Debt Consolidation Loan
Combine card and loan balances into one lower monthly payment.
Loans and finance
Say yes to the big moments.
A Lanternvale Personal Loan gives you JOD 1,000 to JOD 50,000 for a wedding, a new kitchen or a family milestone, repaid in fixed monthly instalments over up to 7 years.
Applications are not possible: this is a fictional test website.
Key benefits
Rates from 7.99% p.a.
Interest is charged on the reducing balance, so you pay less interest as you repay.
Up to JOD 50,000
Borrow what you need, from JOD 1,000 for a small project to JOD 50,000 for a major one.
Up to 7 years
Spread the cost to keep your monthly instalment comfortable.
Decision within 48 hours
Salary-transfer customers usually hear back within two working days.
Who it's for
For people with a steady income and a plan that cannot wait.
- Couples paying for a wedding and a first home setup
- Homeowners renovating a kitchen, bathroom or roof
- Families covering a large one-off expense such as a family trip or medical bill
- Employees who want to keep their savings untouched
Features
- Fixed monthly instalment for the whole term
- Interest on a reducing balance
- Optional credit protection insurance
- Top-up available after 12 on-time payments
- Payment holiday of one month per year on request
- Track your loan and instalments in the app
Rates and figures
| Customer type | Rate from | Maximum tenor |
|---|---|---|
| Salary transferred to Lanternvale | 7.99% p.a. | 7 years |
| Salary not transferred | 9.49% p.a. | 5 years |
| Government and semi-government employees | 7.75% p.a. | 7 years |
Reducing-balance rates. Your final rate depends on your credit profile. Fictional figures.
| Amount | 3 years | 5 years | 7 years |
|---|---|---|---|
| JOD 5,000 | JOD 157 | JOD 101 | JOD 78 |
| JOD 15,000 | JOD 470 | JOD 304 | JOD 234 |
| JOD 30,000 | JOD 940 | JOD 608 | JOD 468 |
Rounded examples for illustration only.
Fees and charges
| Administration fee | 1% of the loan amount (maximum JOD 250) |
|---|---|
| Early settlement | 1% of the outstanding balance |
| Late payment | JOD 10 per missed instalment |
| Credit protection insurance (optional) | 0.35% of balance per month |
Eligibility
- Aged 21 to 60 at the end of the loan
- Minimum monthly salary JOD 350
- At least 6 months with your current employer
- Total monthly debt payments no more than 50% of salary
Documents you need
- National ID or passport with residence permit
- Salary certificate issued within the last month
- Bank statements for the last 3 months (if salary is not with Lanternvale)
- Proof of address
How to apply
- Check your instalment with the loan calculator
- Apply in the app or at a branch
- Upload your salary certificate
- Sign the contract and receive the money in your account
Frequently asked questions
How much can I borrow?
Between JOD 1,000 and JOD 50,000, depending on your salary and existing commitments.
Do I need to transfer my salary?
No, but salary-transfer customers get a lower rate and a longer maximum tenor.
What does reducing balance mean?
Interest is calculated only on what you still owe, so the interest part of each instalment falls over time.
Can I repay early?
Yes. A fee of 1% of the outstanding balance applies.
Can I use the loan for anything?
It can be used for any lawful personal purpose. It cannot be used to trade shares or for business activities.
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Loan calculator
Estimate your monthly instalment (needs JavaScript).
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Lanternvale Bank is fictional. Figures are examples for software testing only. Finance is subject to credit approval and, if it were real, to local banking regulation.