Masraf Al Rayan Personal Finance Campaign – 2024
Offer Details/Terms & Conditions
Campaign Period
• Valid from 02 July 2024
Till 30th September 2024
Main Target Segment
• New to bank Qatari Nationals with salary transfer
• New to bank Non-Qataris (Residents) with salary transfer
• Existing MAR salary transfer customers without personal or vehicle finance
Minimum Salary Amount to qualify
• QAR 10,000 per month for Qataris
• QAR 20,000 per month for Non-Qataris
Minimum Finance Amount to Qualify
• QR 50,000
Maximum Finance amount
• QAR 2,000,000 including profit for Qataris
• QAR 400,000 including profit for Non-Qataris
Maximum Finance Tenure
• Up to 6 years for Qataris
• Up to 4 years for non-Qataris
• The above tenure includes grace period, if any
Offer Details
• Reducing Balance Profit Rate of 4.50% ( Flat Profit rate 2.42%)
Key Conditions
• Minimum finance amount is QAR 50,000
• Only one finance facility can be taken during the campaign period
• Cash Back of 1% per year on your Al Thahabi savings Account if average monthly balances are between QR 100K & QR 500K. Cash back payable as long as you have the personal finance with the bank. (6 Years for Qataris and 4 years for non-Qataris)
• For Premier Banking customers (Salary 35,000 QAR and above) assured cash back of 5% of the 1st salary transferred to the bank.
• Bank account and debit card with Zero balance requirement and no monthly fee
• Access to Masraf Al Rayan Qatar Airways co-branded Visa Signature & Infinite credit cards with up to 50,000 bonus Avios points on joining and up to 1 AVIOS point for every 4 QAR spent on your credit card, Free Takaful Insurance, and many more
• 50,000 QAR as daily cash withdrawal limit and spend limit
• Reward of QR 1,000 whenever somebody successfully refers a salary transfer customer with finance to MAR.
• Automatic enrollment to Al Rayan reward points program
• Airport Lounge access
• Free access to mobile banking and internet banking allows you to perform a host of transactions remotely.
• Tokenization of your credit cards and debit cards through Apple Pay and Google Pay.
Maximum Age at end of Tenure
• 70 years – Qatari, 60 years – expats
Grace period
• Up to 4 months Grace period is allowed for all customers
Income Sources Allowed
• Income must be from Salary
Salary Transfer
• Mandatory
End of Service benefits
• Mandatory to transfer to the bank for Non-Qataris (Residents) only
Takaful Life Insurance
• Mandatory to be paid by customer
• Masraf Al Rayan will provide Takaful Life Insurance through Group Insurance Policy issued by Damaan Islamic Insurance Company (Beema)
Early Settlement Charges for Personal Finance
• 100% of outstanding profit payable if liability is transferred to another bank.
Cashback refund on deposits (Al Thahabi Savings Account)
• Customers are required to refund the entire cashback amount if they move to another bank before 2 years of the date of account opening
| Masraf Al Rayan Personal Finance Campaign – 2024 Offer Details/Terms & Conditions |
|
|---|---|
Campaign Period |
• Valid from 02 July 2024 Till 30th September 2024 |
Main Target Segment |
• New to bank Qatari Nationals with salary transfer • New to bank Non-Qataris (Residents) with salary transfer • Existing MAR salary transfer customers without personal or vehicle finance |
Minimum Salary Amount to qualify |
• QAR 10,000 per month for Qataris • QAR 20,000 per month for Non-Qataris |
Minimum Finance Amount to Qualify |
• QR 50,000 |
Maximum Finance amount |
• QAR 2,000,000 including profit for Qataris • QAR 400,000 including profit for Non-Qataris |
Maximum Finance Tenure |
• Up to 6 years for Qataris • Up to 4 years for non-Qataris • The above tenure includes grace period, if any |
Offer Details |
• Reducing Balance Profit Rate of 4.50% ( Flat Profit rate 2.42%) |
Key Conditions |
• Minimum finance amount is QAR 50,000 • Only one finance facility can be taken during the campaign period • Cash Back of 1% per year on your Al Thahabi savings Account if average monthly balances are between QR 100K & QR 500K. Cash back payable as long as you have the personal finance with the bank. (6 Years for Qataris and 4 years for non-Qataris) • For Premier Banking customers (Salary 35,000 QAR and above) assured cash back of 5% of the 1st salary transferred to the bank. • Bank account and debit card with Zero balance requirement and no monthly fee • Access to Masraf Al Rayan Qatar Airways co-branded Visa Signature & Infinite credit cards with up to 50,000 bonus Avios points on joining and up to 1 AVIOS point for every 4 QAR spent on your credit card, Free Takaful Insurance, and many more • 50,000 QAR as daily cash withdrawal limit and spend limit • Reward of QR 1,000 whenever somebody successfully refers a salary transfer customer with finance to MAR. • Automatic enrollment to Al Rayan reward points program • Airport Lounge access • Free access to mobile banking and internet banking allows you to perform a host of transactions remotely. • Tokenization of your credit cards and debit cards through Apple Pay and Google Pay. |
Maximum Age at end of Tenure |
• 70 years – Qatari, 60 years – expats |
Grace period |
• Up to 4 months Grace period is allowed for all customers |
| Income Sources Allowed | • Income must be from Salary |
| Salary Transfer | • Mandatory |
| End of Service benefits | • Mandatory to transfer to the bank for Non-Qataris (Residents) only |
| Takaful Life Insurance | • Mandatory to be paid by customer • Masraf Al Rayan will provide Takaful Life Insurance through Group Insurance Policy issued by Damaan Islamic Insurance Company (Beema) |
Early Settlement Charges for Personal Finance |
• 100% of outstanding profit payable if liability is transferred to another bank. |
Cashback refund on deposits (Al Thahabi Savings Account) |
• Customers are required to refund the entire cashback amount if they move to another bank before 2 years of the date of account opening |