| Minimum Salary | Salary Transfer | Islamic Finance | Maximum Term | Flat Rate | Reducing Rate | |
|---|---|---|---|---|---|---|
Bank Muscat - Loans For Expats
|
Minimum Salary: OMR 500 | Salary Transfer: No | Islamic Finance: No | Maximum Term: 10 Years | Flat Rate: 4.6% | Reducing Rate: 8.28% |
At Bank Muscat we strive to understand your wants and expectations. Whether you wish to buy a property back home, give your children a better education, or cash for just any other need, transfer your salary to us, avail a loan from BankMuscat and enjoy the related host of benefits. Enjoy banking from any place of your convenience by registering with free Call Center, Kiosk and BankMuscat Online Banking facilities.
Features
- Relaxed Guarantor requirement
- Attractive interest rate
- Increased tenor
- Deferrals during Eid festivals
- Free Call Center and Kiosk Banking facility
- Free BankMuscat Online banking facility.
Documents Required
- Labour card
- Salary certificate (mentioning your salary and date of employment
- Bank statements of the previous 6 months (for non-Bank Muscat account holders or account holders whose salary does not get credited to their Bank Muscat account).
- There could be additional documents depending on the size of loan or other requirements of the bank. If you qualify, you need to provide a Salary Assignment Letter from your employer addressed to Bank Muscat.
Eligibility
- The basic parameters considered for qualification are the age, salary, length of service, employer and repayment capability of the person proposed as a guarantor. However, the bank may use additional criteria depending on the loan amount, type of loan, etc.
** 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
