| Minimum Salary | Salary Transfer | Islamic Finance | Maximum Term | Flat Rate | Reducing Rate | |
|---|---|---|---|---|---|---|
Bank of Beirut and Arab Countries - Personal Loan
|
Minimum Salary: USD 1,000 | Salary Transfer: Yes | Islamic Finance: No | Maximum Term: 0 Years | Flat Rate: 15.0% | Reducing Rate: - |
If you are stuck in a tight financial situation, the Personal Loan from BBAC provides you with a fast and simple cash solution suitable for your personal needs.
- ARE YOU ELIGIBLE FOR THE PERSONAL LOAN?
- You must be Lebanese, residing in Lebanon
- You must be between 21 and 60 years old at loan maturity
- You must have at least 1 year of work experience
- You must have a minimum monthly income of 1,000 USD, or its equivalent in LBP if you are either an employee or self-employed
- WHAT DO YOU NEED TO KNOW ABOUT THE LOAN?
- Currency: US Dollars or Lebanese Pounds
- Loan Amount: up to 50,000 USD or it's equivalent in LBP
- Repayment Period: up to 5 years
- Interest Rate:
- In USD: Beirut Reference Rate (BRR) + 7% (minimum 15%)
- In LBP: Beirut Reference Rate (BRR) + 5% (minimum 16%)
- Opening File Fees: ranges between 150 USD and 250 USD depending on the loan amount
- WHAT ARE THE GUARANTEES AND CONDITIONS REQUIRED FOR THE LOAN?
- The monthly repayment should not exceed 35% of the monthly income for employees and self-employed individuals
- A life insurance policy covering death and permanent total disability from an insurance company acceptable to BBAC
- Additional guarantees such as salary domiciliation and personal guarantee on a case by case basis
** 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
