Personal Loan Terms and Conditions

1. INTRODUCTION

   Thank you for availing Metrobank’s Personal Loan. At Metropolitan Bank & Trust Co. (“Metrobank”), we always strive to be your trusted partner by delivering meaningful banking through our products and services. With our Personal Loan product, we hope to help you in achieving your personal goals.

   From hereon, our relationship will be guided by this Personal Loan Terms and Conditions (“PLTC”). Please know that this document supplements our General Banking Terms and Conditions (“GBTC”). Should there be some conflict or overlap on the details of both documents, in so far as the product and commercial features are concerned, the PLTC will prevail.

   In this PLTC, references to the “Bank” means Metropolitan Bank & Trust Co. (“Metrobank”), while references to “you” or “the Customer” refer to the borrower (“Borrower”) of the personal loan product (“Personal Loan”).

   By availing our Personal Loan, as evidenced by your signature on the Promissory Note (“the Note”) and/or agreeing via an audio recording, it is deemed that you have read, understood, and you agree to the terms and conditions in this document. It is also expected for you to carry out the responsibilities of a Borrower, which are specified in this document. Lastly, you are also responsible for informing your co-borrower (if any) on the details of this PLTC.

   Metrobank may modify this PLTC at any time, and any such change is deemed to be binding on you, the Borrower, upon prior notice in a manner Metrobank considers appropriate. The Borrower may also check Metrobank’s websites: www.metrobank.com.ph and www.metrobankcard.com for any changes or announcements related to this Personal Loan.

2. PRODUCT USE

   2.1 PAYMENT DUE DATE. As the borrower, your Payment Due Date(s) will either be on a monthly or bi-monthly payment arrangement.

   2.2 PAYMENT REMINDERS. Metrobank will furnish you, during the applicable month, a Payment Reminder that contains your Amount Due and Payment Due Date for a period.

   We conclusively presume that you have received this Payment Reminder and that the Payment Reminder is correct unless you, the Borrower, have notified Metrobank by calling our Customer Service Hotline at 88-700-700 (Metro Manila) or 1-800-1-888-5775 (Domestic Toll-Free) or by emailing our Customer Service at personal_loans@metrobankcard.com about the following:

   • Not receiving a copy of the reminder within the first twenty (20) days of the succeeding month;
   • Any error within thirty (30) days from the receipt of the reminder.

   Nevertheless, anything beyond the abovementioned circumstances, non-receipt or late receipt of the Payment Reminder will not relieve you as the Borrower of your obligations to pay the amount due for your Personal Loan on the Payment Due Date. You also recognize and admit the integrity of the Payment Reminder, if it is in an electronic form, pursuant to the provisions of the Electronic Commerce Act.

   2.3 INTEREST AND AMORTIZATION. A monthly add-on interest rate based on prevailing rates will be levied on the principal loan amount. The interest is computed by multiplying the principal amount with the monthly add-on interest multiplied by the chosen payment term. The amortization is computed by dividing the Total Amount Payable (principal plus interest) with the chosen payment term. The rates may be periodically reviewed and adjusted upon notice.

   Interest = (Principal Amount)(Monthly Add-on Interest Rate)(Chosen Payment Term)
   Amortization = Total Amount Payable/Chosen Payment Term

   2.4 AMORTIZATION PAYMENT. As the Borrower, you are liable to pay the Amount Due on or before the Payment Due Date as shown in the Payment Reminder sent to you. All your payments for your Personal Loan will be made through an Automatic Debit Transaction in your nominated Metrobank account under your name. The Payment Due Date may be changed to an earlier date if your account is considered overdue or changed to another date that may be deemed appropriate by Metrobank. Should this happen, you will be notified through our Payment Reminder. Should the Payment Due Date fall on a weekend (Saturday or Sunday) or a non-working holiday, it will automatically be moved to the prior business day. You must ensure that your nominated bank account for the payment of your Personal Loan is sufficiently funded before your due date or the prior business day if the due date falls on a weekend or a holiday. You must pay the Amount Due despite the absence or lack of proof of service of the Payment Reminder within thirty (30) calendar days from actual date(s) of your amortization.

