As required By BDL, the below APR Calculation and definition must be presented in Personal Loan Simulation. What is the Annual Percentage Rate (APR)?
The annual percentage rate (APR) is the amount of interest, insurance, and fees on your total loan amount that you’ll pay annually (averaged over the full term of the loan).
The APR includes, in addition to the interest, all mandatory fees to be paid, such as: Life insurance, stamps and file fees.
APR Calculation Example:
NET LOAN AMOUNT : 40,000,000
CURRENCY : LBP
LOAN PERIOD (YEARS) : 6
INTEREST RATE (COMPOUNDED) : 11.85%
APR : 14.81%
The settlement of monthly payments will be executed through one of the available accounts (i.e. Blink account, Winner account, salary domiciliation or other if available).
The monthly fees of the Settlement Account (for example 3$ for a Blink account) are not taken into consideration in the typical APR calculation.
* The first year free life insurance is applicable for loans having a periodicity of 4, 5 or 6 years for all amounts
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