Metropolitan Bank & Trust Co. (Metrobank) expects faster growth in its auto and home loan business on anticipation of interest rate reduction in the second half.
“We see an overall positive growth trajectory for our auto and home loan businesses as we expect more bookings towards the end of the year given expectations of lower rates in the second half as well as through our offers like the Happy Holideals loan promo,” Metrobank consumer lending group head Peaches Cuenco said over the weekend.
Metrobank chief marketing officer Digs Dimagiba said at the launch of Metrobank’s Happy Holideals promo at One Ayala in Makati on Friday that the bank’s plans could be adjusted depending on the situation.
“As with all financial institutions, there are plans in place, whether we keep them or whether it goes up or down. As I said earlier, we are resilient. We adjust our plans already. This is one of them. We are declaring the holidays early, so that people can already get into that holiday,” Dimagiba said.
Metrobank’s consumer portfolio posted a 13.7-percent year-on-year growth in the first half of 2024.
Metrobank expects a sustained growth for its auto and home loans business, driven by consumer demand and its unique offers which aims to help their clients to achieve their goals such as owning cars or properties.
The bank kicked off an early start of holiday season in August with their car or home loan offer until Oct. 31, 2024.
Metrobank is waiving up to P100,000 on fees, covering chattel mortgage registration fee, documentary stamp tax (DST) and notarial fee; competitively low rates to give clients more wiggle room on their monthly budget. Interest rate of car loan can be as low as 8.70 percent per annum.
Clients will be pre-qualified for a Metrobank Toyota Mastercard once the loan is approved to enjoy more savings which involves 3-percent rebate on fuel at Petron stations nationwide, 10-percent discount on parts, accessories and labor at Toyota dealers.
Meanwhile, Metrobank home loan offers up to P100,000 covering mortgage registration fees, documentary stamp tax (DST) and notarial fee, home loan interest rate that can be as low as 6.75 percent per annum for a five-year fixed term.
Once the home loan is approved, clients is one step closer to enjoying discounts and rebates as they pre-qualify for a Metrobank Credit Card.
Metrobank Happy Holideals is open to all qualified car and home loan clients who will submit their complete loan application documents from Aug. 1 to Oct. 31, 2024.
Qualified car and home loan applications should also be approved and subsequently booked on or before Dec. 27, 2024 to enjoy the Happy Holideals offers.
