Latest Update Date - 27 Oct 2022
The Annual Percentage Rate (APR):
It is the discount rate at which the present value of all payments and installments that are due from the Borrower, representing the Total Amount Payable by the Borrower, equals the present value of all payments of the Amount of Financing available to the Borrower on the date on which the Financing amount or the first payment thereof is available to the Borrower.
|Finance Amount||Maturity in Year||APR||Monthly Installment|
|30,000 SAR||36 Months||18%||1,283 SAR|
|20,000 SAR||24 Months||18%||1,133 SAR|
|10,000 SAR||12 Months||18%||983 SAR|
APR may differ depending on the amount and the maturity period different from above and subject to credit scoring of each customer.
The contract stipulates the amount of financing you will receive in addition to the period of repayment of the installments, stating their value and the maturity date of these installments. The data also include the cost of obtaining funding in terms of knowing the fixed term cost rate and management fees.
Maturity in Years:
The duration of the contract agreed upon between the parties, which shall indicate the date and expiry of the contract with the parties' with the terms of the contract
Monthly repayment amount:
These payments are recognized in the contract, and the lessee is obliged to pay them on the due dates. The contract shall also include a schedule of repayment installments, in which the value of the asset's rent and the value of the right of ownership shall be shown separately, provided that the premium for any period shall not be less than the principal's rent for that period in the contract.
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