What can Al Wathbah do for me?
Al Wathbah can finance your tendering and working capital needs for construction projects.
What is the type and extent of finance?
Financing will be provided in the form of letters of guarantees and working capital. This would include bid bonds, performance bonds, overdraft and term loans. Maximum amount per tender guarantee transaction – RO 10,000/-. Maximum overdraft – RO 10,000/-. Maximum credit for a borrower – RO 100K.
What is the repayment tenure for a loan?
You can repay the loan in 12 monthly installments.
What interest rates will be charged on an Al Wathbah facility?
An interest rate of 10% p.a. will be charged monthly on the actual outstanding and will be payable every month. A penal interest rate of 12% p.a. will be applied on any delayed payment, on the amount delayed. Please note that the interest rate is reviewable annually at the Bank’s discretion. In addition, a 1.5% p.a. will be charged on non funded guarantees and 2.4% p.a. on funded guarantees.
Are there any other charges?
You will have to pay a flat processing fee of 1% on the amount of facility, payable before disbursement.
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