|Minimum Salary||Salary Transfer||Early Settlement Fees||Maximum Term||Flat Rate||Reducing Rate|
|Gulf Bank - Auto Loan||Minimum Salary: KWD 300||Salary Transfer: Yes||Early Settlement Fees: -||Maximum Term: 5 Years||Flat Rate: 3.0%||Reducing Rate: 5.4%|
Gulf Bank Auto Loan offers you the opportunity to buy your dream car in a most convenience wayFeatures & Benefits:
- Now, you can apply for a car loan through the website.
- Ease of applying for car loan though recognized Gulf bank locations.
- Loan amount up to KD 15,000 with flexible repayment terms
- For Gulf Bank and non-Gulf Bank customers
- Kuwaitis with a salary of KD 300 and above
- Expatriates with a salary of KD 300 and above
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.