Purpose
For Purchase of New/Used Car for individuals (Used Car not more than 5 yrs old).

Eligibility
Salaried Individuals Aged between 21yrs to 55 years

Employment in Bahrain for over 1 year and having current confirmed Employment Contract.

Minimum Net Monthly Income BHD 500/-

Quantum of Loan Maximum :
18 times of net monthly salary income Subject to EMI/NMI not exceeding 50%
For new cars: 90% of the all-inclusive Cost of the Vehicle
For used card : 80% of the value of the car (as per valuation)

Security
Salary assignment or EMI assignment (check off) and Post-dated cheques
Registration of Vehicle with Bank’s Charge.

Type of Loan Term Loan

Repayment
Maximum: 84 months (for new cars);
No prepayment penalty

Processing Fee
BD 75/- to BD 200/- based on quantum of loan

Documents required
Passport and CPR with valid Residence Permit.
Two Passport size Photographs
Latest 3 months’ salary slips.
6 months Bank’s Statement of Account showing salary/ Income credits
Letter of Employment Contract.
Letter of Assignment of leaving indemnity from Employer
Credit Reference Bureau(CRB) consent form
Salary Assignment/EMI Assignment Letter from the Employer.
Salary Transfer letter from Employer.
Certificate of Fitness of Vehicle from reputed Garage / Dealer for used Cars.

Please call 17548033 for more details or email us at retail.rbbh@statebank.com

Disclaimer: Information provided in this website is only for the purpose of dissemination of information relating to the product and is not a solicitation for business. Approval of loans will be at the discretion of the Bank and subject to satisfactory completion of all terms and conditions in this regard.