The Annual Percentage Rate also known as APR describes the annual rate applied on a loan for the whole period.
APR calculation includes, other than the monthly payments, all mandatory fees that clients need to pay outside their loan such as the file fees, stamp fees, life insurance fees and mortgage fees.
APR calculation excludes the late payment fees, early settlement fees as well as home (Fire) and car insurance fees.
File fees, stamp fees and mortgage fees (car insurance fees not included)
Example of the APR calculation for the Car Loan:
- Car status: New
(Excluding car insurance fees)