Are you an expat who needs an urgent cash loan? Perhaps you need funds to help settle a medical bill, pay for major car repairs, or buy an important business equipment. If this is the case, consider applying for a Bank Muscat Personal Loan.
Bank Muscat happens to be one of the leading financial institutions in Oman. It offers products and services to Omanis and expat residents alike. In this article, we will talk all about the bank’s Personal Loan for Expats.
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Guide to Getting Bank Muscat Personal Loan for Expats
The great thing about Bank Muscat is that aside from having numerous branches across Oman, it also has online banking facilities for everyone. Before anything else, though, let’s get to know more about the bank itself.
About Bank Muscat
Did you know that in terms of banking, Bank Muscat has the largest network of branches and electronic channels in the country? With more than 150 branches, the bank has the biggest network in Oman.
Overseas, Bank Muscat operates branches in Kuwait and also in Riyadh, Saudi Arabia. Furthermore, the bank has representative branches in Singapore and in Dubai, United Arab Emirates.
Bank Muscat provides personal banking, corporate banking, investment banking, Islamic banking, asset management, private baking, and other services to a wide range of clients in Oman.
“To serve you better everyday” is Bank Muscat’s noble mission. It also aspires to “lead in everything we do by offering simplified and integrated banking solutions.”
With this mission in mind, Bank Muscat has certainly come a long way, gaining awards and recognition not just locally but in the international stage. In 2004, the bank became the first in the Middle East region to be ISO 9000:2000 certified. Three years later, in January 2007, it was awarded as an “Investor in People” organization — the first to receive the prestigious global award in the entire Middle East and North Africa (MENA) region. Later, in 2009, Bank Muscat was declared by Hewitt as the Best Employer in the Middle East. These are just some of the bank’s impressive awards.
Bank Muscat Personal Loan Features
Bank Muscat offers a variety of products and services, one of which is the Personal Loan. This is available to both Omanis and expat residents. Loan interest rates start at 4%, and customers can apply from any branch across the country.
The maximum loan amount is OMR 200,000 for Omanis and OMR 15,000 for residents. Meanwhile, the maximum repayment period is 120 months. The product comes with free call center and kiosk banking facilities, as well as free BankMuscat online banking facility.
Aside from the Personal Loan, Bank Muscat offers other types of loans to individual clients. Among these are: home loan, car loan, educational loan, marriage loan, travel loan, health and beauty loan, and green finance.
Eligibility
To qualify for Bank Muscat’s Personal Loan, an applicant must:
- Be at least 18 years old (for Omanis) and 21 years old (for expat residents);
- Have a minimum salary of OMR 250 (for Omanis) and OMR 500 (for expat residents); and
- Be willing to have his/her salary transferred to an account with Bank Muscat.
NOTE: Aside from the above criteria, the bank may also consider the applicant’s employer and length of service. Additional factors include the loan amount, type of loan, etc.
Requirements
When applying for Bank Muscat’s Personal Loan, applicants need to prepare the following documents:
- ID Card or Passport (for expats);
- Salary Assignment Letter; and
- Life Insurance Coverage Document.
Fees and Charges
Regardless of the loan amount, here are some fees and charges to keep in mind when applying for a loan at Bank Muscat:
- Processing charge of OMR 26.250;
- Prepayment amounting to 1.05% of the amount (whether partial or full payment of outstanding principal);
- Bank charge for Basic Credit Life Insurance product amounting to 0.053% of total loan amount (minimum of OMR 5.250 and maximum of OMR 78.750);
- Late payment charge of 1% added to agreed interest rate (for every overdue installment);
- Special deferment other than Eid amounting to OMR 5.250;
- Rescheduling of loan amounting to OMR 5.250; and
- Top-up loan processing amounting to OMR 5.250.
Loan Calculator
If you are interested in the Personal Loan, or any other type of loan with Bank Muscat, you can estimate possible loan installments by using the bank’s online loan calculator.
All you have to do is enter some details, such as: employer name, employer type, and loan type. You’ll also need to provide your age, nationality, salary amount, and service period (in months). The online form also requires you to enter your requested loan amount and preferred loan period.
If case you have any existing loans, you will also need to provide the loan installment, along with your credit card limit.
Once you have given all the necessary information, simply click “Calculate” and your estimated total loan amount will be displayed onscreen, together with the possible monthly loan installments.
To try Bank Muscat’s Loan Calcultor, simply head to this link.
Video: Bank Muscat’s Online Channels
As mentioned earlier, Bank Muscat has plenty of branches across the country. It also has the largest network of e-channel machines in Oman. In the following video shared by the bank’s Facebook page, we can learn more about Bank Muscat’s wide network of branches, kiosks, and ATMs scattered all over the country:
Contact Information: Bank Muscat Head Office
If you have any questions about Bank Muscat’s products and services you can visit the branch nearest to your location. Moreover, you can get in touch with Bank Muscat Head Office through the following contact details:
Address: Air Port Bridge, Al Matar St, Seeb 112, Oman
Telephone: +968 2476 8888
Email: customerservice@bankmuscat.com
Website: https://www.bankmuscat.com/en/Pages/default.aspx
Facebook: https://www.facebook.com/BankMuscat/
Google Map:
Summary
Bank Muscat is one of the leading banks in Oman, not to mention one of the largest and most trusted. It offers a wide range of products for individuals and corporate clients, including Omanis and expat residents. If you are planning to apply for the bank’s Personal Loan anytime soon, we hope that the above guide has been helpful!
In the meantime, if you are an overseas Filipino worker (OFW) based in Oman, you are probably wondering about loan options available to Pinoys in the country. If this is the case, do check out this article about loans for Filipinos in Oman.