| Minimum Salary | Salary Transfer | Islamic Finance | Maximum Term | Flat Rate | Reducing Rate | |
|---|---|---|---|---|---|---|
Ahli United Bank - Consumer Financing
|
Minimum Salary: KWD 0 | Salary Transfer: No | Islamic Finance: Yes | Maximum Term: 5 Years | Flat Rate: - | Reducing Rate: - |
Consumer Financing is provided to assist customers fulfill the following:
- Purchase vehicles, furniture and electronics
- Cover education expenses
- Cover medical expenses
- Travel
Features
- Lowest Market Rate.
- Islamic Banking.
- No interest accumulation.
Documents Required
- Recent debt letter from the creditor, if any
- Customer must have an AUB account.
- Debt repayment statement to ensure 30% of the current finance amount is cleared
- Salary certificate/ Security/ Civil Service
- Copy of Civil ID/ original ID and passport for non-Kuwaitis
- Make sure the customer is exempt from any legal disputes
- PIFSS
- Salary certificate and continuation salary certificate
- KYC
- FATCA
- AML
- Bank account statement for 6 months
- Recent social allowance certificate (private sector only)
Eligibility
- The finance shall be repaid over a period of 5 years.
- Maximum age 60 for expats and 65 years at date of maturity
- The maximum allowed amount of consumer financing is 15,000 KD.
- Monthly installments may not exceed 40% of the customer’s net salary, including all deductions, and 30% for retired customers.
** 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
