..
العربية
Search...
close
Personal Internet Banking
Corporate Internet Banking
..

Auto Finance

Get a car today!

Profit rate starting from 5.25%

We help you get the car of your choice.

The easy way to own a car

As Oman’s first Islamic bank, we aim to help you realise owning a vehicle – while recognising your responsibilities. That is why Bank Nizwa Auto Finance, based on the Shari’a concept of Murabaha, is not only available for a range of leading brands and models but also at a highly affordable profit rate and with several value-added benefits too.

Key Features

  • Down-payment as low as 20%
  • Financing available for buying vehicles for personal use.
  • No hidden charges
  • Highly competitive profit rates
  • Available for a wide range of dealers & agencies.
  • Fixed profit rate till maturity.
  • Shari’a-compliant auto finance product based on the Sharia concept of Murabaha.
  • Option for early settlement.
  • Available for new & used vehicles
  • Available to salaried and self-employed
  • Transparent & fast processing.
  • For both Salary Transfer & Post Dated Cheques as repayment options
  • Apply easily through any of our branches spread across the Sultanate.
  • Payment period up to 10 years / 120 months

Eligibility Criteria

  • Available for both Omani nationals & Resident Expatriates
  • Maximum age of the car at maturity is 10 years
  • Minimum Age: 18 years for Omani customers, 21 for Expats, and 25 for self-employed customers.
  • Minimum Salary: OMR 400 for Salary Transfer, PDC customers : OMR 600 Salary
  • Maximum Age at Finance Maturity: Up to 60 years for regular customers and up to 70 years for Pensioners.

Fees & Charges

No. Fees and Charges Charges + VAT
1. Processing Fees OMR 26.250
2. Credit Life Takaful Arrangement Fees 0.05% of the finance amount with a minimum of RO 5.25 and maximum of RO 78.75
3. undertaking to donate due the delay payment Donations to be made to the Bank’s Sharia Supervisory Board’s approved charity institutions at a rate of 1% of the outstanding installments.

Requirements

Identification Documents

  • Copy of Oman National ID card / ID Cards for GCC Nationals / Resident ID Card of Expatriates
  • Passport with valid visa for Expatriate /GCC Passport copy.
  • Seller’s national ID card

Application Form

  • Financing Application Form (Promise to Purchase).
  • Account Application Form (For all new customers)
  • Debit instruction form (for DP) duly filled & signed by the customer

Proof of Income

  • Original Salary Certificate (Validity is 30 days)
  • Salary Transfer Letter from employer addressed to Bank Nizwa
  • Bank Statements of previous 6 months for salaried customers or 12 months for self-employed customer.
  • Copy of Employment Contract for Oil & Gas and Construction Sector (if applicable)
  • Pay slip for last 3 months (If variance in net salary credited to bank is 10% or more)
  • Original Proof of any other income (if applicable)

Proof of Residence

  • Copy of Utility Bill or any other proof of Residence e.g., Tenancy contract copy

Additional Documents

  • Original Quotation Letter addressed to Bank Nizwa (valid for 10 days only)
  • Driving License (if applicable)
  • For self-employed customers: Copy of Legal documents (Commercial Registration / Oman Chamber of Commerce Certificate / Computer Extracts / MOA / POA etc)

Note: Any previous contractual agreement between the client and the Shop/College/Hospital etc. must be cancelled before applying for financing.

FAQs

  • Why take Auto Finance from Bank Nizwa?

    Shari’a-compliant product, transparent pricing & charges, and quick processing & approvals.

  • Are there special arrangements with dealers/agents?

    Yes. For example our IFIN arrangements with dealers ensures speedy processing and faster delivery of the vehicle.

  • How do I avail Bank Nizwa Auto Finance?

    Simply walk into any of our branches and our Personal Banking Officer will guide you through the steps. Alternatively, you can call 800 700 60 for more information.

IFIN

Salaried Customers of Bank Nizwa can now get Islamic Finance through IFIN platform in just 10 minutes!

How does this work?

Customers of Bank Nizwa can visit any of retailers partnered with IFIN and submit their application there. All they need is their ID card and the mobile registered with the Bank. The credit decision takes about 20 seconds where the application can be either instantly approved (where customer can complete the process within minutes) or referred (where the Bank’s credit team will need to decide to whether approve or reject the application). If the application is “Approved”, the customer can sign the finance agreement at the retailer’s store.

  • Changan
  • Renault
  • Infiniti
  • Bestune
  • Foton
  • Mitsubishi Motors
  • Toyota
  • Lexus
  • JAC Motors
  • Geely
  • Higer
  • Nissan
  • UNI
  • Mazda

For more details on IFIN – Instant Auto Finance, please contact us on 24950500.

Key Fact Statements (KFS)



All Bank Nizwa products and services are approved by the Shari’a Supervisory Board.

. View Certificate..

For more information call 24950500 or visit any of our conveniently located branches.

Disclaimer: Bank Nizwa products and services will be made available at the sole discretion of Bank Nizwa SOAG; subject to Bank Nizwa’s Terms and Conditions for Shari’ah Compliant Account Operation and upon submission of documentation acceptable to Bank Nizwa.

Apply Now
Chat with Us

Calculators