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Bank of Ireland Term Loan

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  • 24-08-2020 6:57pm
    #1
    croat
    Closed Accounts Posts: 14 ✭


    Greetings, I have borrowed from BOI Term Loan 5,000EUR in February. I will repay this in 5 years. My weekly installment is 23.43EUR. There will be 260 installments over the duration of the loan (5years).

    The total amount I will have to pay is 6,091.80EUR.

    "The Weekly repayments on a variable loan of €5,000.00
    over 60 months at a rate of 8.25% (8.5% APR) are
    €23.43. The total cost of credit is €1,091.80."

    So my question is because I am really confused, I saw on my BOI365 online banking that they charged me 99EUR for "interest rate" three months ago. Today, I was charged 103EUR for "interest rate". It seems that BOI is doing a back up of a loan with those amount of money so I am repaying my loan normally but after every couple of months I am back with this "interest rate". I have repaid only 400 EUR since I took the loan. I thought that all the interest rates are included in my weekly installments. I am confused right now, and it seems that for 5,000EUR I will repay more than 7,000EUR at this pace.

    Any explanations, please. I am open to having a conversation over the phone. Thanks


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    #2
    Bank of Ireland: Richard F
    Closed Accounts Posts: 483 ✭✭Bank of Ireland: Richard F


    Hi Croat,

    Thanks for getting in touch with us today.

    For the best advice on this, it would be best to link in with one of our Lending Advisors. Our colleagues are available on 1850222200 from 9am-5pm. Rest assured the team will be happy to look into this further for you.

    Please don't hesitate to get back in touch if we can help with anything else.

    Thanks,
    Richard


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