Car Loan UAE

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What is Car Loan?

A car loan helps individuals buy their dream car in easy monthly instalments. Fundamentally, the bank lends a certain amount to the car buyer. Further, the borrower agrees to pay off the amount within the timeframe mentioned in the agreement.

In the UAE, banks offer attractive and affordable car loan interest rates. Let's take a look at the best car loans in UAE and other associated details.

Key Features of Car Loans in the UAE

Here we have enlisted some of the common features of all car finance products offered by different financial institutions in the UAE:

  • Quick Loan Processing - Banks in the UAE take only a few days to review and approve car loan applications.
  • Flexible Loan Tenure - Each bank offers different tenure to pay off the car finance. However, most banks has a flexible repayment tenure of up to 60 months.
  • Low Interest Rates - Availing of car loan in the UAE is convenient as lending institutions offer attractive and low interest rates.
  • Flexible Payment Options - Borrowers have multiple payment mode options to pay off their monthly loan instalments.
  • Easy Documentation - The car loan application process is simple and hassle-free. Nowadays, most banks allow applicant to carry out the application process online. This not only saves time but eliminate the need to visit the respective bank in person.

Car Loan Interest Rates in UAE, Duabi

We have provided you with the interest rate of each car loan product in the table below:

Name of the Loan Product Interest Rates Apply
Emirates Islamic Bank- Ramadan Offer
  • Flat Rate - 1.89%*
  • Reducing Rate - 3.61%*
Apply Now
First Abu Dhabi Bank- Islamic Car Finance (Expats)
  • Fixed Rate - 3.24%
  • Reducing Rate - 6.07%
Apply Now
First Abu Dhabi Bank- Islamic Car Finance (UAE Nationals)
  • Fixed Rate - 3.19%
  • Reducing Rate - 5.98%
Apply Now
Abu Dhabi Islamic Bank- Car Finance
  • Fixed Rate - NA
  • Reducing Rate - NA
Apply Now
Abu Dhabi Commercial Bank- Car Loan
  • Fixed Rate - 1.99%
  • Reducing Rate - 3.65%
Apply Now
HSBC- Car Loan
  • Fixed Rate - NA
  • Reducing Rate - NA
Apply Now
Emirates NBD- Auto Loan
  • Fixed Rate - 1.99%
  • Reducing Rate - NA
Apply Now
Emirates NBD- Auto Cash Loan
  • Fixed Rate - NA
  • Reducing Rate - NA
Apply Now
Emirates NBD- Green Auto Loan
  • Fixed Rate - NA
  • Reducing Rate - NA
Apply Now
Emirates NBD- Flexi Drive
  • Fixed Rate - 1.92%
  • Reducing Rate - NA
Apply Now
RAKBANK- Car Loan
  • Fixed Rate - NA
  • Reducing Rate - NA
Apply Now
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Why Should You Apply for Car Loan in UAE Through Policybazaar.ae?

With our digital platform, you can get the best car loan in UAE and explore a plethora of benefits -

  • We allow you to compare multiple auto loan products altogether and help you make an informed decision.
  • Our customer care service team is always available to assist you with your queries.
  • We have curated our car loan calculator, which helps you estimate your monthly instalments even before actually applying for a loan.

How to Calculate Your Car Loan EMI in UAE

A car loan calculator is an online tool that lets you estimate the monthly instalments of an auto loan. At policybazaar.ae, you can use our car loan calculator uae to make a well-informed decision. Simply enter a few details like car price, loan tenure, down payment, and interest rate. Upon providing these details, the calculator instantly generates the estimated instalment amount.

This online calculator for car loan Dubai is accessible to everyone for free. One of the most remarkable advantages of this tool is that it eliminates the need for manual calculation and reduces the chances of numerical errors.

For your reference, we have explained the detailed process of how to use the Policybazaar UAE car loan calculator:

  • Step:1 Visit our official website and click on the 'Banking Product' drop-down.
  • Step:2 Select 'Car Loan' calculator and locate the calculator on the next page.
  • Step:3 Enter your car price, interest rate, loan tenure, and down payment.
  • Step:4 The result will instantly displayed.

Bank Wise Features and Benefits of UAE Car Loan - 2024

We have enlisted all the top auto loan products in the country. For your reference, we have also mentioned the key features each option regarding car loan UAE -

1- Emirates Islamic Bank- Green Auto Finance

  • Car finance solution designed for electric vehicles
  • Enjoy a 50% discount on the processing fee
  • Flexible finance tenure of up to 5 years
  • No need to make a salary transfer
  • Financing available for new and pre-owned vehicles
Click Here to Apply Now

2- First Abu Dhabi Bank- Islamic Car Finance (Expats)

  • Islamic finance product with competitive profit rates
  • Finance amount of up to AED 1.5 million or 80% of the car's value
  • Grace period of 90 days offered before the first instalment
Click Here to Apply Now

