 | What are the car loan tenure options? |
| | The tenure of the loan could range from one to seven years for new cars and from one to six years for used cars. |
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| What are the interest rates for car loan? |
| | The interest rate for car loan will vary from time to time depends on the schemes bank have or depends on the tie-ups with auto dealers and manufactures. It is advisable to check with nearest OAB branch or use the call centre facility to get the latest prevailing car loan interest rates. |
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| How is the interest charged/calculated? |
| | Interest is charged on a monthly reducing balance method on the principle outstanding with your auto loan account. |
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| Do I have any option to delay my installment payment? |
| | Yes, you have an option to delay up to 3 months for the first installment to start with. |
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| What are the documents I have to submit to avail a Car Loan? |
| | If you an existing OAB customer with salary account just produce the quotation of the car you wish to purchase from the auto dealer. Incase you are a new customer, please provide your Identification proof, income proof, statements of your existing loan commitments along with car quotation. |
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| How can I approach for a OAB – Markabati Auto Loan? |
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Write to us on Email ‘markabati@oman-arabbank.com’
Call us at our "Fil Khidma" Call Center at 24 75 4444
Walk into any of our branches
Contact our On Demand Banking executives on appointments@oman-arabbank.com |
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| How much time do I need to get my loan to be approved? |
| | Loan will be approved generally with in 24 hours from the submission of complete documentation. |
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| Is a personal guarantor is a must for all car loans? |
| | No, you dont need a personal guarantor to get a car loan. |
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| What is the security required for a salaried loan applicant? |
| | No additional security is required to get a car loan in normal circumstances except the hypothecation of the car in favor of Oman Arab Bank |
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| If I don’t meet the criteria for the loan, can I still avail the car loan? |
| | Yes, it is still possible to get a car loan with additional security, at the discretion of bank. |
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| What are the loan installment repayment methods? |
| | You can issue a standing instruction from your salary account for the monthly deduction of the car loan installment. If you are a corporate customer, instruction can be given from the current account you have with the bank. |
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| Can I avoid issuing post dated cheques as mode of repayment? |
| | At OAB we don’t accept Post Dated Cheques as a repayment mode. |
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| Can I prepay the loan outstanding? |
| | Yes, you can prepay the loan outstanding in partial or in full. |
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| If I prepay the loan outstanding, am I eligible for future interest reduction? |
| | Yes, you will be completely exempted from the future interest once you settle the principle car loan outstanding with the bank. |
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| What is Monthly reducing Balance method? |
| | In the case of monthly reducing balance method, the principal gets reduced after the payment of installment and the interest is calculated on the outstanding principal amount. |
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| Do I have to open an account with OAB to avail a car loan? |
| | Yes, it is complementary from the bank when you apply for a car loan, we will open a bank account for you for the smooth transaction for the future. |
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| What are the stages involved in availing car loan with OAB? |
| | The different stages in granting a car loan are:
Loan application along with dealer quotation.
Approval of the car loan.
Documentation & issue of pay order in favor of auto dealer for the loan amount.
Submission of Mulkiya copy after the registration of car with ROP, hypothecated in favor of OAB. |
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| Does OAB provide car loan to any brand car which I wish to buy? |
| | Markabati auto loan are available for almost all passenger car models. |
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| Do you have any special scheme for higher salaried employees? |
| | Yes, we have special schemes for selected set of employers and higher income bracket loan applicants. The interest rate will vary from time to time depends on the schemes bank have or depends on the tie-ups with auto dealers and manufactures. We advise you to check with nearest OAB branch or use the call centre facility to get the latest prevailing car loan interest rates. |
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| Can I gat a loan for the purchase of used car? |
| | Yes, you can get a car loan for a pre owned car from OAB at a lower rate. |
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| Can I get a loan on my existing car? |
| | Yes, we provide loan for your existing old car, provided it should be less than 3 year old car. |
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| Can I include the car insurance premium and accessories to the auto loan? |
| | Yes, you can include the car insurance premium and cost of additional accessories like DVD player, Navigation system, or any other facility provided by the auto dealer can be included in the quotation and you can avail loan on that also. |
