Dubai Islamic Bank Step up Finance

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dubai-islamic-bank Bank

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Step up Finance

Minimum Salary

AED 3K

Flat Rate

3.25%

Reducing Rate

6.11%

Loan Amount

AED 500K

Early Settlement Fee

1%

Arrangement Fee

AED 2500

Down Payment

20%

AED 3K

Minimum Salary

3.25%

Flat Rate

6.11%

Reducing Rate

AED 500K

Loan Amount

1%

Early Settlement Fee

AED 2500

Arrangement Fee

20%

Down Payment

Features

  • Repayment period is up to 60 months
  • Interest rate for the given finance is 3.25%
  • Minimum salary requirement is AED 3,000
  • The reducing rate and the flat rate is 6.11% and 3.25%. This denotes that the computation done was a division of the reduction rate by 1.815
  • No salary transfer is required
  • Maximum loan amount is AED 500,000 that Dubai Islamic bank can provide
  • Early settlement fee is 1% of the finance amount
  • Processing fee is AED 2500
  • About 20% down payment is required for this finance

Benefits

  • High finance amount and low minimum salary requirement is there for given finance
  • Finance can be provided for new as well as used cars
  • Maximum repayment period is of 60 months
  • Approval is quick
  • Documentation is simple
  • Minimum salary requirement is low
  • Finance up to 80% of the car price
  • Dubai Islamic bank provides option of financing other accessories and insurance

Frequently Asked Questions

Q. Do the salaried individuals get to pay different down payment rates?

A. No, as per Central bank everyone has to pay minimum 20% down payment.

Q. What is the minimum length of service required to apply for auto finance in Dubai Islamic bank?

A. You need to have at least one month length of service with same salary.

Q. Who all are eligible for auto finance in Dubai Islamic bank?

A. Following are eligible to apply for auto finance:
1. Self employed
2. Salaried customers
3. Companies

Q. What is the maximum Debit Service Ratio required to apply for auto finance in Dubai Islamic bank?

A. As per Central Bank, maximum Debit Service Ratio required is 50%.

Q. Does Dubai Islamic Bank finance old models of vehicles?

A. Dubai Islamic Bank can finance up to 10 years old model.

Dubai Islamic

Dubai Islamic Bank (DIB), established in 1975 is the pioneer of Islamic banking that has seen a phenomenal growth. The Bank since inception has remained customer-centric organization, where honesty and customized personal service form the basis of all relationships. Though sticking to its root traditions, the bank equally blends with the commitment of innovation, flexibility, and modernity. Every customer of the bank is provided with comprehensive solutions for any financial need.

The bank works with the vision of providing unsurpassed customer service and becoming the world’s largest Islamic banking corporation.