Provide necessary funding for clients of targeted segments to own new or used cars for personal or family use and provide necessary funding for current car owners tailored to clients’ needs and desires.

• Used Cars: means the cars used and sold within local market with no more than 7 years lifetime compared with the manufacturing date
• New cars: means the cars manufactured in the same current, previous or subsequent year, zero speedometer and sold through agencies or auto showrooms with no more than 3 years lifetime from current year

Targeted Segments

• Staff of Private Sector
• Staff of working banks in Palestine
• Staff of Housing Bank & its branches in Palestine
• Civil and military retirees
• Professionals & Craftspeople
• Employers
• Clients from Deposit owners’ Segment 

Privileges

• Financing up to 100%
• Financing up to 100,000 JOD or equivalent in other currencies
• Grace period up to 3 months
• Free life insurance for borrowers  

• Min Loan Value 5000 JOD or equivalent in other currencies
• Type of Cars All types of cars sold within the Palestinian market, especially (European, American, Korean, Chinese, Japanese, Hybrid & Electrical Cars regardless of country of origin …etc.
• Max Loan Tenure, including grace period 7 years for new cars and 6 years for used ones.
•  Min Repayment Period One Year
• Min Age of Borrowers 18 years old with one year after date of issuing the license
• Max Age of Borrowers 70 years old at value date of last installment
• Repayment Basis Monthly
• Grace Period Maximum three months (calculated within the total loan tenure)

• The program is applied subject to its own terms and conditions in conformity with the bank’s applicable policies and procedures and instructions of the Palestinian Monetary Authority “PMA”;
• Verification/Documentation of the clients’ income sources and subject to the applicable procedures;
• Borrower shall be subject to requirements of monitoring authorities such as (legal permits, non-listed in PMA, ban lists) and under special instructions related to this aspect;
• The loan value is paid in favor of seller if financing is for car purchase, while the loan value is paid to the same client if he/she is of the current car owners’ segment pursuant to an endorsed cheque to the order of the client or depositing the loan value into the account subject to a written letter by him/her; provided that car mortgage will be in favor of the Bank.
• Group loan-financing to family (consistent with credit policy); provided that organizing the loan in joint name of borrowers with possibility to register the car by the name of one borrower or both and car mortgage and its comprehensive insurance will be in favor of the Bank.
• Offer of new cars is sufficient for the same current or subsequent year model or precedent year of financing with zero speedometer “sold by agency or auto showrooms” or cars with zero speedometer and sold through agency only where its lifetime shall not be more than 3 years of the current year
• In case of financing cars to current car owners, the loan value is paid to the same client; provided that car mortgage and comprehensive insurance shall be made in favor of the Bank where the value of car will be determined subject to insurance policy issued by the insurance company.
• Free life insurance for borrower(s). If financing is for more than one person then life insurance will be equally between borrowers.
• In case that replacement or mortgaged car in favor of the Bank as a collateral, then new car duly offered will be re-evaluated and accepted under the approved financing rates upon which value of the car will be considered within the insurance policy.