   2.5 APPLICATION OF PAYMENT. As the borrower, you hereby waive all benefits to which you may be entitled under Article 1252 of the Civil Code of the Philippines (RA No. 386). On the other hand, Metrobank, at its option, may apply the payments you made to any of your obligations to the Bank or to any of your obligations due and to your other instruments of indebtedness to the Bank. Payments will first be applied against any Late Fees due, then to Interest due, and any remainder will be credited to the Principal. Metrobank’s application of payments shall be final and binding to you as the Borrower.

   2.6 FEES AND CHARGES. As the borrower, you agree to pay applicable fees and charges that may be imposed by Metrobank. You agree that Metrobank may change the listed fees and charges as it deems necessary:

   a. DISBURSEMENT FEE. A fee of PHP1,500 will be charged upon loan booking and will be deducted from the Principal.
   b. DOCUMENTARY STAMP TAX. A corresponding tax will be applied upon loan booking for proceeds above PHP250,000.
   c. LATE PAYMENT FEE. There will be a Late Payment Fee of PHP850 imposed to you as the Borrower for any Late Payment computed upon the amount of any principal and accrued interest whose payment to Metrobank is overdue and for which Metrobank has delivered a notice of default to Borrower.
   d. PRE-TERMINATION FEE. Upon prior notice to Metrobank, you as the Borrower, may pre-terminate the outstanding principal of the Personal Loan, together with the accrued interest thereon from the posting date of the last amortization to the date of the pre-termination and the pre-termination fee amounting to 5% of the unpaid principal or PHP550, whichever is higher.

   With this, you as the borrower, agree that any unpaid dues in connection to such pre-termination are still subject to late charges and delinquency ageing as long as the Personal Loan remains outstanding.

   2.7 ACCELERATION. If you, as the Borrower, fail in the performance or observance of any agreement or condition in this PLTC or is in default under this Note and fails to make any payment owed and such default is not cured within 120 calendar days after first notice of such default, then Metrobank may, at its option, declare all outstanding sums owed on this Note to be immediately due and payable, in addition to any other rights or remedies that Metrobank may have under this Terms and Conditions or under the law.

   2.8 DEFAULT. As the borrower, your failure to pay the Personal Loan amortization up to the next billing cycle shall constitute “default” in which case, the Total Amount Due shall become due and demandable without need of notice or demand. The Total Amount Due will include any unpaid fees and charges, the past due monthly principal installment amounts, and the remaining principal balance. For this purpose, you appoint Metrobank as your irrevocable attorney-in-fact with full power of substitution/delegation to sign and endorse any and all documents and perform any and all acts and things required or necessary in the premise.

   As the Borrower, you also give Metrobank the authority to withhold as payment or security for any and all your obligations with the Bank, all monies, deposit accounts not exempt from encumbrances, execution or attachments under existing laws, properties, and securities now or which may hereafter come into the possession or under the control of Metrobank, or any of its subsidiaries, affiliates (“Metrobank Group”), whether left with the Metrobank Group for safekeeping or otherwise, or coming into the hands of Metrobank Group in any other way, for so much thereof as will be sufficient to pay any or all obligations incurred by the Borrower under the account or by reason of any other transactions between the same parties now existing or hereafter contracted, and to debit the account or sell in any public or private sale any of such properties or securities of the Borrower, and to apply the proceeds to the payment of any of the Borrower’s obligations.

