Car Loan Calculator in UAE

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Emirates NBD Car Loan in UAE

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  • EMI Tenure up to 48 Months
  • Lowest Interest Rates

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Gone are the days when we specifically saved funds to buy the car of our dreams. The need for such savings is practically eliminated with the advanced loan options offered by most banks in the UAE that allow you to get pre-approved car financing without any hassle. A decent monthly income and a good credit score are all you require to get quick approval on your car loan application.

With plenty of available lenders offering loans with varying interests and other factors, the question now arises as to how you would figure out the loan amount you need to apply for. This is where car loan calculators come into the picture. Car loan calculators are online tools that help you evaluate monthly payable loan instalments based on various factors like your monthly income, age, type of vehicle you want to buy, required loan amount, and most importantly, the interest rates you have been offered. 

Benefits of Using a Car loan Calculator in UAE

Before exploring more, let’s check out some of the key benefits of using a car loan calculator to evaluate your car loan EMI.

  • Save Time: One of the major objectives of using a car loan EMI calculator to evaluate your car loan EMI is to help you save valuable time. Contacting the customer support desk of your preferred insurer to find out whether the chosen loan amount suits your budget involves a lot of hassle. However,  Car loan calculators save you from this hassle by making the evaluation of a car loan EMI a piece of cake. Using a car loan calculator, you can get the loan EMI amount in minutes after entering basic details like your name, age, monthly income, car model number, the required loan amount, etc.
  • Accuracy: Accuracy is another major advantage car financing calculators are known for. Calculators quickly provide accurate results without making a mistake.
  • Budget Planning: Car loan calculators provide exact results based on the details provided, and can help you plan your budget and make the best financial decision as per your financial preferences.
  • Comparison: By calculating your car loan EMI using a car loan calculator, you can easily compare different car loan options all by yourself. Instead of staying on the call waiting for an advisor to explain the benefits and features of your preferred car loan option, you can simply visit the car loan section on our website to go through the detailed benefits and use the car loan EMI calculator available online to compare instalment amounts for different available loan options. 
  • No Usage Limit: One of the best advantages of car financing calculators is that you can use them as many times as you want. You can enter different values in the calculator to figure out the loan amount that suits your financial needs and budget.

How to Use an Auto Loan Calculator in UAE?

Here is how you can use a car loan calculator to evaluate your monthly instalment amount.

  • Enter Your Details: First, you need to enter details like your monthly income, rate of interest, vehicle model number, vehicle cost, etc., with the required loan amount to start. Further, you need to select the loan repayment tenure based on your financial preferences to get the accurate loan EMI amount. 
  • Compare Different Options: You can easily plan your budget by comparing different loan amounts and interest rate options while using a car loan EMI calculator. You can also consider visiting our car loan section to explore more suitable car loan options with higher loan amounts at reasonable interest rates. 
  • Do Not Forget the Processing Fee: Most banks in the UAE charge a processing fee on different types of loans. Make sure you connect with your chosen bank, check the processing fee, and add the same to the evaluated monthly loan EMI amount. This helps you get the final amount that you need to pay every month to clear out your loan on time. 
  • Click on Calculate: Click on ‘calculate’ after entering all the details and you will have the final monthly loan EMI amount on your screen. This is the amount that you need to pay every month for a hassle-free loan repayment while managing all the other financial requirements.

Types of Interest Rates to Be Calculated

You can calculate two different types of interest rates using a car loan calculator in the UAE – Fixed and Floating. 

  • Fixed Interest Rates Loan Instalment Calculation: With this type of interest rate, the installment amount remains the same throughout the tenure. 
  • Floating Interest Rates Instalment Calculation: With floating interest rates, the amount of the installment differs as per the interest rates and reduces the loan amount.

Top Banks Offering Car Loans in the UAE

Here is a list of top banks offering car loans at reasonable interest rates in the UAE.

