Getting a personal loan is no easy task. Aside from knowing the interest rates, you have to do your research and compare the different personal loan fees that banks charge in addition to your monthly payment. Most banks deduct personal loan charges from the loan proceeds upon the approval of your application.
Personal loan fees are charges made by banks to handle and book your loan. They are also known as processing fees. Processing fees differ per bank. Some banks have a set amount of personal loan fees, while others base it on the total amount you want to loan. Processing fees from top banks in the Philippines can range from ₱1,200 to ₱2,000, while others charge a fee of 1% the total amount you borrowed. Aside from the processing fee, you must also be prepared to pay for documentary stamps which is usually ₱1 for every ₱200, if the loan is above ₱250,000.
Below is a comparison of the personal loan fees that banks charge on top of the total loanable amount and interest. It is recommended that you compare interest rates and other charges before you apply, so you can find the best personal loan for your needs and financial capacity.
Note: While GoBear Philippines makes sure that the information presented below are updated and correct, processing fees and charges per bank may change without prior notice.
There are too many options for loans, and more often, there is too little information about the loans that banks offer. With GoBear, you can now compare details of every bank in the Philippines, including those of EastWest, BDO, BPI, Security Bank, Equicom, Bank of Commerce, Bank of Makati, Metrobank, PNB, PSBank, Citibank, and more!
When it comes to personal loans, GoBear lets you see an actual breakdown of the costs of applying for a loan. In percentage form, you will discover how much of the total cost goes to fees, how much goes to interest rates and how much of the money actually reaches your hands. You might also discover that Bank A may have the lowest interest rates, but in the end, it only shifted the difference in its “other fees” segment.
See a side-by-side comparison of fees, interest rates, and requirements if you compare before you commit. The website is free and easy to use, created to help Filipinos make smarter financial decisions. Learn more about GoBear through the FAQ page.
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