The maximum Metro Bank personal loan amount is £25000 and the minimum amount is £2000. Repayment period of 1 to 5 years with fixed interest rate of 5.9%
Personal Loan Structure
Metro Bank offers upfront and clear loans to their customers. The personal loans can be used to finance various financial obligations or investments.
They come in handy in unexpected circumstances such as losing a job or rising living costs. The bank offers the loans based on the customer’s personal circumstances. These circumstances are the key determinants of the loan amount to be awarded.
Metro bank personal loans are applied at either of their branches and the approval process can be completed the same day depending on personal circumstances. The loan application is up-front and it has no hidden charges neither does it attract agreement fees.
Maximum and Minimum Loan Amounts
The maximum Metro Bank personal loan amount is £25000 and the minimum amount is £2000.
The monthly instalments can be distributed over a period of 1 to 5 years depending on the loan amount. The loan attracts a fixed interest rate of 5.9% per annum. For instance, a Metro bank loan for 25.000 payable over a period of 60 months will include monthly instalments of £480.38 and a total payable amount of £28822.80.
The eligibility criteria to being awarded a personal loam by Metro bank include;
-The applicant should be above 18 years of age.
-The applicant should be a resident of the UK, and be able to provide proof of I.D and address.
-It is mandatory to have a current account with Metro bank to be eligible for the loan
On application, the bank carries out a credit assessment on the customer through a process called credit scoring. The process ends up producing a credit score for the applicant which determines how much loan amount they are eligible for.
The credit score is a subject of the applicant’s ability to repay loans, their credit history, and how long they have maintained their current address in the UK.