Bank loans in Bahrain

Pricilla,

Coincidentally, I am discussing with bank about getting a car loan. The process seems to be fairly simple here in Bahrain. They require from you all basic documents (residency visa, CPR, 3 pay slips and bank statement). With regards to interest rates, the bank I'm speaking to practice decent rates with small variation depending if you have your salary deposity in the bank or not.

Interesting fact is that not all banks offer car loans.

The issue I am currently facing is that I live in Bahrain and work in Saudi (pay slips mention Saudi), and the bank is not accepting the pay slips as prove of salary, therefore making harder to get the loan. I am not sure if I will be able to solve this issue

Marcelo

Hi Marcelo

For your car loan, I think your should try other banks .. Some Banks allow that in case you've CPR.
Try BBK, KFH, Arab Bank, Albaraka Bank.
Some car showrooms will be able to solve it .. ask them!!
Best of luck
Regards,,

Hi Priscilla

Finances generally is easy in Bahrain especially when it comes to taking out bank loans.

Some extra restrictions more than nationals may be taken with expats, which is logic, to get approved for a bank loan in Bahrain?

Most types of bank loans available for expats (mortgage; business loans; car loans; personal loans; student loans), But Bonds is not available for expats.

Interest rates usually around 5 - 7 %.
Timeframe to repay loans varies according to type of loan.
- Mortgage loan   --  15 years (15 - 20% Down-payment).
- Car loan              --  5 years (10 - 15% Down-payment).
- Second hand car loan   --  3 years  (10 - 15% Down-payment).
- Personal loan   --  Residency period up to 2 years.
- Business loan   --  3 - 5 years.

Banks usually make offers in different occasions so no bank may be said is the most popular or accessible for expats.

Accounts manager usually not needed except with business loans to match with business cash flow.

In the case of an unpaid loan the person may be sued and not to be allowed to travel but it takes time while most loans are covered by BBB.

Regards,,

Gharieb

Do anyone got the loan from Bahrain local bank (like BBK) do they provide a loan to expat living in Bahrain. I have CPR. I am asking it BCS I come across HSBC agent providing the loan to me on 7.5% interest rate for 5 years. but I checked with bbk it is very less compare to others.

Off-course they do, call them and find out the requirements.

Thank you..
I will visit the Branch

@bsingh055 how to get myself parsonal loan urgently & easy?

Hello @ballahossain,

Have you enquired from your bank ?

Regards

Bhavna

@Bhavna No

The first thing you should you is to contact your bank. Let us know how it went.