Frequently Asked Questions -
1 - Car Loans
  • Interest charges are quoted in one of two ways; either flat or regressive. For more details check personal loans section.
  • How to obtain car loan
2 - Housing Loans
3 - Personal Loans
  • Flat: A flat rate is interest charged on the full loan amount over the entire loan period. For example, a seven percent flat rate on a $20,000 loan over three years would produce the following: $1,400 (seven percent of sum borrowed) x 3 (years of repayment) = $4,200 in interest.
  • Regressive: A regressive rate of interest recognizes that part of the loan is paid back every month, and then reduces the amount owed. This interest rate is applied only to the amount still owed and the figure quoted will be higher than a flat rate. A 12 percent regressive rate on a $20,000 loan over three years would incur total interest of $3,972. So 12 percent regressive is cheaper than seven percent flat.
  • How to obtain personal loan
4 - Plastic Cards