• Metrobank Car Loan

    Metrobank Car Loan

    Metropolitan Bank & Trust Co. (Metrobank) is the second largest bank in Philippines which was incorporated in 1962 and has its headquarters in Makati City. Metrobank was initially incorporated in Binondo, Manila principally to provide financial services to the Filipino-Chinese community.

    You’re probably eligible for an MetroBank Car Loan if you are

    MetroBank Car Loan Minimum Age

    At least 21 years old

    MetroBank Car Loan Maximum Age

    Less than 65 years old

    MetroBank Car Loan Eligible Employment Type

    Salaried or self-employed
    with regular income

    MetroBank Car Loan Minimum Income

    Earn more than the minimum
    income required

    Your MetroBank Car Loan amount eligibility is based on these factors

    MetroBank Car Loan Minimum Salary

    No Info

    MetroBank Car Loan Maximum Loan to Value

    Loan capped @
    80% of the net selling price

    MetroBank Car Loan Car Loan EMI

    EMIs of other loans lower
    your eligibility

    Increase your eligibility for Bank Car Loan amount by these steps

    MetroBank Car Loan Payoff Outstanding Credit Card Bills

    Pay off your credit card bills

    MetroBank Car Loan Maximum Tenure

    Choose longer tenure loan up to 5 years

    Documentation needed to apply for an Metrobank Car Loan

    • 1.Duly filled auto loan application form
    • 2.Income Tax Return (ITR) of the latest year
    • 3.Documentation for salaried applicants:
      • Copy of Certificate of Employment
      • Photocopy of last full month pay slip
    • 4. Documentation for self Employed applicants:
      • Certificate of registration of business
      • Copy of Latest bank statements
      • Copy of Audited Financial Statements of the past year

    Metrobank Car Loan DetailsUpdated on 23 Jun 2018

    Metrobank Car Loan Details
    Margin of Finance Up to 80%
    Tenure 5 years

    About Metropolitan Bank

    Currently, it is one of the leading financial institutions in the Philippines which offers a full range of banking and other financial products and services such as catering to consumer needs in personal banking, SME banking, and business banking, as well as investment banking, thrift banking, leasing and financing, bancassurance, and credit cards. It also offers banking services to large local and multinational corporations, middle market and SMEs, and retail segment.

    Metrobank has a wide network of over 1,950 ATMs nationwide with over 860 domestic branches, and 31 foreign branches, subsidiaries, and representative offices. Metrobank has a global presence with operations in countries such as London, Taichung, Tokyo, and Seoul.

    Features of Metrobank Car Loan

    • The car loan offered by the bank can be repaid in a minimum of 12 months and a maximum of 60 months.
    • The bank provides car loans up to a minimum of Php 250k and a maximum of maximum of 80% of net selling price.
    • Loan can be repaid 1 month after loan is booked, in uniform monthly amortization payments.
    • Mode of payment can be either through post-dated checks or through auto debit arrangement.

    General Prerequisites of Eligibility for Metrobank Car Loan

    Applicants are eligible to avail a Metrobank car loan if he/she meets the following requirements:

    • Applicant has a stable repayment source that provides regular and sufficient income to cover for the required monthly amortization of the loan.
    • Applicant has the legal capacity to contract financial obligations.
    • Applicant is at least 21 years old, and does not exceed 65 years old upon loan maturity.
    • Applicant is eligible if his/her residence is rented, and he/she has occupied the residence for at least 5 years and also has a landline.
    • If salaried, the applicant should be employed for at least 2 yrs. as a permanent employee.

    Salaried Individual

    • A Salaried individual with a steady source of income is eligible for this loan.
    • The applicant should be at least 21 years old and should not exceed 65 years of age upon loan maturity.
    • Applicant should have occupied the residence for at least 5 years and has a landline connection as well.

    Self-Employed Individual

    • The applicant must have a reliable source of sufficient income.
    • The applicant should be at least 21 years old and should not exceed 65 years of age upon loan maturity.
    • Applicant should have occupied the residence for at least 5 years and has a landline connection as well.

