| Minimum Salary | Salary Transfer | Islamic Finance | Maximum Term | Flat Rate | Reducing Rate | |
|---|---|---|---|---|---|---|
ABK Consumer loan
|
Minimum Salary: KWD 300 | Salary Transfer: No | Islamic Finance: No | Maximum Term: 5 Years | Flat Rate: - | Reducing Rate: 6.0% |
The Consumer loan lets you live your life the way you want. Apply now, and whether you'd like a new car or even a boat, the Consumer loan is your key to a brighter future. ABK Consumer loan Features:
- Borrow up to fifteen times your monthly salary, to a limit of KD 15,000
- Maximum repayment terms of five years
- Available for both Kuwaiti citizens and expatriate residents
- Fixed interest rates with fixed installments
** 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.
Representative Example Calculator
