| Minimum Salary | Salary Transfer | Early Settlement Fees | Maximum Term | Flat Rate | Reducing Rate | |
|---|---|---|---|---|---|---|
Arab Bank Auto Loan
|
Minimum Salary: BHD 400 | Salary Transfer: Yes | Early Settlement Fees: - | Maximum Term: 6 Years | Flat Rate: 3.99% | Reducing Rate: 7.18% |
Buying the car of your dreams could not be easier or more convenient! With Arab Bank Auto Loan you will be in the driver’s seat faster than you can imagine. It is flexible, easy to arrange and offers you a host of benefits.
Arab Bank Auto Loan Features:
If you borrow BHD 10,000 over 3 years at a Representative APR of 4.6% fixed and an annual interest rate of 4.6% you would pay:
Payment per month – BHD 297.50 | Total charge for credit – BHD 710 | Total amount you repay – BHD 10,710
Please note, the actual rate applied to your loan will depend on your circumstances.
Arab Bank Auto Loan Features:
- Interest rates starting from 8.599% inclusive of all fees
- Salary transfer is required
- Maximum term is 6 years
- Maximum loan amount is BHD 38,000
- Flexible down payment options
- Grace period up to 45 days
- Free credit card with competitive interest rate
- Available for new cars only
- Preferential insurance rates
- Quick loan application processing time
- Dedicated Sales Team - ready to serve you at your convenience
- Down-payment is 10%
- Valid national ID (for Residents) or valid passport with valid Resident visa (for Non-Residents)
- Latest Salary/Income/Employment verification document
- Recent utility bill in the name of the client e.g. electricity, telephone or rental contract
- Dealer price quotation and invoice
- Certificate stating vehicle status and market price/value issued from an approved Arab Bank evaluator (For used Cars only)
If you borrow BHD 10,000 over 3 years at a Representative APR of 4.6% fixed and an annual interest rate of 4.6% you would pay:
Payment per month – BHD 297.50 | Total charge for credit – BHD 710 | Total amount you repay – BHD 10,710
Please note, the actual rate applied to your loan will depend on your circumstances.
** Calculator Definitions
Amount:
The total amount of money borrowed, also referred to as the principal amount.
Rate (%):
This is the annual interest rate on the product which is equivalent to APR, which is going to be calculated in this example.
Years:
This is the original term or length of the product, stated in years.
Effective Monthly Payment:
This is the effective monthly payment, which takes into consideration fees and other costs associated with this product. The effective monthly payment is the basis for the APR calculation.
Calculated Annual Percentage Rate (%):
The Calculated Annual Percentage Rate (APR) is determined using the annual interest rate of the product plus fees and other costs. This rate may differ from bank to bank. APR is useful when comparing two or more products with different interest rates and fee structures.
