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For calculating the APR, finance providers shall specify the total amount payable by the borrower.
2.
Finance providers shall include the cost elements in the total cost of finance as specified below:
a.
All types of costs that the borrower has to pay in order to access the credit.
b.
All costs shall be accounted for regardless of whether they are payable to the finance provider or a third party or payable directly or indirectly by the borrower or whether they give access to financial or non-financial services.
c.
Term cost, commissions arising from the credit agreement, credit brokerage fees payable by the borrower, administrative fees / or loan processing fee, insurance related costs, valuation costs, cost of ancillary services, and taxes including VAT, etc.
d.
Cost of ancillary services or supplementary services to the financing agreement, shall be included in the total cost of finance where the ancillary service is mandatory to obtain the finance or to obtain the finance on the terms and conditions marketed by the finance provider.
