| Minimum Salary | Salary Transfer | Early Settlement Fees | Maximum Term | Flat Rate | Reducing Rate | |
|---|---|---|---|---|---|---|
State Bank of India (Bahrain) - Auto Loan
|
Minimum Salary: BHD 500 | Salary Transfer: Yes | Early Settlement Fees: - | Maximum Term: 7 Years | Flat Rate: 2.65% | Reducing Rate: 5.0% |
For Purchase of New/Used Car for individuals (Used Car not more than 5 yrs old).
Features & Benefits:
Representative example:
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.
Features & Benefits:
- Interest rate (Flat) starting from 2.65% For Salary transfer
- Interest rate (Reducing) starting from 5.00% For Salary transfer
- Quantum of Loan Maximum : 24 times of net monthly salary income Subject to EMI/NMI not exceeding 50%
- For new cars: 90% of the all-inclusive Cost of the Vehicle
- For used card : 80% of the value of the car (as per valuation)
- Repayment Maximum: 84 months (for new cars)
- No prepayment penalty/ No Pre Closure penalty
- Processing Fee: BD 75/- to BD 200/- based on quantum of loan
- All nationalities
- Salaried Individuals Aged between 21yrs to 55 years
- Minimum Net Monthly Income BHD 500/-
- Employment in Bahrain/GCC for over 1 year and having current confirmed Employment Contract
- Passport and CPR with valid Residence Permit
- Two Passport size Photographs
- Latest 3 months’ salary slips
- 6 months Bank’s Statement of Account showing salary/ Income credits
- Copy of Employment Contract
- Salary Transfer/EMI transfer letter from Employer
- Certificate of Fitness of Vehicle from reputed Garage / Dealer for used Cars
Representative example:
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.
