Car Loan

It is an unsecured loan taken by an individual from a bank or a non-banking financial company (NBFC) on the basis of his salary to meet their personal needs.

Overview

  • Financing up to 80% of cost of  New Vehicle and up to 70 % of cost of vehicle value in case of old car

  • Higher Repayment period up to 48 Months for new vehicle and up to 36 months for old vehicles  

  • Low interest rate

  • Low Processing Fee

  • No Hidden Charges

  • Interest charges on Daily Reducing Balance

Eligibility Criteria

  • Holder of UAE driving license

  • Minimum salary/monthly income of AED 4000

  • Max Limit  – New Car-AED 1250000

  • Old Car- AED 125000

Charges

Interest Rates

 

Income / Salary Range

Interest Rate

Up to AED 10,000/- pm

3.75% flat or 7.50% reducing Balance

>AED 10,000/- pm – AED 25,000/- pm

3.25 % flat or 6.50% reducing Balance

>AED 25,000/- Pm

2.75% flat or 5.50% reducing Balance

Processing Fees

1.00% of loan amount with min. AED 500 &   Max.  AED 2500/-

WARNING:

  • You may have to pay penalties if you pay off a loan/financing early
  • Refinancing your loans/financing may take longer to pay off than your previous loan/financing and may result in paying more in interest/profit
  • If you do not meet the repayments/payments on your loan/financing, your account will go into arrears. This may affect your credit rating, which may limit your ability to access financing in the future