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aafaq Auto finance for salaried individuals (aafaq Sayyarat)

aafaq Bank

Auto finance for salaried individuals (aafaq Sayyarat)

Minimum Salary

AED 7K

Flat Rate

3.75%

Reducing Rate

6.8%

Loan Amount

AED 500K

Early Settlement Fee

1%

Arrangement Fee

AED 500

Down Payment

20%

minimum salary

AED 7K

Minimum Salary

flat rate

3.75%

Flat Rate

reducing rate

6.8%

Reducing Rate

max finance

AED 500K

Loan Amount

early settlement fee

1%

Early Settlement Fee

arragement fee

AED 500

Arrangement Fee

down payment

20%

Down Payment

View details on bank page

Features

  • Repayment period is up to 48 months
  • Length of business for salaried individuals is 6 months
  • Interest rate for the given finance is 3.75%
  • Minimum salary requirement is AED 7,000
  • The reducing rate and the flat rate is 6.8% and 3.75%. This denotes that the computation done was a division of the reduction rate by 1.813
  • Maximum loan amount is AED 500,000 that Aafaq bank can provide
  • Early settlement fee is 1% of the finance amount
  • Processing fee is AED 500
  • About 20% down payment is required for this finance

Benefits

  • High finance amount and low minimum salary requirement is there for given finance
  • The given finance is Sharia-compliant
  • Long repayment period for this loan

Frequently Asked Questions

⭐ Do I need to be in regular employment to apply for car loan in Aafaq bank?

A. No, if you have sufficient evidences that you can repay the loan ot given rate then your application can be considered by bank.

⭐ What is the average monthly bank credit turnover needed for Aafaq auto finance?

A. The average monthly bank credit turnover needed for Aafaq auto finance is AED 50,000.

⭐ Can my car loan application get rejected by bank?

A. Yes, if you don't have good credit history and you don't meet their eligibility criteria then your application might get rejected by bank.

⭐ Do we get option to pre-pay the entire loan amount in Aafaq bank?

A. Yes, only after 6 months of availing of loan amount you can pre-pay the entire loan.

⭐ How does the profit rate vary for Aafaq auto finance?

A. Profit rates vary according to dealer from whom the car is purchased and the customer profile.

aafaq

Aafaq Islamic Finance provides Islamic financial solutions all across UAE and is one of the major financial institutions that provide Sharia compliant financial services for a wide range of institutions. The Aafaq financial company was founded in 2006 and is a fully autonomous financial institution.

The company focusses on exploring and finding out the best opportunities within various business sectors in order to get highest possible returns for its shareholders.