RAKBANK New Amal Auto Finance

  •   July 17, 2017


Min SalaryAED 5,000
Flat Rate (As Advertised)2.75% p.a.
Reducing Rate (est. equivalent)4.26% p.a.
Arrangement Fee1%
Down payment20%
Max Finance Amount500,000
Early Settlement Fee1%

 

MAIN BENEFITS

  • Repay your first installment within 60 days
  • Finance available for Takaful, Rust proofing, service and maintenance contracts
  • RAKdirect 24 hour phone support.

OVERVIEW OF FEATURES

  • This finance is sharia-compliant.
  • You are required to put 20% as down payment for this product.
  • Finance repayment period is up to 60 months.
  • You require a minimum salary of AED 5,000 per month to be eligible.
  • It is not a requirement to transfer your salary to apply but the rate is lower if salary is transferred.
  • 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. All other outstanding profit is waived.
  • The rate starts at 2.35% based on a flat rate. It will vary according to the customer profile and the dealer the car is purchased from.
  • The flat rate of this finance is 2.35% and the equivalent rate in reducing balance is 4.26%. The calculation used is a multiplication of the flat rate by 1.814 and this is indicative only.

RAKBANK New Amal Auto Finance
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