Minimum Salary Salary Transfer Islamic Finance Maximum Term Flat Rate Reducing Rate
Bank Sohar - Al Mumayaz Personal Finance Solutions Bank Sohar - Al Mumayaz Personal Finance Solutions Minimum Salary: OMR 300 Salary Transfer: No Islamic Finance: No Maximum Term: 12 Years Flat Rate: 4.5% Reducing Rate: 8.1%
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Excellence is realizing your dreams!

Everyone has a dream –a wonderful wedding, an exotic holiday, plans for higher education… No matter what your dreams are, with Bank Sohar’s Personal Finance Solutions you can realize them with absolute ease and peace of mind. Customized to meet your financial needs, facilities are available for personal finance solutions for all Omani residents and nationals receiving regular income through employment or business, as well as for non-resident Omani nationals working or engaged in businesses abroad.

 

Expect More With Bank Sohar’s Personal Finance Solutions, you also have the option of transferring your existing loan amounts with other banks to Bank Sohar in order to utilize on our longer repayment tenures. Moreover, our comprehensive Life Insurance cover ensures that your family is protected from the repayment liability in case of any unfortunate event during the loan tenure.
  • The promotion is applicable for Omani customers (only new customers) with minimum salary of OMR 1000.
  • The special interest rate of 3.49 % will be applicable for the first six months of repayment.
  • The interest rate from 7th month onwards till end of tenor will be within CBO ceiling & will be communicated to customers at the time of account opening.
  • The EMI for the entire tenor will be constant.
  • Credit Life Insurance option of the bank will be applied (Upfront mode).
  • Maximum Tenor of Loan will be 10 years ( Excluding permissible two EID waivers per year).
  • Debt Service Limits would be as per CBO guidelines (50% for customers without Housing Loan & 60% for customers having Housing Loan).
  • Applicable for salary customers employed in Bank Sohar’s approved list of companies.
  • Premature closure of loan accounts would be as per CBO guidelines.
  • The Bank Sohar Excel Credit card is free of charge for the first year & type of card will be based on salary. Promotion will be valid till 31st December 2015.
Features
  • Lower monthly installments
  • Longer repayment tenures
  • Flexible repayment plans
  • Higher loan amounts based on income
  • Loan top-up facility to meet additional financial requirements
  • Life Insurance cover at affordable premium rates
  • Simplified documentation and speedy processing
  • Option to start the repayment after 2 months
  • No medical test required for loan exposure up to OMR 100,000
  • Receive a free credit card for the 1st year
** Calculator Definitions
Amount: The total amount of money borrowed, also referred to as the principal amount.
Rate (%): This is the annual interest flat rate on the product. This is not the 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 on the product plus fees and other costs. The APR is useful when comparing two or more products with different interest rates and fee structures.
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