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Changan Installment

CHANGAN Automotive, a leading enterprise and one of the four major automotive groups in China, boasting 40 years of experience in the automotive industry with a global presence that includes 14 manufacturing bases and 34 factories worldwide.

Recognized as an iconic representative of Chinese automotive brands, CHANGAN Automotive harnesses the skills of over 18,000 engineering and technical professionals hailing from more than 31 countries.

These experts are strategically stationed in “Six Countries and Ten Places”, including Chongqing (China), Beijing (China), Shanghai (China), Dingzhou (China), Hefei (China), Turin (Italy), Yokohama (Japan), Birmingham (United Kingdom), Detroit (United States), and Munich (Germany). This strategic placement forms a comprehensive global collaborative research and development framework with distinct regional focuses.

Agricultural Bank Instructions :

  • Car loans are granted to employees and affiliates whose salaries are
    domiciled with the bank, as well as to citizens.

  • Applicants’ ages must range between **18 and 60 years**, inclusive
    of the loan period.

  • The maximum loan amount is IQD 50,000,000 (fifty million Iraqi
    dinars).

  • No down payment, or a down payment at the customer’s discretion.

  • Interest rate: 5% for gasoline vehicles and 3% for hybrid vehicles,
    calculated using the fixed-installment method.

  • Loan term: 7 years (equivalent to 84 monthly installments). The first
    installment is due one month after disbursement.

  • Loan guarantee: For employees and affiliates whose salaries are
    domiciled with the bank, and for citizens, a government employee
    guarantor on permanent staff with at least one year of actual service
    is required, provided that 50% of the guarantor’s net salary covers the
    installment amount due.

  • Life insurance for the borrower and vehicle insurance (against fire
    and theft) are at the borrower’s expense.

  • The vehicle (chassis number) is mortgaged/registered with the
    competent traffic authorities in favor of the bank.

National Bank of Iraq (NBI) Instructions

  • Loans are granted to civil servants and affiliates of all ministries whose salaries are domiciled with the National Bank of Iraq, in addition to employees of approved private-sector companies whose salaries are domiciled with the bank.

  • The borrower’s age must be no less than 20 and no more than 60 years.

  • The guarantor’s age must be no less than 25 and no more than 60 years.

  • The maximum financing amount is IQD 60,000,000 (sixty million Iraqi dinars).

  • Interest rate: 8.5%, calculated using the fixed-installment method.

  • New vehicles: no down payment.

  • Used vehicles: 10% down payment, provided the vehicle’s age does not exceed 3 years.

  • Financing term: 6 years (equivalent to 72 monthly installments). The first installment is due one month after disbursement.

  • Loan guarantee: For the categories mentioned above, no guarantor is required if the salary covers twice the monthly installment. If the salary is insufficient, a guarantor with a salary domiciled at NBI is required.

  • The vehicle is registered in the name of Al-Ahli Iraqi Installments Company, and a driving power of attorney is issued to the borrower.

  • Comprehensive insurance for the first year is mandatory for all vehicles financed by the company.

  • All government fees required for vehicle registration, numbering, and transfer of ownership to Al-Ahli Iraqi Installments Company are borne by the borrower

For companies and institutions officially registered with the Iraqi Ministry of Trade

  • Submission of all company registration documents (recent) along with a bank statement for the last 12 months.

  • Financing guarantee: provision of bank checks by the company or a guarantor for the entire loan term.

  • The guarantor’s age must be no less than 30 and no more than 60 years.

  • Financing term: 4 years (equivalent to 48 monthly installments).

  • Down payment: 30% of the financing value.

  • The same terms and conditions referenced in items (9, 10, 11) above apply.

  • Financing covers new vehicles only and excludes used vehicles.

Qi Card Instructions

  • Hybrid car loans are granted exclusively to those whose salaries are domiciled with Rafidain Bank, provided that the actual service period is at least one year (confirmed on permanent staff).

  • The maximum loan amount is IQD 50,000,000 (fifty million Iraqi dinars), secured by a Mastercard.

  • Down payment: 20% of the vehicle price.

  • Repayment period: 3 years (36 months).

  • Interest rate: 8% fixed, collected through monthly installments (principal + interest).

Al-Nahrain Islamic Bank provides financing solutions for Changan vehicles under the following terms:

The ages:

  • Applicant must be between 18 and 64 years old.
  • Guarantor must be between 18 and 54 years old.

Financing Term:

  • Up to 6 years.

  • Profit rate: 5% annually for gasoline vehicles and 4% annually for electric and hybrid vehicles.

  • If the salary is deposited with Al-Nahrain Bank, the rate is 4% annually for all types.

  • Eligible Categories:
    Civil servants with their salaries deposited with Al-Nahrain Bank, Ministry of Interior and Ministry of Defense personnel (subject to conditions), and approved guarantors.

Deduction:
The monthly installment must not exceed 75% of the guarantor’s net salary.

Guarantor:
A second guarantor is not required if the applicant is a current employee under 54 years of age and their salary covers the monthly installment.

Notes:
No down payment is required. Repayment is monthly, from the 1st to the 5th of each month.

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