   The abovementioned remedies will also be an option of Metrobank in the event that you default under any of the following circumstances:

   a. Any creditor tries, by legal process, to seize your money or any of your property, as a borrower, held by the Metrobank group; or
   b. Default made in the payment of any amortization and/or interest and other charges on this Note as and when the same becomes due and payable; or
   c. If you, as the borrower, apply for voluntary or involuntary relief under the insolvency law or other bankruptcy laws; Metrobank believes, on reasonable grounds, that it was induced by fraudulent misrepresentation to grant the credit facility in your favor;
   d. If you, as the borrower, fail to observe any of the terms and conditions of any contract or evidence of indebtedness and/or other related documents, which you executed, or were otherwise issued by Metrobank, the Metrobank group, or another financial institution or other lenders, in connection with any credit and loan facilities granted in your favor; or
   e. You, as the borrower, are charged with, convicted of, or under investigation by competent government authority for violation of any laws or regulations relating to loans, credit cards, access devices, including, but not limited to violations of R.A. No. 10175, (Cybercrime Prevention Act of 2012), R.A. No. 10173 (The “Data Privacy Act of 2012”), R.A. 8484 (access devices regulation act of 1998), their implementing rules and regulations and their respective amendments, and other laws or regulations, or Metrobank has prima facie evidence to charge the borrower with violation of any of the provisions of such laws or regulations; or
   f. If you, the borrower, are convicted by final judgment for a criminal offense carrying with it the penalty of civil interdiction or any of the cases covered by Article 1198 of the New Civil Code;

   In any event of default, you, as the borrower, authorize Metrobank to report and/or include your name in the negative listings of any government agency, credit bureau or institution or other banks, credit card companies, or financial institutions.

   2.9 ENDORSEMENT TO COLLECTION AGENCIES. As the borrower, you consent and authorize Metrobank to process, share, or transfer your personal data to Metrobank’s agency/agent for collections should the account be referred to an agency/agent for collections activity.

   2.10 ATTORNEY’S FEES AND COST OF COLLECTION. If to enforce payment or collection, the Note is entrusted to an attorney-at-law, you, as the borrower, should pay a portion of the amount due as attorney’s or collection fees. This is on top of the expenses of collection and the legal costs provided for in the Rules of Court. You agree that partial payments accepted by the Bank shall not in any manner be construed as a waiver, extension, or novation of your obligations under this Note.

   2.11 ASSIGNMENT. As the borrower, you agree that Metrobank may assign, discount, or otherwise transfer part or all of its rights and/or obligations under the Personal Loan, including the assignment of receivables, together with any hold-out agreement and other accessory contracts, to affiliates or other parties without notice to you. In the event of such assignment, you hereby irrevocably agree not to assert against the assignee set-off rights of any obligations, which may be owed by Metrobank to you.

   2.12 WAIVER, CUMULATIVE RIGHTS. No failure or delay on the part of the Bank in exercising any right, power or remedy accruing to it upon any breach or default of the Borrower under this Note shall impair any such right, power or remedy. It shall not be construed as a waiver of any breach or default thereafter occurring, nor shall a waiver of any single breach or default be deemed a waiver of any other breach or default before that time or thereafter occurring. Any single or partial exercise of any such right or power shall not prevent any other or further exercise thereof or the exercise of any other right or power hereunder. Any waiver, permit or consent or approval of any kind or character on the part of the Bank of any breach of any provision of this Note, must be in writing and shall be effective only to the extent as specifically set forth in such writing. All remedies afforded Metrobank under this Note, by law or otherwise shall be cumulative and not alternative. No notice to or demand on the Borrower in any case shall entitle him/her to any other further notice or demand in similar or other circumstances.

3. PRODUCT LIFECYCLE

   3.1 LOAN APPLICATION AND AVAILMENT

   

   3.2 LOAN AMORTIZATION PAYMENT

   

4. COUNTERPART SIGNING. The agreement(s) pertaining to the Personal Loan may be entered into by the parties in any number of counterparts. Each counterpart shall, when executed and delivered, be regarded as an original, and all the counterparts shall together constitute one and the same instrument.