    Metrobank Car Loan Requirements

    Salaried Applicants

    • Loan application form, duly filled and signed
    • Government issued ID cards with photo
    • Non-Filipino applicants should produce SIRV/I-Card/ACR
    • Certificate of Employment (COE) which contains details of salary, designation & length of service along with details of the company HR.
    • Latest Income Tax Returns (ITR) on case to case basis.

    Self Employed Applicants (Individuals)

    • Loan application form, duly filled and signed
    • Government issued ID cards with photo
    • Non-Filipino applicants should produce SIRV/I-Card/ACR
    • Latest ITR (Income Tax Return) with bank statements
    • Certificate of Registration of Business issued by DTI/ Business Permit or Trade Name
    • Financial Statements (Audited)

    Partnership Firms

    • Car loan application, duly filled and signed
    • Articles of Partnership and names of partners.
    • Financial Statements (Audited)
    • Latest ITR (Income Tax Return)

    Metrobank Car Loan Interest Rates & Fees

    The interest rates provided in the table below has been sourced from the official website site of Metrobank. The rates are indicative and are subject to change without prior notice. Make sure to inquire with the bank representatives for updated list before proceeding with the application.

    Auto Loan Term Interest Rates (In Arrears) Interest Rates ( One Month Advance)
    12 Months 8.44 percent 7.27 percent
    18 Months 8.44 percent 7.57 percent
    24 Months 9.24 percent 8.56 percent
    36 Months 9.44 percent 8.93 percent
    48 Months 9.53 percent 9.13 percent
    60 Months 9.68 percent 9.35 percent

    Fees & Charges

    Fee/Charge Description Amount
    Processing Fee P1,500
    Outside Service Area (OSA) Fee Variable, depending on the loan amount availed.
    Annotation Fee P500
    Encumbrance Fee P2,600
    Notarial Fee P500
    Stamp & Registration Fee Based on the loan amount availed

    Metrobank Car Loan Promo

    Promotion Eligibility

    • The application for the loan must be received between April 1, 2016 and July 9, 2016.
    • Booking of the loan must happen within sixty days from loan approval date.
    • The amount of the loan should not be below Php 500,000. The maximum amount, however, is capped at Php 3,000,000.
    • The down payment that must be paid is 20 percent of the selling price of the vehicle.
    • The minimum tenure must be of 36 months.

    Promotion Inclusions

    • Avail comprehensive insurance coverage for free. This insurance covers you from Acts of God. However, you cannot avail third party liability cover with this insurance policy.
    • There is no chattel mortgage fee.

    Promotion Conditions

    • The borrower must get the car insurance renewal done from Charter Ping-An for the second and third year.
    • Borrower must repay the loan on time and also keep this account in current status.
    • From the date of booking, the borrower shall not terminate the loan before thirty six months.
    • While the loan remains unpaid, the borrower cannot sell the car.
    • The borrower can only use the car purchased under this promotion for private use. Commercial use or public utility of the vehicle is not allowed.

    FAQ's about Metrobank Car Loan

    1. I am looking forward to purchasing a second hand sedan. Does Metrobank finance used cars?

      At present, the bank does not offer finance for used cars. It does finance a wide variety of brand new cars.

    2. How do I apply for a Car Loan from Metrobank? Can I do so online?

      To make an application, you can visit the nearest Metrobank branch or apply online through the website. Applying online ensure that your loan application is submitted directly with the central processing center, helping you save time and resources.

    3. My Car Loan with Metrobank has been approved and I will be signing the contract in the next few days. What are the payment channels available to make monthly amortization payments?

      The most recommended channel to make payments is via ADA (Auto Debit Arrangement) where the monthly amortization payments are automatically debited from your bank account on or before the due date. You can also choose to pay using PDCs (Post Dated Cheques).

    4. Can I get a list of the “Types of Vehicles” financed by Metrobank under the Auto Loan scheme?

      The bank approves loans for Passenger Cars, Passenger Vans, SUVs, AUVs & Light Commercial Vehicles under this scheme. Chinese made vehicles are not included.

    5. How do I get an update on the loan status? I had recently applied for a car loan with Metrobank.

      You can either contact the representative you’re dealing with at the bank’s end or call (02) 8700-700 for an update. You can also visit the nearest branch for an update on status.

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