Minimum Salary Salary Transfer Early Settlement Fees Maximum Term Flat Rate Reducing Rate
Al Salam Bank - Auto Finance Al Salam Bank - Auto Finance Minimum Salary: BHD 0 Salary Transfer: Early Settlement Fees: - Maximum Term: 7 Years Flat Rate: - Reducing Rate: -
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Benefits:

  • Competitive profit rates
  • Up to BD 40,000 financing amount
  • Quick approval with easy processing
  • Down payment is not required
  • Flexible ins​tallments up to 7 years
  • Relaxed financing terms
  • Pref​erential vehicle Takaful coverage premium

Documents required:

  • Two valid IDs (one ID is preferred to be a valid driving license)
  • Passport copy with valid residence permit (Expatriates ​​only)
  • Salary certificate or pay slip
  • Last 3 months’ Bank Statements
  • Quotation addressed to the bank
  • Additional requirements for self employed may apply
** Calculator Definitions
Amount: The total amount of money borrowed, also referred to as the principal amount.
Rate (%): This is the annual interest flat rate on the product. This is not the 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.
Representative Example Calculator
State Bank of India (Bahrain) - Auto Loan
Minimum Salary
BHD 500
Flat Rate
2.65%
Khaleeji Commercial Bank - Auto Finance
Minimum Salary
BHD 250
Flat Rate
4.3%
SCB Auto Loan
Minimum Salary
BHD 300
Flat Rate
3.5%
Al Baraka Islamic Bank Auto Finance
Minimum Salary
BHD 400
Flat Rate
2.88%