5. ELECTRONIC SIGNATURES. The agreement(s) pertaining to the Personal Loan may be executed electronically or by way of electronic signature and such electronic signatures shall be deemed original signatures, have the same force and effect as wet ink signatures and binding upon the parties. If any of the agreement shall be executed electronically, the best evidence of the said agreement shall be a copy of the same agreement bearing an electronic signature, in portable document format (.pdf) form, or in any other electronic format intended to preserve the original information, graphic and pictorial appearance of a document.

6. TRANSFER AND DISCLOSURE OF INFORMATION AND DATA SHARING; WAIVER OF CLAIMS. By signing on the Note or your confirmation through audio recording:

   (A) You, as the borrower, hereby consent and authorize Metrobank, its affiliates, authorized representatives or agents to process, transfer, share, and/or disclose: (a) any Personal Data as defined under the R.A. 10173 (The “Data Privacy Act of 2012”) and its implementing Rules and Regulations, (b) information relating to the Personal Loan accounts, or (c) any of the your basic credit data to any of the offices, branches, subsidiaries, affiliates, agents and representatives of Metrobank and third parties selected by any of them, including other financial institutions, collection and verification agencies, entities tasked to provide consumer credit reporting or reference schemes, the appropriate government agencies, including, but not limited to the National Privacy Commission, Credit Information Corporation pursuant to R.A. 9510 (the “Credit Information Act of 2008”) and third parties with whom Metrobank may reasonably share such information, wherever situated, for the following purposes:

   (a) to commence and facilitate the efficient delivery, administration, operation, and/or implementation of the Personal Loan and the related services of Metrobank; (b) for your or Metrobank’s protection against fraudulent, unauthorized, or illegal transactions; (c) for Metrobank to enforce its rights or perform its obligations by reason of any law, contract, or orders from any court or quasi-judicial and administrative offices; (d) in the prosecution or defense of Metrobank or its directors/officers/employees with regard to disputes or claims pertaining to the products and services of Metrobank; and (e) for Metrobank, its affiliates and/or subsidiaries within the Metrobank Group to offer or provide other related products and services to the Borrower; (f) for cross-referencing, status enquiry, collection of payments due, for cross-selling or offering of the various products and services of Metrobank and its subsidiaries, affiliates and partners (Metrobank Group), for credit opinion and evaluation by and for an entity belonging to the Metrobank Group, or for application for insurance/bond products with any insurance company within the Metrobank Group; (g) for Metrobank, its affiliates and/or subsidiaries within the Metrobank Group to perform the required customer due diligence and Money-Laundering and Terrorist Financing risk management; and (h) to comply with legal, regulatory or other contractual obligations of Metrobank, with the corresponding duty to keep such information confidential in accordance with its privacy policies.

   In addition to the foregoing, Metrobank and any branch, subsidiary, affiliate, agent and representative or third party may transfer and disclose any such information as may be required by law or regulation, including among others R.A. 9510 or the Credit Information Act of 2008 and R.A. 9160; or the Anti-Money Laundering Act, as amended by R.A.9194 and R.A. 10365.

   (B) As the borrower, you waive your claim against and exempt Metrobank, any of the offices, branches, subsidiaries, affiliates, agents and representatives, and/or the Metrobank Group from liability under any and all bank deposit secrecy laws, including, but not limited to, R.A. 1405 or The Law on Secrecy of Bank Deposits, R.A. 6426 or The Foreign Currency Deposit Act, R.A. 8791 or The General Banking Law, as well as R.A. 10173 or the Data Privacy Act of 2012, R.A. 9510 or the Credit Information Act of 2008 and other confidentiality or related laws enforced or which may hereinafter be enforced.

   (C) As the borrower, you shall hold Metrobank harmless from suit and free from damages for any loss, damage or injury that you may incur or sustain by reason of lawful processing, transfer, or sharing of your personal data under R.A. 10173, or arising from any service or facility provided or rendered by a third party engaged by Metrobank to provide such feature or render such service or facility.

