Oman- Bank Sohar announces special Ramadan offer on auto loan

6/29/2016 2:13:56 AM

(MENAFN- Muscat Daily) Muscat-

Bank Sohar, in celebration of the holy month of Ramadan, is offering a limited time offer for their Al Mumayaz Auto Loan, which will continue till July 22.

As part of the offer, customers who choose to finance the purchase of a new or used vehicle during the promotional period through the bank''s Al Mumayaz Auto Loan facility will be eligible for preferential interest rates starting from just 4.5 per cent based on the tenor of the loan. Customers will also have the option of availing a grace period for the start of the loan repayment to any month up to October 2016, while enjoying numerous other value added benefits.

Khamis Masoud al Rahbi, senior AGM and acting head of retail banking at Bank Sohar said, ''The holy month of Ramadan is the season when many people are looking to purchase a vehicle, capitalising on the variety of special offers presented to them by automotive dealerships. Our Al Mumayaz Auto Loan service, together with its value added benefits, will provide customers with an extremely quick and hassle-free finance solution.

We have customised this offer based on an in-depth understanding of our customer''s financial needs and are therefore providing them the option of deferring their initial re-payment to any month up to October 2016. This effectively means that our customers can purchase the vehicle they desire in time for Eid al Fitr, but need not worry about repayments till after Eid al Adha.''

This loan offers Omanis and expatriates auto financing solutions and one hour loan approvals for up to 80 per cent of the vehicle value. Finance is available for a maximum tenure of seven years for new vehicles and five years for used vehicles.

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