| Minimum Salary | Salary Transfer | Early Settlement Fees | Maximum Term | Flat Rate | Reducing Rate | |
|---|---|---|---|---|---|---|
Bank Sohar - Al Mumayaz Auto Loan
|
Minimum Salary: OMR 750 | Salary Transfer: Yes | Early Settlement Fees: - | Maximum Term: 0 Years | Flat Rate: 4.49% | Reducing Rate: 8.08% |
The wait is over for your new vehicle. With Al Mumayaz Auto Loan.
At Bank Sohar, we have fast-tracked your way to your dream vehicle with auto loan approvals in just an hour. Al Mumayaz Auto Loan facilitates the purchase process with minimal paperwork and flexible repayment options to put you in the driver’s seat, faster than you thought.
Features:
Documents Required:
At Bank Sohar, we have fast-tracked your way to your dream vehicle with auto loan approvals in just an hour. Al Mumayaz Auto Loan facilitates the purchase process with minimal paperwork and flexible repayment options to put you in the driver’s seat, faster than you thought.
Features:
- Loans at competitive interest rates
- Fastest Loan Approval – 1 Hour
- Auto financing solution for new / used vehicles
- No Medical required for insurance of loan amounts up to RO 75,000
- Loans granted against either salary assignment or postdated cheques
- Option for 2 month grace period for start of repayment
- Auto loan eligible for Omanis and expatriates
- Maximum loan amount - 80% of the Total Vehicle Cost/ Market Value subject to DSR limits
Documents Required:
- ID Proof: National ID for Omanis; Resident ID and passport copy with valid visa for Non-Omanis
- Latest salary certificate or 3 months’ bank statement indicating salary details
- Quotation of the car in favour of Bank Sohar
- Driving License copy
- Copy of Registration (Mulkiya) of used caredback & Enquiry
** 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
