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| Minimum Salary | Salary Transfer | Early Settlement Fees | Maximum Term | Flat Rate | Reducing Rate | |
|---|---|---|---|---|---|---|
Mashreq Car Loan
|
Minimum Salary: AED 5,000 | Salary Transfer: Yes | Early Settlement Fees: - | Maximum Term: 5 Years | Flat Rate: 3.45% | Reducing Rate: 6.31% |
Competitive Interest Rates
- Rates starting at 3.45% p.a. flat*
- High Loan Amount
- Maximum Loan of up to AED 500,000
- Flexible Repayment Options12-60 month repayment periods on new and used cars*
- Equivalent reducing rate 6.31% on 1 year loan tenor
- Special rates on vehicle insurance
- Free current account with no minimum balance
- Free for first year overdraft facility of up to AED 100,000
- Free for first year Platinum Elite Credit Card
** 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