Abu Dhabi Islamic Bank (ADIB) Car Loan

  • Interest Rates: When applying for a car loan through ADIB, you can get interest rates starting from 1.99 per cent. The loan interest rate offered by the bank depends upon various factors such as your monthly income, repayment history, credit score, the chosen loan tenure, the required loan amount, and more.
  • Repayment Terms: Abu Dhabi Islamic Bank offers flexible loan terms of up to 60 months. You can choose the loan repayment term based on your financial preferences at the time of loan approval.
  • Minimum Monthly Income: Your monthly income must be AED 5,000 or above to avail of the loan benefits with Abu Dhabi Islamic Bank.
  • Loan Amount: You can apply for car finance that goes up to AED 1 Million for UAE Nationals, AED 500,000 for ex-pats, and AED 350,000 for non-salaried applicants. You can apply for your preferred car loan amount depending on your financial needs. The loan amount offered by the bank is affected by different factors like your age, repayment history, credit report, active debts, and more.
  • Minimum Age: As per the car loan terms stated by Abu Dhabi Islamic Bank, the age of the applicant must be 21 years or more at the time of application.
  • First Instalment Payment: One of the excellent car loan features offered by the bank is a first loan instalment holiday period of up to 90 days. This gives you enough time to manage your finances while including monthly loan instalments in your budget.
  • Motor Takaful: Abu Dhabi Islamic Bank offers Motor Takaful protection with higher coverage at a lower premium amount.
  • Documents Required: The documents required for the Abu Dhabi Islamic bank car loan application are a valid passport, Emirates ID, driving license, salary letter, bank statement, etc.
  • Fees and Charges: Abu Dhabi Islamic Bank charges a processing fee of AED 1,000 and an early settlement fee of 1 percent on car finance loans.
  • Down Payment: You need to make a minimum 20 per cent down payment to apply for an Abu Dhabi Islamic bank car loan.

Apply Now

 

Dubai Islamic Bank (DIB) Car Loan

  • Minimum Monthly Income: Your monthly income must be AED 3,000 or above to avail of the loan benefits with Dubai Islamic Bank. However, in some cases, the salary transfer is not necessary to apply for a car loan.
  • Loan Amount: Dubai Islamic Bank offers a car finance amount of up to AED 1 Million for individuals and AED 8 Million for non-individual customers. You must first use a car loan calculator to evaluate the monthly EMIs for different loan amounts and figure out the required loan amount based on your budget requirements. There are a few things, such as your repayment history, monthly income, credit score, etc., that the bank keeps into consideration while approving a certain loan amount. 
  • Interest Rates: Dubai Islamic Bank offers attractive flat interest rates between 2.10 per cent and 5.50 per cent. You can use an online car loan calculator to evaluate the estimated loan EMI amount based on the offered interest rates. However, it should be remembered that the bank offers actual interest rates based on your monthly income, repayment history, credit score, loan tenure, loan amount, and several other factors.
  • Repayment Terms: Dubai Islamic Bank provides flexible loan terms of up to 60 months. You can select the suitable loan repayment tenure depending upon your financial preferences.
  • Auto Takaful: With Dubai Islamic Bank, you can get Auto Finance ILOE Takaful protection of up to AED 30,000. The minimum salary requirement for this feature is AED 8,000, and the coverage benefits are valid for 36 months from the loan approval date. 
  • Documents Required: The documents required for the DIB car loan application are a valid passport, driving license, Emirates ID, salary letter, bank statement, and more.
  • Fees and Charges: Dubai Islamic Bank charges a processing fee of AED 2,500 and an early settlement fee of 1 per cent on car finance loans.
  • Down Payment: You need to make a minimum 20 per cent down payment to apply for a Dubai Islamic Bank car loan.

Apply Now

 

Sharjah Islamic Bank Car Loan

  • Finance Amount: Sharjah Islamic Bank offers a car finance amount of up to AED 750,000. You can analyse your loan requirements by calculating the monthly instalment amount using a car loan calculator and apply accordingly. A few factors like your monthly income, age, repayment history, number of active loans, etc., can affect the loan amount.
  • Flexible Tenure: With flexible tenure options of up to 60 months, you can request the Sharjah Islamic Bank for the best-fit loan term based on your financial preferences. You can use a car loan calculator to evaluate monthly instalments and the duration you will need to repay a certain amount of car loan.
  • Down Payment: With the Sharjah Islamic Bank car loan, you need to make a 20 per cent down payment to get the loan approval for the remaining 80 per cent of the total car value.
  • Sharia-Compliant: Sharjah Islamic Bank offers a car loan that follows the Sharia-compliant Murabaha structure.
  • Minimum Monthly Income: A minimum monthly income of AED 5,000 is required to apply for a Sharjah Islamic Bank car loan. 
  • Profit Rates: The bank offers an attractive flat interest rate of as low as 2.74 per cent per annum. You can always get a lower interest rate depending upon your credit report and loan repayment history. 
  • Fees and Charges: Sharjah Islamic Bank charges a documentation fee of 1 per cent for salaried and 1.25 per cent for non-salaried applicants.
  • Documents Required: The documents required when applying for a Sharjah Islamic Bank car loan include a valid passport, bank statement, Emirates ID, driving license, salary letter, and more.

