| Minimum Salary | Salary Transfer | Early Settlement Fees | Maximum Term | Flat Rate | Reducing Rate | |
|---|---|---|---|---|---|---|
Al Salam Bank - Auto Finance
|
Minimum Salary: BHD 0 | Salary Transfer: | Early Settlement Fees: - | Maximum Term: 7 Years | Flat Rate: - | Reducing Rate: - |
Benefits:
- Competitive profit rates
- Up to BD 40,000 financing amount
- Quick approval with easy processing
- Down payment is not required
- Flexible installments up to 7 years
- Relaxed financing terms
- Preferential 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 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.
Representative Example Calculator
