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Metrobank Auto Loan Calculator Philippines

Reviewed by Calculator Editorial Team

Calculating your MetroBank auto loan in the Philippines is essential for understanding your monthly payments, interest costs, and overall loan terms. This calculator helps you estimate your loan payments based on the loan amount, interest rate, and loan term.

How to Use This Calculator

To use this MetroBank auto loan calculator, follow these simple steps:

  1. Enter the loan amount in Philippine Pesos (PHP) that you want to borrow.
  2. Input the annual interest rate offered by MetroBank for auto loans.
  3. Select the loan term in years, typically ranging from 1 to 7 years.
  4. Click the Calculate button to see your estimated monthly payment.

The calculator will display your monthly payment, total interest paid, and total amount paid over the loan term.

Formula Used

The calculator uses the standard auto loan payment formula:

Monthly Payment Formula

Monthly Payment = P × (r(1 + r)^n) / ((1 + r)^n - 1)

Where:

  • P = Principal loan amount (PHP)
  • r = Monthly interest rate (Annual Rate / 12 / 100)
  • n = Number of payments (Loan Term in Years × 12)

This formula calculates the fixed monthly payment for an auto loan with a fixed interest rate.

Worked Example

Let's calculate a sample auto loan:

  • Loan Amount: PHP 1,000,000
  • Annual Interest Rate: 10%
  • Loan Term: 5 years

Using the formula:

Calculation Steps

1. Convert annual rate to monthly: 10% ÷ 12 = 0.8333% or 0.008333

2. Number of payments: 5 × 12 = 60

3. Plug into formula: PHP 1,000,000 × (0.008333(1 + 0.008333)^60) / ((1 + 0.008333)^60 - 1)

4. Result: Approximately PHP 21,500 per month

This example shows that a PHP 1,000,000 loan at 10% for 5 years would have a monthly payment of approximately PHP 21,500.

FAQ

What is the typical interest rate for MetroBank auto loans in the Philippines?
MetroBank's auto loan interest rates typically range from 9% to 12% per annum, depending on your creditworthiness and the loan amount.
How long can I take to repay a MetroBank auto loan?
Auto loan terms at MetroBank usually range from 1 to 7 years, with most borrowers choosing between 3 to 5 years.
What documents do I need to apply for a MetroBank auto loan?
You'll typically need your valid ID, proof of income, employment details, and the vehicle's title or registration documents.
Can I prepay my MetroBank auto loan?
Yes, MetroBank allows prepayment of auto loans without penalty, but you may need to check their specific prepayment terms.