Monthly payments: Borrower pays a fixed amount each month according to the payment plan.
Only a portion of monthly income can be used to cover the loan.
| Monthly Income in USD |
Maximum income share for loan repayment |
| < $ 600 |
25% |
| < $ 1,000 |
30% |
| < $ 1,500 |
35% |
| < $ 3,000 |
40% |
| >= $ 3,000 |
50% |
Example: If the documented income is USD 800,
the amount for loan repayment shall not exceed USD 240 (800*30%) per month
Loan Prepayment: A loan may be prepaid partially or in full as desired by the borrower
In such a case, the borrower shall be charged 2% penalty of the prepaid amount.
Borrower’s life insurance is a must and should be insured until the maturity of loan. Annual insurance fee equals 1% of the current loan amount.
