| Minimum Salary | Salary Transfer | Early Settlement Fees | Maximum Term | Flat Rate | Reducing Rate | |
|---|---|---|---|---|---|---|
Arab Bank - New Car Loan
|
Minimum Salary: USD 0 | Salary Transfer: Yes | Early Settlement Fees: - | Maximum Term: 6 Years | Flat Rate: 3.75% | Reducing Rate: - |
Features
- Competitive interest rate on USD loans starting at 3.75% Flat for New Cars and 5% for Used Cars
- Loan amount ranging from USD 8,000 up to USD 100,000
- Loan tenor up to six years
- Financing up to 75% of the car value against car mortgage
- Affordable monthly installments according to your income
- Option to finance the Comprehensive Motor Insurance Premium
- Group Life Insurance at competitive rates
- Free Visa Electron Card, Internet Banking Service and Mobile Banking
- Pre-approved Visa Credit Card free of charge for the first year.
** 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
