Wed, March 19, 2008

MUSCAT — BankMuscat, the nation’s premier financial services provider, has launched Sayyarati car loans.

“With the rapid pace of growth in the auto industry, the bank found it essential to launch Sayyarati, which will give more value to customers,” the bank said in a statement.

The procedure for procuring the car loan has been simplified to such an extent that after filling out necessary documents the car loan can be processed within 24 hours, the bank said.

The need for post-dated cheques has been eliminated, and the monthly instalments have been kept low with the interest rate being charged on a reducing balance. Customers can avail up to 80 per cent finance of the invoice value of the car. The maximum loan tenure offered is up to six years, the bank said.

Sulaiman Al Harthy, deputy general manager-Consumer Banking, said: “It is our constant endeavour to provide customers the best possible options to meet their financing requirements. With Sayyarati car loans, we are taking another step in the direction of providing innovative solutions to our customers. We expect this car loan product to appeal to all potential buyers of cars in the Sultanate.”

The customers also have the option to avail the car insurance through the Bancassurance channel of BankMuscat at low premiums, and if they choose to avail this facility they have the option to add the insurance premium amount to the loan amount and pay in instalments.

Customers, both Omani nationals and expatriates, can visit any car dealership or BankMuscat branch to avail this facility.

BankMuscat products and services have established themselves in a highly competitive market and have been well received by customers. This is due to their innovative and unique range of offerings, which are backed by superior service and unmatched value.

Source : http://www.timesofoman.com/