|Min Salary||AED 5,000|
|Max Finance Amount||AED 1,500,000|
|Flat Rate (est. equivalent)||From 3.45% p.a.|
|Reducing Rate(As Advertised)||From 6.25% p.a.|
|Early Settlement Fee||1%|
- The maximum amount of finance offered is AED 1,500,000. Loan repayment up to 48 months.
OVERVIEW OF FEATURES
- Loan repayment period is up to 48 months.
- You require a minimum salary of AED 5,000 per month to be eligible.
- It is a requirement to transfer your salary to apply.
- The processing fee is 1% of the loan amount for Aspire and Privilege customers and 0.5% for Excellency customers. [Min AED 500; Max AED 2,500].
- The early settlement fee for this finance is 1% of the outstanding amount (principal + profit) to date. All other outstanding profit is waived.
- The Insurance fee for Aspire and Privilege customers is 1% of loan amount and 0.5% of the loan amount for Excellency customers.
- Loan repayment period is up to 48 months; The rate for salary from AED 5,000 to AED 7,999 is 12.99%; the rate for salary from AED 8,000 to AED 11,999 is 10.75%; the rate for salary from AED 12,000 to AED 14,999 is 8.75%; the rate for salary of AED 15,000 to AED 19,999 is 7.75% and above AED 20,000 is 6.99%. For Privilege customers the rate is 6.75% and for Excellency customers the rate is 6.25%. All rates are calculated on reducing balance.
- The reducing rate of this finance is 6.25% and the equivalent flat rate is 3.45%. The calculation used is a division of the reducing rate by 1.814 and this is indicative only.