| Minimum Salary | Salary Transfer | Islamic Finance | Maximum Term | Flat Rate | Reducing Rate | |
|---|---|---|---|---|---|---|
Bankmed - Personal Loan
|
Minimum Salary: USD 400 | Salary Transfer: No | Islamic Finance: No | Maximum Term: 5 Years | Flat Rate: 11.4% | Reducing Rate: - |
At one time or another, everyone needs to borrow. Bankmed offers a variety of personal loans to help you enjoy life's pleasures today. Whether it is an unexpected expense, a home improvement cost, tuition, or even travel, Bankmed offers you the optimal and instant solution to cover your financial needs.
Features
- Borrow between $1,000 and $150,000 or its equivalent in LL
- Flexible repayment options
- Competitive interest rates in LL and USD
- Fast Approval
- Minimal paperwork
Documents Required
- Copy of ID
- Certified salary certificate at least 21 days from the date of the application
- Additional documents may be required depending on the case
Eligibility
- A Lebanese citizen
- Aged between 21 and 60 years
Additional Information
- Loan available for an employee who has completed at least one year at the present workplace, without any interruption, with a minimum monthly salary of USD 400 (or its equivalent ) for singles, or a minimum of USD 600 (or its equivalent ) for married individuals, and is a member in National Social Security Fund (NSSF).
- Self-employed individuals can avail of the loan if they have completed at least two years in the same business without any interruption, with a monthly income of USD 500 (or its equivalent) for singles and USD 600 (or its equivalent) for married individuals.
- Prepayment of the remaining loan installments before maturity date is allowed. A prepayment penalty, up to 4% of the loan balance, will be applied by the bank. This amount varies according to the number of paid installments, as long as the amount is not less than USD 100 and is subject to the bank’s terms and conditions.
** 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