   Processing of your personal data under this section shall be in accordance with Metrobank’s Privacy Policy found on www.metrobank.com.ph. You likewise recognize that Metrobank is required by law to keep the personal data disclosed to the Bank for a period of five (5) years after the termination of the account, prior to deletion/secure disposition, unless otherwise required by law, regulation or policy to extend retention period. For any clarification, request, or inquiry regarding your rights under the Data Privacy Act of 2012, you may send an email to dataprotectiondept@metrobank.com.ph

7. PROMOTIONAL OFFERS. On occasion, Metrobank may inform you about its promotional offers through mail/email/fax/SMS or by telephone. With your consent in the Personal Loan Application, or Promissory Note, or assenting to an audio recording, Metrobank may also allow its branches, subsidiaries, affiliates, agents and representatives and third parties selected by any of them to offer specially selected products and services to you through mail/email/fax SMS or by telephone. Conformity to these Terms & Conditions shall constitute your consent, as the borrower, for any processing, transfer, sharing, and disclosure of information of the Borrower’s name, address, contact details and other relevant information to Metrobank’s affiliates, agents and representatives and third parties selected by any of them and certain companies for the purposes indicated above and under applicable laws and regulations.

8. BORROWER INSTRUCTIONS. As the borrower, you authorize Metrobank to rely upon and act in accordance with any notice, instruction or other communication, which may, from time to time, be given by telephone, mobile phone, SMS, telex, facsimile, e-mail or other electronic means, which Metrobank believes, to have been made by you, as the Borrower. The same instruction may be made on your behalf through a Special Power of Attorney executed for this purpose. Metrobank, however, reserves the right to require the instructions to be contained or sent in a particular form or to have the instructions confirmed before it may decide thereon. Metrobank shall be entitled to treat the instructions as fully authorized by and binding upon you, the Borrower, and to take such steps in connection with or on reliance upon the instructions as Metrobank may consider appropriate.

9. UPDATING OF INFORMATION. As the borrower, you commit to notify Metrobank, through the Metrobank Customer Service Hotline at 88-700-700 (Metro Manila) or 1-800-1-888-5775 (Domestic Toll-Free) or by writing Metrobank, of any additional means of communicating to you aside from what is disclosed in the Personal Loan application, as well as any changes in your address, home, office or billing address, e-mail and telephone number. You are responsible for notifying Metrobank of any change in other information, such as your civil status, citizenship, employment details and income and you agree to provide Metrobank documents that may be required to enable the Bank to comply with any law or regulation or any government requirement. Metrobank shall not be responsible for the non-receipt of any notification, statement of account, promo-related SMS, One Time Password (OTP) as a result of your failure to update your information in a timely manner.

10. TELEPHONE COMMUNICATIONS. As the borrower, you agree, consent and authorize Metrobank or any of its telesales, telemarketing or customers service agents, and outsourced agencies to record and store all the Borrower’s telephone, mobile phone or any other similar communications, generated or received during the Borrower’s call or accepted calls from Metrobank. You likewise agree that such taped or recorded communications may be used by Metrobank or any third party, for any purpose, particularly as evidence in any proceeding, judicial, or administrative.

11. SHORT MESSAGE SERVICE (SMS) COMMUNICATIONS. As the borrower, you agree that Metrobank may send or communicate through text messages or through your SMS-enabled cellular phone for specific and timely prompts, reminders and notices from time to time concerning account information, internet security, and other matters relating to the Personal Loan. You also acknowledge and accept that each SMS may be sent to you without being encrypted and may include your name and information pertaining to your Personal Loan account. It is your responsibility to ensure the security of your mobile phone and you hereby hold Metrobank free and harmless against any and all liability, administrative, civil, or criminal, including, but not limited to R.A. 10173 (The "Data Privacy Act of 2012") or those relating to any secrecy laws or regulations, should any SMS be viewed or accessed by any person other than you. You also agree that Metrobank does not guarantee the timely delivery or accuracy of any SMS, which are purely for convenience, information and notification purposes only. You shall be fully responsible to monitor the due performance and compliance of your obligations.

