aafaq Auto finance for self-employed (aafaq Sayyarat)

aafaq Bank

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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

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

Frequently Asked Questions

Q. What is the early settlement fee and how is it calculated for the given finance?

A. Early settlement fee for this finance is 1% of the outstanding amount to date which is profit + principal.

Q. Is the given finance Sharia-compliant?

A. Yes, Aafaq auto finance is Sharia-compliant.

Q. What is the maximum and minimum age to apply for Aafaq auto finance?

A. Minimum age is 21 years and maximum age is 60-65 years upon maturity of finance.

Q. How does the profit rate vary for Aafaq auto finance?

A. Profit rates vary according to dealer from whom the car is purchased and the customer profile.

Q. Can we negotiate interest rates while applying for car lon in Aafaq bank?

A. Yes, if you are a loyal customer and you have made regular payments for previous loans, then you can negotiate interest rates with bank.

aafaq Bank

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.