Hereโs an example of the total cost of a personal loan from Jar, including all fees:
- Loan Amount/Principal: โน50,000
- Tenure: 12 months
- Rate of Interest: 15% per annum
- Processing Fee: โน1,000 (2% inclusive of GST)
- Total Interest: โน4,156
- Equated Monthly Installments (EMI): โน4,513
- Annual Percentage Rate (APR): 18.89%
- Amount Disbursed: โน49,000 (โน50,000 loan amount minus โน1,000 processing fee)
- Total Repayment Amount: โน54,156
This example shows the breakdown of the costs, including interest, processing fees, and the total repayment amount over the loan period.