| Minimum Salary | Salary Transfer | Early Settlement Fees | Maximum Term | Flat Rate | Reducing Rate | |
|---|---|---|---|---|---|---|
KIB Vehicle Murhaba Finance
|
Minimum Salary: KWD 200 | Salary Transfer: Yes | Early Settlement Fees: - | Maximum Term: 5 Years | Flat Rate: 2.5% | Reducing Rate: 4.5% |
This service is offered to Kuwaitis, GCC nationals and Expatriates working in the government, public and private sectors ,there is no need to bring in any form of guarantee
Vehicle Murabaha Features:
If you borrow KWD 10,000 over 3 years at a Representative APR of 4.6% fixed and an annual interest rate of 4.6% you would pay:
Payment per month – KWD 297.50 | Total charge for credit – KWD 710 | Total amount you repay – KWD 10,710
Please note, the actual rate applied to your loan will depend on your circumstances.
Vehicle Murabaha Features:
- Minimum salary or monthly income KWD 200
- Minimum financing amount KWD 1,000
- Maximum financing is the lower of KWD 15,000 or 15 times the salary
- Minimum monthly installment is KWD 30
- No guarantor is needed
- Six months grace period before paying the first installment
- Easy pre-payment
- Easy Monthly Payments
- Original valid Civil ID
- Salary Certificate
- Price Quotation + a copy of the passport for non-Kuwaitis
If you borrow KWD 10,000 over 3 years at a Representative APR of 4.6% fixed and an annual interest rate of 4.6% you would pay:
Payment per month – KWD 297.50 | Total charge for credit – KWD 710 | Total amount you repay – KWD 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 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.
