How do I calculate the total cost of the loan?

To calculate the true cost of a loan, don't just multiply the monthly payment by the number of months.

Steps

1. Add up everything you'll pay over the loan term: any down payment, total monthly payments, administrative fees, insurance or any mandatory costs, and fees associated with obtaining the loan.

2. Then subtract the loan amount you actually received to get the total cost in Egyptian pounds.

3. To compare different offers, use the APR or Annual Percentage Rate (APR) if available, as comparing only the advertised interest rate can be misleading.

The figures, fees and limits in this answer vary by bank and change over time — confirm them with your bank or the official source before acting.

Source

• Central Bank of Egypt — Know Your Rights