Apply Now

 

Emirates National Bank of Dubai Car Loan

  • Repayment Term: With Emirates NBD car loan, you can get flexible loan tenure of up to 60 months. However, make sure that you use a car loan calculator in Dubai to check the loan repayment tenure you need before applying for a car loan.
  • Interest Rate: Emirates National Bank of Dubai car loan is available at a flat interest rate of 1.99 per cent per annum. A good relationship with the bank can prove beneficial by getting you a car loan at reasonable interest rates.
  • Flexible Payment Options: Emirates NBD offers flexible loan repayment options to help you choose the one fitting your financial requirements. 
  • Free Bank Account: With various other benefits, you can also open a free Emirates NBD bank account on applying for a car loan. However, keep in mind that a minimum average balance of AED 20,000 is required to be maintained when applying for a car loan.
  • Free Credit Card: Emirates NBD car loan applicants can also get a free-for-first-year credit card. They will need to start paying a membership fee for it from the second year onwards.
  • Minimum Income: The minimum income requirement varies for different types of car loans offered by Emirates National Bank of Dubai.
  • Loan Amount: Emirates National Bank of Dubai offers a loan amount of up to AED 250,000. The approved loan amount is calculated depending on factors like the loan repayment history, your credit score, monthly income, age, etc. You can use car loan calculators to evaluate the loan amount you need based on your financial preferences.
  • Fees and Charges: Emirates National Bank of Dubai charges a processing fee of AED 500 and an early settlement fee of 4 per cent.
  • Documents Required: The documents you will need when applying for an Emirates National Bank of Dubai car loan include a valid passport, Emirates ID, driving license, salary letter, bank statement, and more.
  • Down Payment: With the Emirates National Bank of Dubai car loan, you need to make a 20 per cent down payment to get the loan approval for the remaining 80 per cent of the total car value.

Apply Now

 

CBD Car Loan

  • Repayment Term: The CBD car loan gives you flexible loan tenure of up to 60 months. You can always use a car loan calculator to evaluate the loan repayment tenure you need to apply for when taking a car loan.
  • Minimum Income: To apply for a Commercial Bank of Dubai car loan, a minimum monthly income of AED 8,000 is required
  • Interest Rate: Commercial Bank of Dubai car loan is available at a flat interest rate of 2.18 per cent per annum. You must try to establish a good relationship with your bank if you want to get lower interest rates.
  • Flexible Payment Options: Commercial Bank of Dubai offers flexible loan repayment options to help you choose the one that fits your financial requirements. 
  • Fees and Charges: Commercial Bank of Dubai charges a 1 per cent processing and early settlement fee on car loans.
  • Documents Required: Keep the following documents handy when applying for a Commercial Bank of Dubai car loan: a valid passport, Emirates ID, driving license, salary letter, bank statement, and more.
  • Loan Amount: Commercial Bank of Dubai offers a loan amount of up to AED 500,000. However, the actual loan amount approved depends upon factors like the loan repayment history, your credit score, monthly income, age, etc. You can use car loan calculators to evaluate the loan amount you need based on your financial preferences.
  • Down Payment: With the Commercial Bank of Dubai car loan, you are required to make a 20 per cent down payment in order to get the loan approval for the remaining 80 percent of the total car value.

Apply Now

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Key Takeaways

  • Improve your credit score to get lower interest rates on car loans.
  • Pay your loan EMIs on time to avoid piling up your debts.
  • Use car loan calculators to compare different loan options available in the market.
  • Your debt-to-income ratio shows your loan repayment capability. The lower this ratio is, the lower car loan interest rates you may get.
  • Using a car loan calculator can help you find the best-fit car through the best deal.
  • Entering simple details like the vehicle cost, repayment term, and interest rate in the car loan calculator can help you evaluate an estimated monthly EMI amount.
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