| Minimum Salary | Salary Transfer | Islamic Finance | Maximum Term | Flat Rate | Reducing Rate | |
|---|---|---|---|---|---|---|
Oman Arab Bank - Personal Loan
|
Minimum Salary: OMR 325 | Salary Transfer: No | Islamic Finance: No | Maximum Term: 10 Years | Flat Rate: 4.5% | Reducing Rate: 8.1% |
At Oman Arab Bank, we seek to provide you with complete financing solution for all your needs. You may wish to go on a memorable holiday, plan your dream wedding, pay for your children's education, or even yours. Whatever you wish to pursue, Oman Arab Bank is committed to fulfill your dreams.
Features
- Omani nationals and expatriates aged 18 and above
- Minimum monthly salary OMR 325 for Omani nationals and OMR 500 for expatriates.
Documents Required
- Must hold a valid Omani ID or resident card
- Copy of passport or visa – for expatriates.
- Price quotation from a car dealer
- Transfer of salary to any Oman Arab Bank branch
- Salary certificate from employer
- End of service benefit – for expatriates.
Eligibility
- Employees of the age 18 years and above
- Government Sector Employees
- Private Sector Employees (company should be listed in the approved list of companies with Oman Arab Bank)
- Employee tenure of a minimum of 1 year at the current organizations
- Available for both Omanis and expatriates
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.
