| Minimum Salary | Salary Transfer | Early Settlement Fees | Maximum Term | Flat Rate | Reducing Rate | |
|---|---|---|---|---|---|---|
IBL Bank Car Loan
|
Minimum Salary: USD 0 | Salary Transfer: Yes | Early Settlement Fees: - | Maximum Term: 5 Years | Flat Rate: 4.5% | Reducing Rate: 8.1% |
Highlights (for the purchase of NEW cars):
Highlights (for the purchase of USED cars):
- Down Payment: minimum 25%
- Loan Period: up to 5 years
- Flat Interest Rate: 4.5%
- Insurance included: Life Insurance and All-Risk Car Insurance
- First Degree Mortgage of car
- First Degree Mortgage of car
- APR: 10.28%
- Down Payment: starting at 30%
- Loan Period: up to 5 years
- Flat Interest Rate: 6.75%
- Insurance included: Life Insurance and All-Risk Car Insurance
- First Degree Mortgage of car
- APR: 14.08%
** 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
