Please note that page number 5 of the Regulations Regarding Bank Loans & Other Services Offered to Individual Customers No. 29/2011 dated 23 February 2011 is to be replaced by the attached.

d) In order to ensure that the monthly installments deducted for repayment of this loan and resulting interest are kept in a reasonable proportion to the customer's income, the deductions from his salary and/ or regular income must not exceed the limits specified under Article (7) of these Regulations.

e) Loans extended to sole proprietorship firms and companies, secured by salary of the owner or salaries of the partners shall be treated the same way this loan is treated, and shall be subject to the same terms and conditions.

f) This loan shall be extended as per an application by the customer to be approved by the bank or the finance company, and it should be drafted in the manner set out in Article (12) hereof.
 

Article (3)
Car Loan

a) Car Loan: Is a loan extended by the bank or the finance company to its customer for the purpose of purchasing a private car.

b) Car loan shall be treated as separate from the personal consumer loan, and should not exceed (80%) eighty percent of the value of the financed vehicle.

c) Repayment Period: The maximum period for repayment of the loan shall be (60) months.

d) Security: This loan should be secured by a mortgage over the car.

e) Car loans extended to sole proprietorship firms and companies, secured by salary of the owner or salaries of the partners shall be treated the same way this loan is treated, and shall be subject to the same terms and conditions.

f) This loan shall be extended as per an application by the customer and approved by the bank or the finance company, and it should be drafted in the manner set out in Article (12) of these Regulations.