BMI Bank, a leading Bahraini retail and commercial banking institution, has announced the launch of a new range of loans.

The bank is offering eligible customers the opportunity to receive the highest loan amount in the market at the lowest possible monthly instalment through the introduction of a balloon payment on maturity, said a BMI statement.

The Salaf Plus vehicle, mortgage and personal loans will complement the bank's existing loan bouquet and is available at a competitive rate of interest along with an extended tenure.

"In line with our commitment towards providing our customers with innovative and tailored personal financial solutions, I am pleased to announce the launch of yet another unique product that has been designed specifically to accommodate our customers' banking and lifestyle requirement," said chief executive officer Jamal Al Hazeem.

"Our Salaf Plus range of loans will offer customers the best of both worlds when applying for a loan; maximum cash in hand at the lowest monthly instalment.

"In addition, customers who apply for Salaf Plus with BMI Bank will be able to take advantage of one of the lowest interest rates available today, flexible repayment tenure, minimal documentation and quick processing amongst others.

"This product will appeal to savvy customers who are keen to reduce their monthly financial obligations as the introduction of a balloon payment facilitates receiving a higher loan amount upfront with a smaller instalment.

"Through the launch of Salaf Plus, we have addressed what we believe to be a gap within the current market and will continue to invest in our products and services as we build a strong retail and commercial banking business within Bahrain."

BMI Bank's loan eligibility is based on the customers' current income, financial liabilities as well as the debt burden ratio.-TradeArabia News Service