What is the Annual Percentage Rate (APR)?
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 such as the file fees, stamp fees and life insurance fees.
APR calculation excludes the late payment fees and early settlement fees.
What are the fees that are calculated in the APR for the Personal Loan?
Life insurance fees and stamp fees
Example of the APR calculation for the Personal Loan:
- Currency: USD
- Client in good health condition (based on the Bank’s medical questionnaire)
- 1st payment date: 15 days after loan execution
|Net loan amount