3- First Abu Dhabi Bank- Islamic Car Finance (UAE Nationals)

  • Financing of up to AED 1.5 million or 80% of the car's value
  • Enjoy a grace period of 90 days before making the first payment
Click Here to Apply Now

4- Abu Dhabi Islamic Bank- Car Finance

  • Finance options available for both new and used cars
  • Get finance of up to 80% of the car value or AED 500,000
  • Flexible repayment tenure of up to 60 months
  • One yearly instalment deferment is available
  • Get a 90-day grace period before making the first payment
Click Here to Apply Now

5- Abu Dhabi Commercial Bank- Car Loan

  • Loan of up to AED 1.5 million or 80% of your car value
  • Earn 50 TouchPoints on every AED 1,000 loan amount
  • Repayment tenure of up to 60 months
  • Quick approvals on loan requests
Click Here to Apply Now

6- HSBC- Car Loan

  • Maximum finance amount of AED 600,000
  • Special flat rate of 1.74% for Tesla and other electric vehicles
  • Optional salary transfer
  • No need to hold a bank account with HSBC
  • Balloon repayment option is available with reduced monthly payments
Click Here to Apply Now

7- Emirates NBD- Auto Loan

  • Flexible payment options
  • Get a free credit card for the first year
Click Here to Apply Now

8- Emirates NBD- Auto Cash Loan

  • Encashment of up to 75% of the vehicle invoice value
  • Quick and same-day loan application approval
  • Repay the loan in up to 60 months
Click Here to Apply Now

9- Emirates NBD- Green Auto Loan

  • Get special pricing offers on select electric cars
  • Quick loan application approval
Click Here to Apply Now

10- Emirates NBD- Flexi Drive

  • Fast-track approval
  • Transparent pricing linked to 1-month EIBOR
Click Here to Apply Now

11- RAKBANK- Car Loan

  • Flexible repayment tenure of up to 60 months
  • Grace period of 60 days before making the first payment
  • Salary transfer is not mandatory
  • Finance option available for companies with at least 2 years of business length
  • Finance options available for new cars, used car loan, and luxury and sports cars
  • 24/7 phone banking facility is available
Click Here to Apply Now

discount offers - Policybazaar uae

How to Apply for Car Loan Via Policybazaar UAE?

At Policybazaar UAE, we offer you the convenience of applying for a car loan from the comfort of your home. All you need to submit your request and we will get you connected with the concerned bank representative without any hassle.

Here's how you can get the best car loan in UAE from our platform -

  • On policybazaar.ae, click on the 'Banking Products' drop-down menu.
  • Select 'Car Loans' fill out the lead form accurately, and submit it.
  • You will be directed to the car loan quotes page.
  • Check the listed options for car loan UAE and choose the most suitable one.
  • Submit your query and await a response.
  • One of our officials will shortly connect with you for the next steps.

Note: In case you face any issues while carrying out the process, reach out to our customer support team by dialling 042472904 or dropping us an email at communication@policybazaar.ae.

Eligibility Criteria to Apply for Car Finance in UAE

The common eligibility criteria to apply for a car loan in Dubai or the UAE are as follows -

Eligibility Factors Requirements
Age The applicant must be at least 21 years old
Nationality Must be either a UAE national or UAE expatriate
Minimum Salary
  • AED 4,000 per month
  • Note: The required minimum salary for car loan in UAE varies for each bank. Make sure to check with your respective bank before applying.

Compare Car Loan - Policybazaar uae

Documents Required to Apply for a Car Loan in UAE, Dubai

To process an application for car loan UAE, banks require you to submit a few documents for verification purposes.

Here are the commonly required documents -

  • Valid Emirates ID
  • Valid passport
  • Valid driving license
  • Original salary certificate
  • Past 3-6 months’ bank statements
  • Car insurance policy documents
  • Car registration documents

Note: Your respective bank may ask you to submit additional documents as per its requirements.

Frequently Asked Questions

Q1. Can an 18 year old apply for a car loan in the UAE?

Ans: No, the minimum age required to apply for car loan in the UAE is 21 years.

Q2. What is the maximum tenure of repaying a car loan in the Emirates?

Ans: The maximum car loan repayment tenure in the UAE is 60 months. However, as this limit varies for each bank, it is necessary to check before proceeding with the loan application.

Q3. Is it mandatory to submit a bank statement if I have already submitted my salary certificate?

Ans: Some banks require you to submit both documents while others may ask for one. Make sure to confirm with your respective bank before applying for the loan.

Q4: How much car loan can I take from the bank?

Ans: Almost all car loan providers in the UAE have an upper limit on the maximum amount they can lend to an individual. However, the final amount is generally decided on the car financing percentage (80% in most cases) and the DBR of the individual.

Q5: What is the maximum amount of time that I have to repay the car loan in the UAE?

Ans: Car loans in UAE mostly come with maximum repayment tenure of 60 months or 5 years.

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