MANAMA: Bahraini retail and commercial banking institution, BMI Bank on Sunday announced the launch of a 4th promotion on its Salaf personal loans, offering eligible customers the opportunity to receive an instant cash prize.
In addition to benefiting from an attractive Annual Percentage Rate (APR) as low as 6.54% as well as an optional first 3 months installment deferment period, customers will be able to win cash prizes of up to BD 1,000 when they either apply for a new loan, top up their existing loan with BMI Bank or look to transfer their existing loans with other Banks to BMI Bank. The promotion is scheduled to run until the end of June 2014.
“As a customer centric local bank, we have always strived to conceptualize and deliver exciting products and services designed to address the various needs of our customers. The new promotion follows on from the tremendous response we received from customers during our previous Salaf promotion in 2013,” Jamal Al-Hazeem, Chief Executive Officer of BMI Bank, said.
“We work and operate in a competitive market where customers are becoming savvier and expect their financial partner to provide them with a comprehensive and tailor made financial solution,” he said.
“Our Salaf personal loan will offer customers the best of both worlds when applying for a loan; lower monthly installments as well as a guaranteed chance to win one of many cash prizes on offer through a scratch and win card including the option to win a free waiver of fees on first 3 month loan installment deferment. Through Salaf, we are confident that we can provide them with the flexibility they require that suits their needs as they take advantage of one of the lowest APR’s available today in addition to minimal documentation and quick processing time amongst others,” he added.
In addition to zero insurance fees and an option to defer their first three installments, customers stand to win any of the following prizes through the Scratch and Win card; free waiver of fees for the first three installment deferments, BD 1000, BD 100, BD 50 and BD 25 in cash BMI Bank’s loan eligibility is based on the customers’ current income, financial liabilities as well as the Debt Burden Ratio (DBR).