| Minimum Salary | Salary Transfer | Islamic Finance | Maximum Term | Flat Rate | Reducing Rate | |
|---|---|---|---|---|---|---|
meem - Personal Finance (Murabaha)
|
Minimum Salary: SAR 5,000 | Salary Transfer: Yes | Islamic Finance: Yes | Maximum Term: 5 Years | Flat Rate: 1.35% | Reducing Rate: 2.43% |
meem‘s personal finance is created to be simple transparent, and appropriate for customer needs. You can experience the latest entertainment system, have education expenses to pay, take long overdue vacation, or maybe just a great investment opportunity.
Features
- Shariah Compliant
- Instant decision on applications
- Up to SAR 1,500,000
- Competitive offer
- Exemption from finance payments in the event of death or total permanent disability
Additional Information
Fees & Charges:
- 1% or SAR 1,200 whichever is lower
** 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
