How can I apply for car loan?
You can apply for loan at any of our branches or at car dealership show room.
What are the documents required to apply for car loan?
- ID card
- Salary assignment / standing order from salary account
- Quotation/ car valuation from the approved valuator
- Driving license
- Mulkiya of used car purchase
- Seller ID for used car purchase
- Life insurance coverage
What are the required guarantees?
Customer salary assignment / standing order from salary account
Is there any contribution amount to be paid by the customer?
- for new vehicle 20% of vehicle value
- For pre-used vehicle 25% of vehicle value
Can the loan be repaid before maturity?
Yes, any customer can repay the full balance or do partial payment with repayment charges of 1% excluding VAT of outstanding amount.
How long would the maximum loan tenor be?
The maximum loan tenor is up to 10 years for Omani nationals and 5 years for expatriates