Sharjah Islamic Bank New Car Finance

sharjah-islamic-bank Bank

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New Car Finance

Minimum Salary

AED 6K

Flat Rate

2.79%

Reducing Rate

5.06%

Loan Amount

AED 500K

Early Settlement Fee

1%

Arrangement Fee

1%

Down Payment

20%

AED 6K

Minimum Salary

2.79%

Flat Rate

5.06%

Reducing Rate

AED 500K

Loan Amount

1%

Early Settlement Fee

1%

Arrangement Fee

20%

Down Payment

Features

  • Repayment period is up to 60 months
  • Interest rate for the given finance is 2.79%
  • Minimum salary requirement is AED 6,000
  • The reducing rate and the flat rate is 5.06% and 2.79%. This denotes that the computation done was a division of the reduction rate by 1.84
  • Salary transfer is required
  • Maximum loan amount is AED 500,000 that Sharjah Islamic bank can provide
  • Early settlement fee is 1% of the finance amount
  • Processing fee is 1% of the finance amount
  • About 20% down payment is required for this finance

Benefits

  • High finance amount is provided by Sharjah Islamic bank
  • 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
  • Documentation is simple
  • Islamic insurance finance is also available

Frequently Asked Questions

Q. Are there any extra charges that we need to pay while applying for auto finance in Sharjah Islamic bank?

A. In Sharjah Islamic bank you need not have to pay any extra charges.

Q. What common mistakes should we avoid while going for car loan?

A. You should not spend more than your loan amount while buying a car.

Q. Is my information secured with Sharjah Islamic bank?

A. Yes, your information is secured in Sharjah Islamic bank secure server.

Q. Should I get auto finance from a dealer or a bank?

A. You should get a loan wherever you find a better deal and suits your requirements.

Q. After submitting my application, after how many days will I get that my application is approved?

A. Within 1-2 days of submitting application, you’ll get to know if it got approved or rejected.

Sharjah Islamic Bank

Established in 1975 through an Amiri decree, the bank was initially known as the National Bank of Sharjah. In 2002, the bank was the first bank to convert to Islamic Banking and was renamed as Sharjah Islamic Bank (SIB). SIB has a Vision 'to be the bank of choice, delivering creative customer solutions based on Islamic principles of partnership, trust & equality for all’. The values followed by them are :

  • Bonding and Harmony
  • Compliance
  • Learning and Self Development
  • Social Responsibility
  • Creativity and Innovation