This is what a with a 5-year, €9,000 educational loan with a 1-year grace period would look like, drawn down in full from the start, signed on 12/31/2019 with payment at the end of the month:
- Interest rate: 3.95% NIR
- APR: 4.15%
- Grace period: 1 year.
- Total interest during the grace period: €356.46
- Monthly interest payments for a period of 1 year: €30.19 or €29.22 depending on the days of the month*.
- Repayment period: 4 years.
- Constant monthly payments: 48 payments of €203.01
- Total debited amount: €10,142.95
The APR was calculated taking into account postage expenses: €0.70 monthly.
If you need to open a checking account exclusively for managing this loan, and if the conditions for having no maintenance fees on said account are not met, the fee will be €120 per year. Therefore, the APR of the loan would be 6.37%, with a total cost of €10,742.95.
*The monthly interest payment may vary depending on the days of the month on which settlement is due.