| Minimum Salary | Salary Transfer | Islamic Finance | Maximum Term | Flat Rate | Reducing Rate | |
|---|---|---|---|---|---|---|
QIIB Consumer Finance for Qatari Nationals
|
Minimum Salary: QAR 5,000 | Salary Transfer: Yes | Islamic Finance: No | Maximum Term: 6 Years | Flat Rate: 2.73% | Reducing Rate: 4.91% |
Consumer Finance (Automobile, Household goods, residential property, building material, shares etc..)
QIIB provides a number of financing services to meet consumers’ needs. In most cases the bank requires repayment to be made from the customer’s salary transferred to his bank account at QIIB.
QIIB Consumer Finance for Qatari Nationals Features:
-Profit rates starting at 2,73% -Repayment terms up to 72 months for Qataris. -Repayment amounts Up to 50% of the salary transferred to the bank.
Representative example:
If you borrow QAR 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 – QAR 297.50 | Total charge for credit – QAR 710 | Total amount you repay – QAR 10,710
Please note, the actual rate applied to your loan will depend on your circumstances.
QIIB provides a number of financing services to meet consumers’ needs. In most cases the bank requires repayment to be made from the customer’s salary transferred to his bank account at QIIB.
QIIB Consumer Finance for Qatari Nationals Features:
-Profit rates starting at 2,73% -Repayment terms up to 72 months for Qataris. -Repayment amounts Up to 50% of the salary transferred to the bank.
Representative example:
If you borrow QAR 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 – QAR 297.50 | Total charge for credit – QAR 710 | Total amount you repay – QAR 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.
