| Minimum Salary | Salary Transfer | Early Settlement Fees | Maximum Term | Flat Rate | Reducing Rate | |
|---|---|---|---|---|---|---|
First National Bank- Used Car Loans
|
Minimum Salary: USD 1,000 | Salary Transfer: Yes | Early Settlement Fees: - | Maximum Term: 4 Years | Flat Rate: 7.0% | Reducing Rate: 12.6% |
Required Documents
For Employees:
For Self-Employed:
Eligibility Criteria
- Copy of National ID or valid passport
- Proof of residence (mayor certificate , electricity, or landline telephone bills)
For Employees:
- Authenticated proof of income
For Self-Employed:
- In house balance sheet, or client and supplier invoices
- Statement of account for at least 6 months
- Tax declaration (if applicable)
- Commercial circular (if applicable)
- Be a Lebanese National citizen
- Aged between 18 and 64 by the end of the loan period
- Have a stable income, employed or self-employed
- Have a minimum of one year of working experience in the same field
- Have a minimum salary of US$ 1,000
- Monthly payment not to exceed 33% of the monthly income for employee and self-employed
** 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
