| Minimum Salary | Salary Transfer | Islamic Finance | Maximum Term | Flat Rate | Reducing Rate | |
|---|---|---|---|---|---|---|
Bank Sohar - Al Mumayaz Personal Finance Solutions
|
Minimum Salary: OMR 500 | Salary Transfer: No | Islamic Finance: No | Maximum Term: 10 Years | Flat Rate: 0.0% | Reducing Rate: 0.0% |
Unique Features & Benefits
- Lower monthly installments
- Longer repayment tenures
- Flexible repayment plans
- Higher loan amounts based on income
- Loan top-up facility to meet additional financial requirements
- Life Insurance cover at affordable premium rates
- Simplified documentation and speedy processing
- Option to start the repayment after 2 months
- No medical test required for loan exposure up to OMR 100,000
- Receive a free credit card for the 1st year
Expect More
With Bank Sohar’s Personal Finance Solutions, you also have the option of transferring your existing loan amounts with other banks to Bank Sohar in order to utilize on our longer repayment tenures. Moreover, our comprehensive Life Insurance cover ensures that your family is protected from the repayment liability in case of any unfortunate event during the loan tenure.
- The promotion is applicable for Omani customers (only new customers) with minimum salary of OMR 500.
- Maximum Tenor of Loan will be 10 years ( Excluding permissible two EID waivers per year).
- Debt Service Limits would be as per CBO guidelines (50% for customers without Housing Loan & 60% for customers having Housing Loan).
- Applicable for salary customers employed in Bank Sohar’s approved list of companies.
- Premature closure of loan accounts would be as per CBO guidelines.
- The Bank Sohar Excel Credit card is free of charge for the first year & type of card will be based on salary.
Representative Example
If you borrow OMR 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 – OMR 297.50 | Total charge for credit – OMR 710 | Total amount you repay – OMR 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.
