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Sunday, July 24, 2016

Comparison of Interest Rates On Loans From Different Banks In Philippines



When buying a house or in case of financial emergencies, borrowing money or getting a loan or mortgage from the bank is mostly the answer to many of us.

However, different banks have different interest rates depending on the amount of the money or term of the loan. One way to avail a lower interest rate is to secure your loan with a collateral. Properties that can be used as collateral for loan or mortgage can be land, house, other properties like business establishments and other assets. If you are not sure if you can use your property as collateral for a loan or mortgage, you may inquire to the bank or lending institution. Most often, if you are not in an urgent need, it is always better to approach different banks so you can compare the rates that they could offer. Of course, the lower interest rate, the better. 
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The table  below are estimated loan rates offered by different banks in the Philippines


The information published here is from Bangko Sentral ng Pilipinas

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1. Interest rates above refer to actual rate charged or paid for the use of money, expressed as an annual percentage of the principal.
2. Short-term interest rates refer to interest rates charged on loan contracts or debt instruments with maturity period of one year and below;
medium-term interest rates on loan contracts or debt instruments with maturity period of more than one year to five years; and long-term
interest rates on loan contracts or debt instruments with maturity period of more than five years. 
3. Some banks charge lower interest rates on medium and long-term loans compared to short-term loans because the former are secured by collaterals.



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