HSBC Car Loan
Standard Chartered Car Loan
Emirates NBD Car Loan
Al Hilal Bank Car Loan
ADIB Personal Loan
ADCB Personal Loan
Rakbank Personal Loan
Emirates NBD Personal Loan
Dubai Islamic Bank Personal Loan
ADIB Credit Card
ADCB Credit Card
Rakbank Credit Card
Emirates NBD Credit Card
Citibank Credit Card
ADIB Home Loan
ADCB Home Loan
HSBC Home Loan
NBAD Home Loan
Dubai Islamic Bank Home Loan
ADCB Business Loan
United Arab Bank Business Loan
Rakbank Business Loan
Union National Bank Business Loan
CBD Business Loan
Oman Insurance Company Life Insurance
Zurich Insurance Life Insurance
AIG Insurance Company Life Insurance
AXA Gulf Life Insurance
MetLife Life Insurance
Required Minimum Salary
ADIB New Car Finance - Murabaha
Max Loan Amount
ADIB New Car Finance - Ijarah
Dubai Islamic Bank Step up Finance
Sharjah Islamic Bank New Car Finance
ADCB Used Car Loans for Self Employed
Standard Chartered Used Auto Loan
HSBC New Car Finance
aafaq Auto finance for self-employed (aafaq Sayyarat)
Emirates NBD Fixed Deposit New Auto Loan
Union National Bank New Car Loan with no salary transfer
UAE has been experiencing a steady rise in the banking sector in recent times. With over 40 banks (domestic + foreign), customers have a range of options to choose from. Islamic banking, where banks cannot charge fixed interest either on loans or deposits, has been operational for at least three decades now. Also, with the Dirham being pegged to the USD, foreign banks play an important role in setting the interest rates. With a huge amount of expatriate population, banks in UAE take additional precautionary measures before sanctioning loans to reduce the possibility of an NPA (Non-Performing-Asset).
UAE is a region of cars. You can see the best cars from the world speeding right next to each other. UAE Nationals and expats are always on the lookout for high performance cars. That has led to a growth in the car loan market. Banks offer flexibility in choosing type of interest rate, amount and tenure. Here are some features of Car loans in UAE:
There is a huge variety of car loans available in the UAE. Banks have tried to adapt to various preferences of customers looking to avail of a car loan. They are:
Car Loan Calculator to Calculate your Car Loan Installments.
Apart from enabling you to buy your dream vehicle, a car loan comes with a host of added features and benefits. Some of them are:
Every bank has its own eligibility criteria which needs to be checked individually. However, some basic requirements are as follows:
As is the case with eligibility, every bank can have its own requirement of documents to process your loan application. Apart from the application form, some basic documents needed are:
If you already have an account with the bank, then the number of documents needed might reduce. Please ensure that you arrange all the documents before submitting your application.
There are different kinds of fees and charges associated with car loans and they can vary with each bank.
Again, it is important to note that these rates can vary and change from time to time. Please check with your loan provider before you apply for the loan.
Under Shariah laws of Islamic banking, a bank can purchase a car on our behalf and then lease it to you for a monthly payment for a fixed period. Once the car is paid for, the bank transfers the vehicle in the customer’s name. It can be used to finance new and used cars and there is no interest charged. In case you miss a payment then the penalty paid by you is donated to charity.
Before you decide to finance your vehicle, here is an overview between Car loans and Car Ijarah:
As seen above, Car Ijarah is a better option provided you are eligible for it.
While car loans are offered by majority banks in the UAE, there are some banks which offer it as a priority product. They are:
Abu Dhabi Commercial Bank: ADCB finances up to 80% of the cost of the car, subject to a maximum loan amount of AED 500,000. The bank also provides options to finance car insurance along with quick processing and simple documentation.
First Gulf Bank: The First Gulf Bank offers car loans to its customers that can be paid back in tenures extending up to 5 years. It requires minimal documentation and, if all goes well, can do instant approval for the loans.
Dubai Islamic Bank: DIB offers car loans up to AED 1.5 million. The loan does not require that salary transfers to the bank and offers options to finance insurance for the cars. It is also available to corporates, in which case the loan amount can be as high as AED 5 million.
Emirates NBD: Emirates NBD offers car loans to residents of the UAE as well as expats working in the country. The bank offers loans with and without salary transfers. The loan amounts can go up to AED 300,000 and be paid back over a tenure of 60 months.
If you walk into your nearest dealership to choose a car, you will be greeted by a row of desks where salesmen will be waiting to sell their finance deal. Don’t get carried away by the moment and agree to sign on the dotted line with the first dealer in the line. Do your homework to ensure you have indeed secured the best car loan and that it fits within your budget.
A. An Equated Monthly Instalment (EMI) includes both principal and interest. It is calculated based on the tenure of the loan. If you choose a longer term, the EMI would be smaller but you would end up paying more. A shorter term attracts a higher EMI but is financially beneficial.
It is advisable to talk to your bank to get a better understanding of the same.
A. Every bank will have its own list of documents needs post sanctioning the loan. Some documents needed by most banks are original car papers, tax papers, insurance policy and registration certificate.
A. No. To sell your car you would need a NOC from the lender to legally transfer the car to someone else’s name. The car is the collateral for your loan.