Al Zaffah Loans
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What is Al Zaffah Loan? |
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Al Zaffah loan is a loan
granted for the purpose of
marriage to Omani citizens, both
male and female. The loan is
granted for the first marriage
only.
Borrower must confirm, in the
prescribed format, that it is
his/her first marriage. This is
to be reconfirmed by the Sheikh/Wali
of the area under his signature
and seal. |
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How much loan can be
availed under Al Zaffah? |
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The loan amount can be up to ten
times of the Average Net
Transferable salary (10xANT),
with a maximum amount of RO
5,000 and a minimum amount of RO
1,000. |
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What is the maximum tenor
allowed for the loan? |
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Maximum repayment period for
Al Zaffah Loan is 60 month. |
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What are the applicable
rates of interest? |
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Applicable rate of interest
depends on the loan tenor. The
shorter the loan tenor, the
lower the interest rate. The
applicable interest rates are as
follows:
For loan up to 36 months : 9.50%
p.a.
37 – 48 months : 9.75% p.a.
49 – 60 months : 9.90% p.a. |
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Is there any age
restriction for availing Al Zaffah
Loan? |
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Yes. For availing this loan the
borrower should not be less than
21 years and not more than 35
yeas of age. |
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Who are acceptable
employers? |
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The loan is available to all
Government sector employees who
are confirmed in the service
(minimum 3 months) or approved
private sector company employees
with six months of service. |
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What is acceptable minimum
ANT for availing Al Zaffah Loan? |
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The minimum ANT is RO 150.
However, for Government
employees’ availing the loan
from interior Branches minimum
ANT is RO 120. |
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What Securities/ Documents
are required? |
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The following Securities/
Documents are required:
“First Marriage Declaration” in
the prescribed format
countersigned by the Sheikh/
Wali
Irrevocable assignment of salary
Borrower’s Life Protection
Policy as per Bank’s group
insurance policy
Guarantor |
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