Minimum and maximum loan periods vary between 1 months and 10 years. Comparison interest rates vary between 6.55% and 60% p.a. Total interest repayments vary between R685.05 and R844.12 over the life of the loan. *Comparison rate is based on an unsecured loan of R20,000 for a term of 3 years. WARNING: This comparison rate is true only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate. These rates can change without further notice. All rates quoted are per annum. For more information regarding fees click on "View fees & additional info +" for each product or contact the provider.
Al baraka Bank vehicle finance calculator in South Africa
The Al Baraka car loan calculator is a useful tool if you’re financing your car purchase with a Shari’ah-compliant loan from Albaraka Bank in South Africa. Find out how to plan for your repayments with the most budget-friendly option for you.
Albaraka bank car loan calculator – How does it work?
How much will your monthly car payments be when you apply for Albaraka vehicle finance? Get a free estimate by following these simple steps:
- Choose how much you want to borrow: Use the first slider to enter your desired loan amount. Car loan amounts usually range from R10 000 to R300 000.
- Choose the length of your loan. Albaraka Bank offers loan terms of up to 72 months or 6 years for their vehicle finance. Use the second slider to enter the number of months you need to pay off your car loan.
- Click Calculate “Repayment.” Get instant results that appear in the comparison tables just below the calculator. You’ll also be able to view estimated monthly repayment results for our other featured lender.
- Make adjustments. You can adjust your loan amount and term to see which other options are available. Comparing these options helps you to figure out which one is best for you and your budget.
Al Baraka Bank car financing: Factors that affect your monthly payments
- Loan amount. Borrowing a large amount increases the size of your monthly payments.
- Loan term. The longer your car loan term, the less you have to pay per month. Albaraka car loans have no interest rates according to the principles of Islamic Banking. However, choosing a longer term might increase the total cost of your loan if there are more fees involved.
- Deposit. Paying a larger deposit reduces your monthly car payments.
- Charges and fees. Car loan fees can be upfront, but some may be included in your monthly instalments.
Advantages of the Albaraka bank car loan calculator
- Easy-to-use at zero cost;
- Helps you to choose a loan you can afford for complete peace of mind;
- Helps you to estimate the total cost of your loan: and
- You save time and improve your chances of approval when you apply for an affordable loan.
How to apply for Albaraka vehicle finance after making an informed decision
Find the nearest office near you. You’ll need the following when you apply for an Al Baraka Bank auto loan :
- Proof of income;
- Recent salary confirmation for 3 months; or
- Financial Statements / Income Tax Return;
- Recent bank statements for 3 months;
- A signed statement of your personal income and expenditure;
- A signed statement of your personal assets and liabilities;
- Valid South African ID; and
- Proof of residence.
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