Published: Jun 16, 2014
Source: Muscat Daily

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Bank Sohar Floats New Auto Loan with Speedy Approvals

Bank Sohar announced the launch of its new Al Mumayaz auto loan at a press conference at the Grand Hyatt Muscat on Monday. The event was attended by senior executives from Bank Sohar and representatives of automobile dealerships in Oman.

The new Al Mumayaz auto loan guarantees customer approvals within one hour, offering financing for all new car purchases without the need for a salary transfer. Coinciding with the preparations for Ramadan, the Al Mumayaz auto loan offers customers an exclusive Ramadan introductory offer that includes discounted interest rates valid till the end of October 2014.

R Narasimhan, DGM and head of retail banking at Bank Sohar, said, “With the holy month of Ramadan approaching, this is the season when many people are looking to own a new vehicle, capitalising on the variety of special offers presented to them by automotive dealerships.”

“Together with these offers, our new auto loan product and its accompanying exclusive Ramadan introductory offer will no doubt provide our customers with an extremely quick and hassle-free finance solution when purchasing the car of their dreams,” said Narasimhan.

The new auto loan service is the latest in Bank Sohar's range of Al Mumayaz products and services and offers both Omanis and expatriates auto financing solutions and one-hour loan approvals for new cars for up to 80 per cent of their value.

The new auto financing is available with no medical tests required for insurance of loan amounts up to RO75,000. Al Mumayaz auto finance also provides this insurance option for customers if they prefer to avail finance through the bank.

“Selecting the right car is a very time consuming process. By offering a guaranteed turnaround time of just one hour, our customers can enjoy greater freedom in finalising their purchase decisions in a prompt manner,” said Narasimhan.

“Together with its higher financing limits, competitive interest rates and other benefits, the Al Mumayaz auto loan also offers customers a level of financial flexibility that is practically unmatched in the market,” added Narasimhan.

Aside from the auto loan service, Bank Sohar also provides an array of other services and promotions under the Al Mumayaz brand, including for savings accounts, term deposits, personal finance, home finance and educational services, as well as for various debit and credit card facilities. 

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