Loan for purchase of cars
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How do I apply?
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You can apply for a loan at the car dealer's show room itself. The car dealer will collect some basic information from you and liaise with the bank to check your eligibility for the loan and arranges for document submission.
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How is this loan different from my normal bank loan?
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This loan is no different from your normal bank loan given against salary assignment. The difference is in the convenience when you decide to buy a car and in some cases the eligibility criteria. For car loans, the car has to be jointly registered with the bank.
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What documents do I need to furnish to apply for a loan?
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To evaluate the qualification, the minimum set of documents required is your labour card, your salary certificate (mentioning your salary and your date of employment) and the last six months bank statement (for non-BankMuscat account holders or account holders whose salary does not get credited to their BankMuscat account).
In addition to this, there could be additional documents depending upon the size of loan or other requirements of the bank.
If you qualify, you need to provide a salary assignment letter from your employer addressed to BankMuscat.
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What is 'salary assignment'?
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Salary assignment is a written declaration from the employer informing the bank that your salary and end of service benefits will be credited to your BankMuscat account till such time you work for the organization unless there is a written release from the bank. The letter should clearly mention the salary, end of service benefits and your bank account number.
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