International Islamic (QIIB) will provide finance to Qataris and residents with the “lowest profit rate,” grace period of up to six months as well as quick and easy processing, the bank said yesterday.
QIIB has also come out with an “unique” offer linked to this finance scheme under which it will compensate “1% of the transferred liability” to customers moving their liabilities from other banks.
The offer will be in force until March-end, QIIB said.
“This is an incentive for clients who would like to transfer their liabilities to our bank without much burden. And it is in lieu of the 1% service charge, which the other bank would debit from their accounts for such transactions,” said QIIB Deputy Chief Executive Officer Jamal al-Jamal in a statement.
QIIB said the offer is also significant for its “lowest profit rate” that is fixed during the finance period and has a grace period of six months.
The request for finance will be processed and approved within one hour, the bank said.
Under the offer, if a Qatari avails of a loan of QR100,000 for a period of 72 months, the equated monthly instalment (for repayment) will be QR1,599 for the duration.
An expatriate who avails of the same amount of loan but for a duration of 48 months will pay back QR2,299 every month.
Additionally, a sum of QR1,000 will be credited as bonus for both Qataris and expatriates. The maximum loan amount will be QR2mn for Qataris and QR400,000 for expatriates.
QIIB has also announced a vehicle finance scheme dubbed the “best vehicle finance offer.”
Among its features are a flat profit rate of 2.22% on all vehicles; finance up to 100%; grace period up to six months with no vehicle mortgage required as well as easy processing and approval within one hour.
In terms of actual benefit, if the vehicle finance is up to QR100,000 a Qatari will have to pay back QR1,574 a month for 72 months, whereas an expatriate pays QR2,267 per month over a period of 48 months.
More details can be had from the QIIB 24x7 hotline at 44840000 or www.qiib.com.qa