|Minimum Salary||Salary Transfer||Islamic Finance||Maximum Term||Flat Rate||Reducing Rate|
|Burgan Bank - Installment Loan||Minimum Salary: KWD 0||Salary Transfer:||Early Settlement Fees:||Maximum Term: 15 Years||Flat Rate: -||Reducing Rate: -|
The Multi-Benefit Credit Loan is an installment loan designed to finance non-commercial expenses, such as maintenance, renovation, repair of your home or purchase of a new home. This loan provides multi-benefits, such as higher loan amounts.
- Loan amount up to KD 70,000
- Flexible loan repayment period of 12 to 180 months
- Interest is deducted monthly and calculated on reducing the 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 / regular income) for employees and 30% for retirees
** Calculator Definitions
Amount: The total amount of money borrowed, also referred to as the principal amount.
Rate (%): This is the annual interest flat rate on the product. This is not the 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.