| Minimum Salary | Salary Transfer | Early Settlement Fees | Maximum Term | Flat Rate | Reducing Rate | |
|---|---|---|---|---|---|---|
Arab Bank - Auto Loan
|
Minimum Salary: EGP 0 | Salary Transfer: Yes | Early Settlement Fees: - | Maximum Term: 6 Years | Flat Rate: 6.67% | Reducing Rate: 12.0% |
Arab Bank Auto Loan Features:
Representative example:
If you borrow EGP 10,000 over 3 years at a Representative APR of 4.6% fixed and an annual profit rate of 4.6% you would pay:
Payment per month – EGP 297.50 | Total charge for credit – EGP 710 | Total amount you repay – EGP 10,710
Please note, the actual rate applied to your loan will depend on your circumstances.
- Competitive interest rates
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Financing up to 100% of the car value
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Finance facility for new and used cars
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Loan amount up to EGP 900,000 for new cars and EGP 350,000 for used cars
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Loan tenure up to 6 years for new cars and up to 5 years for used cars
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Free life insurance
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Flexible down payment options
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Special auto insurance rates
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Quick loan processing time
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Dedicated Sales Team - ready to serve you at your convenience
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Valid national ID (for Residents) or valid passport with valid Resident visa (for Non-Residents)
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Recent utility bill e.g. electricity, telephone or gas bill
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Latest Salary/Income/Employment verification document
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Salary account statement for the last 3 months for employees and last 6 months account for self employed and professionals
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Dealer price quotation including all car specifications
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Certificate stating vehicle status and market price/value issued from an approved Arab Bank evaluator (For used Cars only)
Representative example:
If you borrow EGP 10,000 over 3 years at a Representative APR of 4.6% fixed and an annual profit rate of 4.6% you would pay:
Payment per month – EGP 297.50 | Total charge for credit – EGP 710 | Total amount you repay – EGP 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 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
