. Take note that it is best to borrow what you just need and not because you just want a particular loan because there are still other fees to pay aside from the car loan itself.
When taking out a car loan you also have to pay for the notarial fees for the documents, doc stamp fee, handling fee, and others. Also, Metrobank car loan does not finance used vehicles and Chinese-made vehicles.
Metrobank home loan is offered to Filipinos 21 to 65 years old. The borrower must be living in the current residency for the past five (5) years and earns at least P30, 000 as a regular employee.
OFWs can also apply for a loan but they must earn a minimum monthly income of $1,000 and have been working for the current employer for the last two years.
The Metrobank home loan interest rate ranges from 5.50% to 10.50%. This is a highly competitive interest rate. You can borrow up to 70% to 80% of the property value.
While the Metrobank home loan seems enticing, take note that it is only for Filipinos who are administrative or ranking officers.
Metrobank has three types of business loans which are SME Credit Line, SME Short-term Loan, and Long-term Loan. These loans are secured loans which will require a collateral.
The minimum amount you can borrow is P1 million. If you are just planning to have a micro-business, then you may have to consider just getting a personal loan from another provider.
If you apply for a Metrobank Credit Card you’ll need a clear photocopy of valid government ID, your proof of income, Certificate of Employment and details of your other credit card if applicable.
While there are exciting rewards and features, you need to take note that there are also existing fees and charges such as:
- Late Payment Fee charged if you fail to pay on your due date.
- Sales Invoice Retrieval must be paid before you can get a copy of your sales invoice.
- Cash Advance may be an easy solution for immediate cash needs, but you have to remember that you will be charged with a steep interest rate upon cash withdrawal. You will also have to pay a Cash Advance Fee.
- Returned Check Fee is a penalty charge if your check bounces.
- Gaming Transaction Service Fee is charged if you use your credit card in casinos or other gaming facilities.
- Collection Fee is charged if the bank has already resorted to using a collection agency to collect your defaulted payments.
Metrobankdirect is Metrobank’s online banking facility. It allows you to do:
- Account Information
- Pay Bills
- Transfer Funds
- Reorder Checkbook which is P175 per checkbook
- Manage Accounts
Some features might be charged, take the time to read the terms and conditions to avoid bill shock.
While Metrobank seems have loans to cater to a lot of Filipinos, there are still limitations you have to take note of.
Take the time to shop around and compare loans. Take a look at eligibility requirements, interest rates, loanable amount, terms and repayment methods. Choose the one that lets you repay your loans at ease without sacrificing your needs.
Get a loan from a moneylender who understands your personal needs such as Cash Mart. Cash Mart offers quick cash loans with flexible payment terms. Apply now at CashMart.ph or call at (02) 829-0000 to learn more.