|Min Salary||AED 5,000|
|Max Finance Amount||AED 1,000,000|
|Flat Rate (est. equivalent)||2.49% p.a.|
|Reducing Rate (As Advertised)||4.93% p.a.|
|Early Settlement Fee||1%|
- Second finance and enhancement options available
- First year free credit card
- Maximum finance amount of AED 1,000,000
- Payment holiday of up to 3 months
OVERVIEW OF FEATURES
- This finance is sharia-compliant.
- Up 20 multiples of monthly income with maximum AED 1 Million. Maximum financing tenure 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. If your salary is above AED 10000, it is not a requirement to transfer your salary but the profit rate will be higher.
- The processing fee is 1% of finance amount [Min AED 500; Max AED 2,500].
- The early settlement fee for this finance is 1% of the outstanding amount (principal + profit) to date. The bank has the discretion to waive any or all of the total outstanding profit.
- The insurance is mandatory.
- The profit rate varies depending on customer income and employer profile.
- The flat rate of this finance is 2.69% and the equivalent rate in reducing balance is 4.93%. The calculation used is a multiplication of the flat rate by 1.83 and this is indicative only