|Minimum Salary||Salary Transfer||Early Settlement Fees||Maximum Term||Flat Rate||Reducing Rate|
|Banque Misr- Auto Loans||Minimum Salary: AED 5,000||Salary Transfer: No||Early Settlement Fees: 1%||Maximum Term: 5 Years||Flat Rate: 2.49%||Reducing Rate: 4.59%|
Features & Benefits
- No salary transfer required
- Maximum Loan Amount of AED 350,000
- Installment – 1st or 5th of every month
- Salaried individuals having valid residence visa
- Minimum age requirement – 21 years
- Maximum age requirement at loan maturity – 65 years
- Length of service – 6 months or confirmed
- No of employees in company – min 50
- Application Form
- Driver’s License
- Salary Certificate
- Bank Statement
- Vehicle Quotation
- Security Cheque
- Passport and Visa Copy
Fees & Charges
- Interest Rate – Flat – 2.49% for new car
- Interest Rate – 3.75% for used car
- Processing Fee – 1% of Total Loan Amount (Min AED 500 & Max AED 2,500)
** Calculator Definitions
Amount: The total amount of money borrowed, also referred to as the principal amount.
Rate (%): This is the annual interest flat rate on the product. This is not the 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.