# Calculators

All calculators have a minimum loan amount of \$500.00.

## Character Loans

Interest Rate: 1% / Loan Repayment: 5 years (60 months)

## Vehicle Loans

### New Vehicles

Interest Rate: 0.49%-0.6% / Loan Repayment: 8 years (96 months)

### Foreign-used/Local/Pre-owned Vehicles

Interest Rate: 1% / Loan Repayment: 5 years (60 months)

## Mortgage Loans

### First Mortgage or Fully-secured

Interest Rate: 0.5% / Loan Repayment: 15 years (180 months) for land security and 25 years (300 months) for purchase and construction)

### Second Mortgage

Interest Rate: 0.58% / Loan Repayment: 15 years (180 months) for land security and 25 years (300 months) for purchase and construction)

### Calculator Glossary

• Interest Rate: the rate at which interest is paid by borrowers (debtors) for the use of money that they borrow from lenders (creditors).
• Principal: The total amount that is borrowed/ financed.
• Tenor/Term: The period of time allowed to service or repay a loan.
• Instalment: This refers to the agreed or fixed amount paid monthly towards a loan or debt.
• Amortization: the amortization of the loan is a schedule on how the loan is intended to be repaid which includes the amount borrowed, interest rate paid and term. The result will be a month by month breakdown of how much interest you pay and how much is paid on the total amount borrowed.
• Annual Percentage Rate (APR): the rate of interest that will be paid back to the mortgage lender. The rate can either be a fixed rate or adjustable rate. TECU’s lending rates are fixed, subject to review every five years.

### Principal/Qualifying Amount Calculator

• Gross Income: Total monthly salary inclusive of recurrent earnings such as COLA and other allowances paid by your company e.g. housing allowances.
• Net Income: Earnings less statutory deductions such as PAYE, NIS and health surcharge.
• Expenditure: an outflow of money to another person or group to pay for an item or service, or for a category of costs e.g. rent and bills.
• Debts: A debt is an amount owed for funds borrowed. The debt may be owed to an individual, another financial institution including Credit Card payments, other finance houses (courts, standards, American stores etc.).
• Debt Service Ratio: Total payments to meet a debt agreement; usually a monthly, quarterly or annual obligation expressed as a percentage of your gross monthly income. Maximum Debt servicing towards financial institutions is 40%.

Note: The calculators are intended as a guide only based on the information you input. The results should not be considered approval for a loan. To find out exact amounts you should speak to us. The repayment amounts and total interest calculations exclude any fees and charges that may be charged to your loan which, if they apply, will add to the cost of loan. Other fees and charges also apply. Conditions apply to all loan options. Interest rates and repayment amounts are subject to change. Applications for a mortgage loan are subject to approval and satisfactory security. Full terms and conditions will be in our loan offer.

## Loan protection

TECU’s loans are fully insured by our Loan Protection plan. Upon death loans are insured as follows:

AgeCoverage
1-75 years\$150,000.00
76-80 years\$75,000.00
81-85 years\$37,500.00
86 years and over\$0.00

Call us today for up-to-date rates. Ask for a Loans Officer, who will be more than willing to assist you.

Apply for a loan online and get a response within 60 minutes (applicable during working hours).

Make an appointment with a Lending Specialist.