Check Eligibility for aafaq
Car Loan

You are eligible to apply for a aafaq
Car Loan .

You may not be eligible * to apply.

* Minimum salary AED 7000 required to apply for a aafaq Car Loan .

*No loan for :User_Nationality available in this page

Click here to check from other banks.

aafaq Car Loan Calculator

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I hereby acknowledge and agree to allow Citibank to share my details with any UAE credit bureau and make enquiries about me with any UAE credit bureau at its sole and absolute discretion. I agree to the Terms and Conditions listed below. Citibank Terms and Conditions apply, are subject to change without prior notice and are available upon request. For the current Terms and Conditions, please visit our website www.citibank.ae. All offers are made available on a best-effort basis and at the sole discretion of Citibank, N.A. Citibank, N.A. makes no warranties and assumes no liability or responsibility with respect to the products and services provided by partners/other entities. By inquiring about our services, offers or products, you will be authorizing our representatives to approach you on your contact details including your telephone/mobile number for any product or service offered by Citibank. The applicant agrees to be bound by Citibank’s General Terms and Conditions available on the website www.citibank.ae. The applicant hereby represents and warrants that the information provided herein is true, accurate, and complete and that he/she agrees to remain responsible for and to indemnify Citibank, N.A. from and against any losses, claims and/or liabilities incurred by Citibank NA as a result of having relied on such information. Citibank, N.A. is not required to verify the information provided by the applicant and neither is the bank obliged to provide the applicant with any loans or credit facilities based on the provided information. The products and services mentioned on this website are not offered to individuals resident in the European Union, European Economic Area, Switzerland, Guernsey, Jersey, Monaco, San Marino, Vatican, The Isle of Man or the UK. This page is not, and should not be construed as, an offer, invitation or solicitation to buy or sell any of the products and services mentioned herein to such individuals.

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Car Loan Provided By aafaq

Check Eligibility for aafaq Car Loan

You are eligible to apply for a aafaq
Car Loan .

You may not be eligible * to apply.

* Minimum salary AED 7000 required to apply for a aafaq Car Loan .

Click here to check loans from other banks.

aafaq Car Loan Calculator

Features of aafaq Car Loan

Aafaq provides auto finance on new cars to resident expatriates and UAE nationals. Some features of the aafaq auto finance are:

  • inance Amounts: AED 30000-500,000
  • Down payment option for as low as 20%
  • Upto 48 months of repayment tenure
  • Competitive profit rates on fixed/variable basis

Eligibility Criteria of aafaq Car Loan

Minimum Monthly Income:

  • Salaried: AED 7000 (for individual)
  • Salaried: AED 10000 (for joint applicants)
  • Self-Employed Individuals: AED 20,000
  • Companies:AED 50,000 (average monthly bank credits)

Length Of Income Source:

  • Salaried: Minimum 6 months
  • Self-Employed: minimum 1 year in business
  • Companies: Minimum 2 years in business

Age:

  • Minimum Age: 21 years
  • Maximum Age: 60-65 years (upon end of the finance period)

Documents Required of aafaq Car Loan

  • Original Passport
  • Valid emirates ID(For UAE Nationals)
  • Original Khulasat Al Qaid (For UAE Nationals)
  • Original Labour Card
  • Vehicle Quotation/ Invoice
  • Latest 3 months active bank account statements
  • Liability Letter (if applicable)
  • Post dated cheques from Bank Account (For EMI purposes)
  • Undated cheque (for total Murabaha amount)
  • Salary Certificate (Only for salaried) (with name, length of service, basic salary and allowances/bonus if any)
  • Trade License (For Self-Employed)
  • Registration at the Chamber of Commerce (For Self-Employed)
  • Copy of Bank Facility Letter (if applicable) (For Self-Employed)

Note: You may be asked for more documentation if found necessary by concerned authority

aafaq Car Loan Interest rates

aafaq Bank

2 aafaq Bank Car Loans

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

loan amount

AED 500K

Loan Amount

early settlement fee

1%

Early Settlement Fee

arrangement fee

AED 500

Arrangement Fee

down payment

20%

Down Payment

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%

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

View details on bank page

Auto finance for self-employed (aafaq Sayyarat)

Minimum Salary

AED 20K

Flat Rate

4.25%

Reducing Rate

7.71%

Loan Amount

AED 500K

Early Settlement Fee

1%

Arrangement Fee

AED 500

Down Payment

20%

minimum salary

AED 20K

Minimum Salary

flat rate

4.25%

Flat Rate

reducing rate

7.71%

Reducing Rate

loan amount

AED 500K

Loan Amount

early settlement fee

1%

Early Settlement Fee

arrangement fee

AED 500

Arrangement Fee

down payment

20%

Down Payment

Features

  • Repayment period is up to 48 months
  • Length of business for self-employed applicant is 1 year
  • Interest rate for the given finance is 4.25%

Features

  • Repayment period is up to 48 months
  • Length of business for self-employed applicant is 1 year
  • Interest rate for the given finance is 4.25%
  • Minimum salary requirement is AED 20,000
  • The reducing rate and the flat rate is 7.71% and 4.25%. This denotes that the computation done was a division of the reduction rate by 1.814
  • 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

View details on bank page

About 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.