Installment payments provide convenience to those who apply for a loan. In most cases, the rates are affordable since the amount is divided on a monthly basis. The monthly installment rates of loans in the Philippines range from Php 2,000 to Php 30,000 per month depending on type.
Average Monthly Rate
You see, your monthly rate will depend on factors like loan amount, number of months to pay and the interest rate.
Things to Remember
- The higher the loan amount, the bigger your monthly payment will be.
- Note that the interest rate will also play a part in this especially if the loan has add-on rate.
- Lastly, the longer the payment term is, the lower the monthly rate.
Personal Loan
The monthly installment for personal loans in the Philippines may start from Php 5,000 and above. This rate is applicable for a loan amount of Php 100,000 with a 24 to 36 months term. The rates will vary depending on the length of payment and the borrowed money.
Have you decided which loan to apply for? You can get support from banks, loan apps and websites.