| Minimum Salary | Salary Transfer | Early Settlement Fees | Maximum Term | Flat Rate | Reducing Rate | |
|---|---|---|---|---|---|---|
Bank Muscat - Sayyarati Car Loan
|
Minimum Salary: OMR 750 | Salary Transfer: Yes | Early Settlement Fees: - | Maximum Term: 8 Years | Flat Rate: 5.25% | Reducing Rate: 9.45% |
Features:
- available to all Omani nationals and expatriates customers
- apply at any of our branches and sayyarati sales centres across the country
- low-interest rates of 5.25% with maximum loan tenor of up to 8 years for new and used vehicles
- maximum loan amount of OMR 40,000 for a new vehicle and OMR 25,000 for a used vehicle
- post-dated cheques not obligatory
Eligibility:
- sayyarati car loan is available for Omanis and expatriates employed in the country, with the provision of specified documents.
Required Documents:
- ID / resident card
- passport with valid visa for expatriates
- salary assignment letter
- quotation / car valuation
- driving license
- mulkiya, for used car purchase
- seller ID, for used car purchase
- CR copy and authorized signatory copy for customer works at an unapproved company
** 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
