| Minimum Salary | Salary Transfer | Early Settlement Fees | Maximum Term | Flat Rate | Reducing Rate | |
|---|---|---|---|---|---|---|
Masraf Al Rayan Auto Finance for Qataris
|
Minimum Salary: QAR 4,000 | Salary Transfer: Yes | Early Settlement Fees: - | Maximum Term: 6 Years | Flat Rate: 3.0% | Reducing Rate: 5.4% |
You have dreamt about it. You have gone for many test drives before you decided on it. At Masraf Al Rayan the process should be equally enjoyable.
Masraf Al Rayan Auto Finance Features:
-Save money -Competitive profit rate -Attractive car insurance rate -Flexibility -No down payment* -With up to 6 years, you can choose the payment that suites your budget -Grace period up to 3 months -Quick approval process
* Approved by the Shari'a Supervisory Board of Masraf Al Rayan.
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.
Masraf Al Rayan Auto Finance Features:
-Save money -Competitive profit rate -Attractive car insurance rate -Flexibility -No down payment* -With up to 6 years, you can choose the payment that suites your budget -Grace period up to 3 months -Quick approval process
* Approved by the Shari'a Supervisory Board of Masraf Al Rayan.
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.