12. ELECTRONIC NOTIFICATION. Notifications sent by Metrobank to you through mobile phones, facsimile, e-mail or other electronic means (except SMS/text messaging, which has been covered by preceding clause) using the number and address of record shall be deemed to have been sent directly to you. As such, you declare Metrobank free and harmless from any liability if the information contained in the electronic notification is, by any means, accessed by any person other than you, the Borrower.

13. REVISION OF TERMS AND CONDITIONS. Upon written notice (e.g. letter, publication, or otherwise) to you as the Borrower, via Payment Reminders or separate correspondence, Metrobank may, at any time and for whatever reason it may deem proper, amend, revise or modify the terms and conditions hereof. Such amendments shall bind you unless you object thereto due to non-agreement or failure to receive notice by manifesting your intention to terminate this Agreement subject to the conditions set forth in this Note. Any amendment, revision, or changes in the terms and conditions made, as provided above shall likewise be binding on your co-borrower (if any), who hereby irrevocably and unconditionally waives his right to consent thereon or notification thereof.

14. FILING A COMPLAINT. If you wish to file a complaint, you may:

    1. Call Metrobank’s Customer Service Hotline at 88-700-700 Domestic Toll-Free Hotline 1-800-1888-5775 (using a PLDT line), or International Toll-Free Hotline at (+your country and area codes) 800 8700 0707. You will be required to provide your personal loan number, updated contact information, and relevant details of your complaint; or
       

    2. Send Metrobank an email at personal_loans@metrobankcard.com for product and service concerns. For Collections related concerns, you should send an email at collections@metrobankcard.com and give your full name, contact information, and relevant details of the complaint. For the security and protection of your account, only the last 10 digits of your Personal Loan account number shall be required.

       Metrobank is regulated by the Bangko Sentral ng Pilipinas (https://www.bsp.gov.ph).

15. VENUE OF ACTIONS AND GOVERNING LAW. Any action arising out of or in connection with this Note may be brought in the proper courts of Makati City or in any place where Metrobank may have its principal office or branch, at the option of Metrobank. This Note shall be governed and construed in accordance with the laws of the Republic of the Philippines.

16. ENGLISH LANGUAGE. This Note shall be written and executed in, and all other communications under or in connection with this PLTC, shall be in the English language. Any translation into any other language shall not be an official version thereof, and in the event of any conflict in interpretation between the English version and such translation, the English version shall prevail.

17. SEPARABILITY CLAUSE. Should any of the terms and conditions or any part or clause of this PLTC be declared void or unenforceable by competent authority, the same shall not invalidate the other terms and conditions, parts or clauses thereof.

18. REGULATORY LIMITATIONS. You agree not to use the proceeds of the Personal Loan for the purchase of items/goods for importation into the Philippines, which is subject to the provisions of BSP Circular No. 1389, as amended, and all other circulars, laws, rules and regulations pertaining to importation. Likewise, you agree and warrant that the proceeds of the Personal Loan shall not be used for foreign investments or the payment of foreign loans or in violation of any existing foreign exchange rules and regulations.

19. DISCRETIONS. Without giving any reason or notice, and without prejudice to the other provisions hereof, Metrobank has the full discretion to:

    a. refuse to approve personal loan application including top-up loan transactions;
    b. increase or decrease the maximum loanable amount; and/or
    c. introduce, amend, vary, restrict, terminate or withdraw the benefits, services, facilities and privileges with respect to or in connection with the Personal Loan account, whether specifically relating to you, as the Borrower, or generally to all or specific Borrowers.

    If Metrobank detects any unusual or suspicious activity on the Personal Loan account, Metrobank may require you, the Borrower, to contact Metrobank.

Updated as of September 2024