Auto Loan

Required Supporting Documents

• National ID Card
• Residence Card
• Recent Personal Photos
• Active Phone Number (Registered in the bank’s customer database)
• Salary Transfer Continuity Letter (For both the borrower and the guarantor)
• Bank Promissory Note (At 125% of the loan value)
• Salary Transfer Continuity Undertaking

Income & Service

• The minimum acceptable salary is 1,000,000 Iraqi Dinars.
• A minimum service period of 6 months for private sector employees and one year for public sector employees is required.
• The borrower must be an existing client of our bank with a salary transfer history of at least 3 months

Age

• The borrower must be between 22 and 55 years old for public sector employees.
• The age limit extends to 60 years for private sector employees by the end of the loan term.

Financial Obligations 

• The loan amount shall not exceed 50,000,000 Iraqi Dinars.
• The maximum allowable loan ratio is 75% of the total vehicle price, including the license plate.
• The borrower must deposit 25% of the vehicle's value, in addition to commissions and due fees.

Insurance & Purpose of the Loan

• The vehicle must be insured for the entire duration of the loan. (2.4% of the vehicle’s value annually, payable in monthly installments)
• The loan is exclusively for purchasing vehicles from car companies included in the program

Creditworthiness

•  No defaults or financial issues recorded in the Central Bank of Iraq database.
• The client (both borrower and guarantor) must not be listed on any local or international sanction lists.
• The borrower must not be currently committed as a guarantor for any other active loan.