Bank loan
- Monthly payment
- Total you pay
- Cost of finance
- Equivalent yearly rate
Interest is charged on the balance you still owe, so each payment is part interest, part capital.
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Cost-plus sale or bank loan?
Enter what you were quoted. The maths runs on your phone, and we never record the exact amounts you enter.
Your comparison
Cost-plus sale (murabaha)
- Monthly payment
- Total you pay
- Cost of finance
- Equivalent yearly rate
The financier buys the goods and sells them to you at a fixed, agreed price, paid in instalments.
Bank of Ghana defines it as a sale where “the selling price is the sum of the cost price and an agreed profit margin.” Non-interest banking guideline, 13 January 2026, definitions
In Nigeria
Each new non-interest product needs the Central Bank's written approval before it is offered. Ask the bank for the product's approval and its advisory committee's sign-off.
“The introduction of new products/services shall require the prior written approval of the CBN.” CBN non-interest guidelines, June 2011, section 10.2
If you pay late
In Ghana, a non-interest bank may charge a late penalty but keeps none of it. It is paid out to approved charities.
Bank of Ghana, 13 January 2026, para 55: “disbursed in their entirety to charitable causes approved by NIBAC.”
Ask both lenders: what is charged if I pay late, and who keeps it?
The rule for is being checked at source.
Questions to ask before you sign
- Who owns the goods before I take delivery?
- Is the price fixed for the whole term, or can it change?
- Which scholar or board reviewed this product?
- What happens if I want to pay early?
The equivalent yearly rate puts both options on one scale. It does not mean the cost-plus price contains interest. This is an information tool, not financial advice or a Sharia ruling.