| Minimum Salary | Salary Transfer | Islamic Finance | Maximum Term | Flat Rate | Reducing Rate | |
|---|---|---|---|---|---|---|
Al Salam Bank Personal Finance
|
Minimum Salary: BHD 300 | Salary Transfer: No | Islamic Finance: Yes | Maximum Term: 7 Years | Flat Rate: 3.25% | Reducing Rate: 5.85% |
Benefits:
- Low processing fees
- Competitive profit rates
- Financing up to BD 100,000
- Flexible monthly installments up to 84 months
- Quick approval with easy processing
- Flexible procedures
- Takaful Life coverage up to the financing value at preferential terms
Eligibility criteria:
- All Bahrain residents
- Minimum monthly salary requirements
- Minimum employment period
Documents required:
- Two valid IDs
- Passport copy with valid residence permit (Expatriates only)
- Salary certificate
- Last 3 months’ pay slips
- Last 3 months’ bank statements
Double your expectations!
Annual Percentage Rate (APR) starts from 5.74% p.a. (for a financing amount BD 10,000 for 84 months).
** 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
