Car Loans

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Rules & regulations
  • In addition to the interest rate, banks should be informed of specifications of the vehicle and the value of payment.
  • Insurance company must be approved by the bank.
  • Renewal fees will be added to the loan, in case of failure of the borrower to renew insurance policy,
  • The borrower will default in respect of his auto loan if the following conditions hold true:
    • The  security provided by the borrower ceases to be valid or the bank has reason to believe that it may become invalid.
    • The vehicle is damaged  to the extent that it is a total loss or becomes permanently inoperable.
    • The borrower is in default in respect of any other loan, fees or charges of the bank.
  • In case the borrower defaults the bank has the right to foreclose on the vehicle and sell it  against the sums due.
  • A car loan should not exceed 80% of the value of the financed vehicle.The maximum period for repayment of the loan should be not more than 60 months.