Personal Loan Interest Rates in the Philippines 2024: You Decide

Not all of us have sufficient money to live a good life. Sometimes, we need to apply for a loan due to personal expenses. No matter what you need the money for, let us look at the interest rates of personal loan to get you decided. In the Philippines, the average personal loan interest starts from 0.69 to 2% monthly.

Interest Rates of Personal Loans

• CIMB – 0.83% monthly add-on
• GLoan (Gcash) – 1.59% – 6.99% per month
• Home Credit – 2.32% monthly
• Maya Bank – 0.77% add on
• BPI Personal Loan – 1.2% monthly add on (varies)
• Security Bank – 2% (depends on term)

How to Choose

Choosing the source of personal loan is easy if you will consider these factors:

Interest Rate

Of course, we all want to get only a loan with the lowest interest rate. Go ahead choose one but make sure to read the terms. Personally, I would look into the annual effective rate to get a bigger picture.

Minimum Requirements

The company should only request for minimal documents. This makes it easier for you to apply. A simple valid ID and proof of billing should be enough.

Loan Amount

There should be flexibility with the amount you can loan. In out experience, people tend to borrow money up to Php 25,000 only for emergency expenses.

Quick to Receive

When you are approved, the money should be easy and quick to receive. We suggest to look for a company that can offer up to 3 days for cash disbursement.

What is Add-On Interest?

Here’s how to compute for it:

1. Loan amount X Interest Rate = Total Interest

2. Total Interest / number of months = Monthly Add-On

3. The result will be added to your monthly payment from the loaned amount.

Example

• Loan amount: Php 10,000
• Interest: 2%
• Months to Pay: 12 months

Total interest is Php 10,000 X 2% = Php 200

Php 10,000 / 12 months = Php 833.33

Php 200 / 12 months = Php 16.67

Php 833.33 + Php 16.67 = Your monthly payment rate should be Php 850