| Minimum Salary | Salary Transfer | Islamic Finance | Maximum Term | Flat Rate | Reducing Rate | |
|---|---|---|---|---|---|---|
Arab Finance House - Personal Loan
|
Minimum Salary: USD 600 | Salary Transfer: | Islamic Finance: | Maximum Term: 4 Years | Flat Rate: 6.3% | Reducing Rate: - |
Documents Required
- Authenticated Salary Certificate
- Bank Account Statement for the past 6 months (if applicable)
- Proof of residence, electricity bill or mayor's certificate
Eligibility
- Applicant must be at least 21 years old
- Life & permanent total disability Takaful insurance
** 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
