ADIB Used Car Finance - Murabaha

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adib Bank

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Used Car Finance - Murabaha

Minimum Salary

AED 5K

Flat Rate

3.09%

Reducing Rate

5.61%

Loan Amount

AED 1000K

Early Settlement Fee

1%

Arrangement Fee

AED 1000

Down Payment

20%

AED 5K

Minimum Salary

3.09%

Flat Rate

5.61%

Reducing Rate

AED 1000K

Loan Amount

1%

Early Settlement Fee

AED 1000

Arrangement Fee

20%

Down Payment

Features

  • Repayment period is up to 60 months
  • Interest rate for the given finance is 3.09%
  • Minimum salary requirement is AED 5,000
  • The reducing rate and the flat rate is 5.61% and 3.09%. This denotes that the computation done was a division of the reduction rate by 1.813
  • No salary transfer is required
  • Maximum loan amount is AED 1,000,000 that ADIB bank can provide
  • Early settlement fee is 1% of the finance amount
  • Processing fee is AED 1000
  • 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
  • Convenient features like one signature application
  • As low as 3.09% rates on new cars
  • Approval is quick
  • Documentation is simple
  • Finance up to 80% of the car price
  • For the first year you can get free ADIB Visa Cashback Card

Frequently Asked Questions

Q. If bank has declined my loan once, can I apply again?

A. Yes, as long as your circumstances are not same, you can apply for loan again.

Q. What are the different tenure options available for the car loan in ADIB bank?

A. Minimum tenure is 12 months and maximum you can repay in 60 months.

Q. What all cars can be financed under this finance?

A. You can finance most passenger cars and multi-utility vehicles manufactured by UAE’s leading automobile companies.

Q. How is monthly payment for car loan determined in ADIB?

A. In ADIB they check your following eligibility criteria:
1. Age of the vehicle
2. Down payment
3. Credit history
4. Vehicle’s Mileage

Q. What all do I need to get approval for a car loan in ADIB?

A. You need following documents to get approval for a car loan:
1. Bank account
2. Current address
3. Driver’s License
4. Down Payment
5. Proof of employment and income

ADIB

With a mission statement of ‘Islamic finance for everyone’, Abu Dhabi Islamic Bank (ADIB) is a name synonymous with Islamic banking in the UAE. ADIB endeavors to be a responsible corporate citizen and manage its business by creating value for customers, shareholders, employees and communities wherever it operates. The corporate values of ADIB are:

  • Simple and Sensible
  • Transparent
  • Mutually beneficial work
  • Hospitable and tolerant
  • Shariah inspired

Launched on November 11, 1998, ADIB has come a long way towards fulfilling its vision of becoming a top tier regional bank.