| Minimum Salary | Salary Transfer | Islamic Finance | Maximum Term | Flat Rate | Reducing Rate | |
|---|---|---|---|---|---|---|
Bank of Beirut - Personal Loan
|
Minimum Salary: USD 0 | Salary Transfer: No | Islamic Finance: No | Maximum Term: 5 Years | Flat Rate: 6.39% | Reducing Rate: 11.5% |
If you are looking to renovate your home or to treat yourself to a holiday, the Personal Loan from Bank of Beirut is your hassle-free access to the venture of your interest. With an easy application and prompt approval process, the Personal Loan will allow you to enjoy any of these ventures while freeing your mind from the burdensome expenses.
Features
- A loan amount up to 12 times the monthly salary
- Competitive interest rates in LBP and USD
- Up to 5 years repayment period
Documents Required
- Identity Card
- Proof of income
- Employed applicants: a letter from the employer confirming the annual income, period of employment and position, including
- confirmation from the employer for the irrevocable salary transfer to Bank of Beirut
- Self-employed applicants: financial statements covering the last two years of business activity
- Confirmation of personal assets
- Life and Disability Insurance Policy for the entire duration of the loan
Eligibility
- If employed: applicant should have a steady income and a minimum working experience of 2 years with the same employer
- If self-employed: applicant must have been for 3 years in the same occupation
Representative Example
If you borrow USD 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 – USD 297.50 | Total charge for credit – USD 710 | Total amount you repay – USD 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.
