Lebanon: BBAC Introduces Educational Loans
Bank of Beirut and the Arab Countries S.A.L.(BBAC)is introducing the “Immediate Education Loan”(IEL)aimed at helping students pay school and university fees. According to Chairman and CEO Ghassan Assaf, the loan amount of up to a maximum of LP15million ($9,950 ) will depend on the borrower’s monthly income, which should be a minimum of LP600,000 ($398).
Moreover, the IEL must be repaid in monthly installments within the academic year at an interest rate of 16.5 percent. Charges include a one-time fee of LP50,000 ($33), an administrative fee of 0.25 percent and $3 per month to cover insurance costs. Company employees taking out the loan must have their salaries paid into an account at the bank, while those who own private businesses must satisfy the bank of their ability to repay the loan. ― ( Banque du Liban et d'Outre-Mer Sal )
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