Minimum Salary Salary Transfer Early Settlement Fees Maximum Term Flat Rate Reducing Rate
Bankmed - Car Loan Bankmed - Car Loan Minimum Salary: USD 0 Salary Transfer: Yes Early Settlement Fees: - Maximum Term: 6 Years Flat Rate: 3.75% Reducing Rate: 6.75%
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Loan amount up to USD 150,000

New Car

  • Fast approval
  • Competitive interest rates
  • Down payment: a minimum  of 25%
  • Convenient repayment period up to 72 months
  • Distinctive all-risk car insurance packages with Continental Trust Insurance

Used Car

  • Fast approval
  • Competitive interest rates
  • Down payment: a minimum  of 25%
  • Convenient repayment period up to 60 months
  • Most recent Car year model of a maximum of 7 years (10 years applies for specific cars)
  • Distinctive all-risk car insurance packages with Continental Trust Insurance
Required Documents:
Employee:
  • Copy of national ID
  • A certified salary attestation with a history that does not exceed 21 days from the date of submission of the application
  • Copy of car book
Self-employed:
  • Copy of national ID
  • Copy of a trade register
  • Bank statement for the last 6 months
  • Financial statements for the last 6 months
  • Financial statements for the last 2 years
  • Copy of car book
Professional:
  • Copy of national ID
  • Copy of valid syndicate card
  • Bank statements for the last 6 months
  • Financial statements for the last 2 years (if available)
  • Copy of car book 
Who may benefit from the loan?
  • Residents and non-residents
  • Aged between 21 and 64 years
Employee conditions:
Has completed at least one year at the present workplace, without any interruption, a minimum monthly salary of USD 700 (or its equivalent) for singles or a minimum of USD 900 (or its equivalent) for married. Member in National Security Fund (NSSF).

Self-employed and Professional conditions:
Has completed at least two years in the same business without any interruption, a monthly income of USD 700 (or its equivalent) for singles or a minimum of USD 900 (or its equivalent) for married.
** Calculator Definitions
Amount: The total amount of money borrowed, also referred to as the principal amount.
Rate (%): This is the annual interest flat rate on the product. This is not the 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