Metrobank Personal and Busines Loan: Application process and requirements

Metrobank RateSetter Personal and Busines Loan: Application process and requirements

Last Updated on December 5, 2023 by admin

Metrobank offers a diverse range of personal and business loans tailored to meet the financial needs of its customers. These loan options are designed to provide individuals and businesses with the necessary funds for various purposes, from personal expenses to expanding business operations. Metrobank ensures flexibility and accessibility for borrowers by offering competitive interest rates, convenient repayment terms, and simplified application processes.

With these diverse loan options, Metrobank aims to empower individuals and businesses by providing them with reliable financial solutions that suit their specific needs.

Metrobank Personal Loans is an  installment loans with fixed interest rates that you can use for a variety of purposes like home improvements, turn existing debts into one easy monthly payment or buy your next car. . Once approved, you’ll borrow a sum of money and pay it off equally per month over a scheduled period of time.

Read: Reasons Why you should avoid Payday Loans at all cost

On the other hand, Metrobank business loan is designed to provide credit facility to Small business loans of between £2,000 and £25,000 for a term of 1-5 years. It also provide Larger loans ranging over. ​£25,000, for a term of 1-30 years.


Personal loans

Metrobank personal loan  borrower can get between £1,000 and £35,000 over a term of 1 to 5 years, and rates start at 3.9% APR. For online personal loans we’re working exclusively with RateSetter, a trading name of Retail Money Market Ltd, which is a wholly owned subsidiary of Metro Bank PLC. The rate you’re offered will be based on your circumstances and the details of your loan, and any fees will also depend on your credit profile


How to be eligible for a personal loan with RateSetter

Before you can qualify for personal loans , you must meet the following criteria ….

1. You must  been a UK resident for a minimum of three years
2.borrower must  have a regular source of income paid monthly, for example through wages or a pension, of over £16,000 a year
3. You must have a good credit history, with no County Court judgements, bankruptcies or debt relief orders on your credit file
4. Borrower must be  21 and above
5.have not missed any regular payments in the last 12 months.

What are the fees and charges?

Metro bank  personal loan offer by RateSetter charges a loan fee, but this is built into the APR (Annual Percentage Rate) along with your fixed annual interest, so there are no surprises. You won’t be charged a loan fee if you cancel your credit agreement within 14 days of it starting. The loan fee is non-refundable if you settle your agreement early.

Also read: Payday and Short Term Loans provider in United Kingdom

How do I apply?

To apply for Metrobank personal loan offer by RateSetter,   kindly visit, or get to RateSetter through metrobank website, App or Online Banking.

2. click ‘Get A Quote’ to answer a few questions and get your personalised rate – this won’t touch your credit score and there’s no obligation to apply.

3. Follow the on screen information to complete your loan application

What are the fees and charges?

RateSetter charges a loan fee, but this is built into the APR (Annual Percentage Rate) along with your fixed annual interest, so there are no surprises. You won’t be charged a loan fee if you cancel your credit agreement within 14 days of it starting. The loan fee is non-refundable if you settle your agreement early.



Commercial Loan

Borrower can get up to From £25k to £25m+ loan amount with 1-30 years tenor. The interest rate and fees is tailored to each loan.

Eligibility of commercial loan

to apply for metrobank commercial loan You’ll need to have a Commercial Current Account to enable you apply for a Commercial Loan, and we will likely need some security.

Any property used as security, which may include your home, may be repossessed if you do not keep up repayments on a loan or other debt secured on it.


Type of Metro Business Loan


An overdraft can give your business access to funds when your short-term cash flow needs a helping hand, allowing you to manage your finances and borrow only when you need to.

Asset Finance

Spread the cost of machinery and equipment your business needs over a manageable period. You can even refinance existing equipment to give yourself an increase in liquidity, providing more funds for investment and growth.


Invoice Finance

Get up to 85% of your invoices within 24 hours with Invoice Financing – we’ll forward part of your invoice so you can focus on your business instead of worrying about when your invoices are going to be paid.


Business Credit Cards

Metrobank credit card offers businesses access to credit at the low rate 14.9% APR and notifications to keep businesses informed when they reach their spending limits.



The bank offer loans for a term of as short as 1 year or as long as 30, letting businesses find the loan that works for them.


Interest: Interest is calculated daily and charged monthly. The interest rate is typically 9.6% APR fixed for loans under £25,000.


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Application: You must have a Metro Business Bank Account in order to apply for a business loan. this kind of credit facility are generally available to customers with over £2 million in turnover, although we do consider exceptions.

Security: Loans will generally need a form of security, but unsecured loans are also available.


How much can I borrow?

Interested in a business loan under £25,000? Use our loan calculator to work out how much you can afford to borrow and what your monthly repayments might be.

Under £25,000 interest rate is Typically 9.6% APR fixed with loan tenor of 1-5 years, while Over £25,000 interest is Tailored to each loan, 1-5 years tenor it has Max 1.75% of loan amount for Arrangement fees—-The annual interest rate is 9.6% APR (fixed) for metrobank business loans

Meet Ogbeide Frank, popularly known as perere, a blogger who loves writing about finance and Tech. He studied Business administration at the Ambrose Alli University Ekpoma and Mobile Communication at Orange College Malaysia .Frank have worked as a banker and consultant in variety of Nigeria agencies

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