1. What is EMI?

EMI (Equated Monthly Installment) is the fixed payment amount a borrower pays to a lender each month until the loan is paid off. It includes both principal and interest components.

2. How Does the Calculator Work?

The calculator uses the standard EMI formula:

Where:

• \( P \) — Principal loan amount (PHP)
• \( R \) — Monthly interest rate (Annual Rate/12)
• \( N \) — Loan tenure in months
• \( EMI \) — Equated monthly installment

Explanation: The formula calculates the fixed monthly payment that would pay off the loan over the specified period with the given interest rate.

3. Understanding Metrobank Credit Card Loans

Details: Metrobank offers credit card cash advances and personal loans with varying interest rates and terms. This calculator helps estimate your monthly payments based on the loan parameters.

4. Using the Calculator

Tips: Enter the principal amount in PHP, annual interest rate (APR), and loan tenure in months. All values must be positive numbers.

5. Frequently Asked Questions (FAQ)

Q1: What is the typical interest rate for Metrobank credit card loans?
A: Rates typically range from 24% to 36% APR, depending on the product and your creditworthiness.

Q2: Are there any processing fees for Metrobank credit card loans?
A: Yes, there may be processing fees (typically 1-3% of the loan amount) which are not included in this calculator.

Q3: Can I prepay my Metrobank credit card loan?
A: Yes, but there may be prepayment penalties. Check with Metrobank for current terms.

Q4: How accurate is this calculator?
A: This provides an estimate. Actual loan terms may vary based on Metrobank's current offerings and your specific situation.

Q5: What happens if I miss an EMI payment?
A: Late payments typically incur penalties and may affect your credit score. Contact Metrobank immediately if you anticipate payment difficulties.