| Minimum Salary | Salary Transfer | Islamic Finance | Maximum Term | Flat Rate | Reducing Rate | |
|---|---|---|---|---|---|---|
Burgan Bank Consumer Loan
|
Minimum Salary: KWD 240 | Salary Transfer: No | Islamic Finance: No | Maximum Term: 5 Years | Flat Rate: - | Reducing Rate: - |
Burgan Bank’s Consumer Loan is designed to help you manage your personal needs for education expenses, medical expenses, unexpected bills or simply to add flexibility to your everyday financial requirements. Consumer Loans can be tailored to fit your individual needs.
Burgan Bank Consumer Loan Features:
If you borrow KWD 10,000 over 3 years at a Representative APR of 4.6% fixed and an annual interest rate of 4.6% you would pay:
Payment per month – KWD 297.50 | Total charge for credit – KWD 710 | Total amount you repay – KWD 10,710
Please note, the actual rate applied to your loan will depend on your circumstances
Burgan Bank Consumer Loan Features:
- Loan amount up to KWD 15,000 with minimum amount of 1000 KWD
- Flexible loan repayment period of 12 to 60 months
- Interest is deducted monthly and calculated on reducing loan balance
- Salary certificate and salary transfer is generally required
- Monthly installments of loans and other financial liabilities should not exceed 40% of (net monthly salary or / regular income) for employees and 30% for retirees
If you borrow KWD 10,000 over 3 years at a Representative APR of 4.6% fixed and an annual interest rate of 4.6% you would pay:
Payment per month – KWD 297.50 | Total charge for credit – KWD 710 | Total amount you repay – KWD 10,710
Please note, the actual rate applied to your loan will depend on your circumstances
** Calculator Definitions
Amount:
The total amount of money borrowed, also referred to as the principal amount.
Rate (%):
This is the annual interest rate on the product which is equivalent to APR, which is going to be calculated in this example.
Years:
This is the original term or length of the product, stated in years.
Effective Monthly Payment:
This is the effective monthly payment, which takes into consideration fees and other costs associated with this product. The effective monthly payment is the basis for the APR calculation.
Calculated Annual Percentage Rate (%):
The Calculated Annual Percentage Rate (APR) is determined using the annual interest rate of the product plus fees and other costs. This rate may differ from bank to bank. APR is useful when comparing two or more products with different interest rates and fee structures.
