| Minimum Salary | Salary Transfer | Islamic Finance | Maximum Term | Flat Rate | Reducing Rate | |
|---|---|---|---|---|---|---|
Al Wifaq Personal Finance
|
Minimum Salary: AED 5,000 | Salary Transfer: No | Islamic Finance: Yes | Maximum Term: 4 Years | Flat Rate: 2.7% | Reducing Rate: 4.86% |
Al Wifaq Fiance is Shariah compliant and will provide you with comfort and peace of mind to manage your financial requirements.
Features
- Rate starting from 2.7%
- Maximum years is up to 4 years
- Early Settlement Charges - 1% capped at AED 10,000
Eligibility
- Minimum salary required - AED 5,000 with salary transfer and approved list of companies
- Minimum salary required - AED 10,000 without salary transfer
** Calculator Definitions
Amount:
The total amount of money borrowed, also referred to as the principal amount.
Rate (%):
This is the annual interest rate on the product which is equivalent to APR, which is going to be calculated in this example.
Years:
This is the original term or length of the product, stated in years.
Effective Monthly Payment:
This is the effective monthly payment, which takes into consideration fees and other costs associated with this product. The effective monthly payment is the basis for the APR calculation.
Calculated Annual Percentage Rate (%):
The Calculated Annual Percentage Rate (APR) is determined using the annual interest rate of the product plus fees and other costs. This rate may differ from bank to bank. APR is useful when comparing two or more products with different interest rates and fee structures.
Representative Example Calculator
