Minimum Salary Salary Transfer Islamic Finance Maximum Term Flat Rate Reducing Rate
Bankmed - Personal Loan Bankmed - Personal Loan Minimum Salary: USD 600 Salary Transfer: No Islamic Finance: No Maximum Term: 0 Years Flat Rate: 7.22% Reducing Rate: 13.0%
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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 offer you   the optimal and instant solution to cover your financial needs.
Features
  • Borrow between $1,000 and $20,000 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

·         13 % purchase, 14 % cash

·         Minimum salary: 600$ if single, 800$ if married.

·         Maximum loan: The salary must be divided by 3 (ex. For minimum salary of 600 the monthly payment on the loan cannot exceed 200$, loan for one year would be 2,400$)

·         Maximum term: 4 years

** Calculator Definitions
Amount: The total amount of money borrowed, also referred to as the principal amount.
Rate (%): This is the annual interest flat rate on the product. This is not the 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 on the product plus fees and other costs. The APR is useful when comparing two or more products with different interest rates and fee structures.
Representative Example Calculator
Federal Bank of Lebanon - Personal Loan
Minimum Salary
USD 500
Flat Rate
6.67%
Banque Libano Francaise - Personal Loan
Minimum Salary
USD 800
Flat Rate
8.51%
Fransabank - Personal Loan for Public Sector
Minimum Salary
USD 0
Flat Rate
6.94%
Bankmed - Smart Loan
Minimum Salary
USD 1500
Flat Rate
7.22%