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

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

Zero Balance Free account

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 Car Loans Provided By aafaq

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%

AED 7K

Minimum Salary

3.75%

Flat Rate

6.8%

Reducing Rate

AED 500K

Loan Amount

1%

Early Settlement Fee

AED 500

Arrangement Fee

20%

Down Payment

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%

AED 20K

Minimum Salary

4.25%

Flat Rate

7.71%

Reducing Rate

AED 500K

Loan Amount

1%

Early Settlement Fee

AED 500

Arrangement Fee

20%

Down Payment

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.