Apply for Car Loans

Are you looking for a car loan in UAE? With Policybazaar.ae, you can easily get a auto loan in just a few steps. We offer you the best car finances at competitive interest rates, flexible loan repayment tenure, and much more. In just a few clicks, you can apply for your favourite loan product and enjoy a quick application process and paperless work. ...read more

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What is a Car Loan?

 

A car loan is a product that allows you to purchase your preferred vehicle without any financial constraints. Upon loan approval, you pay back the amount in monthly instalments over a set period. In the UAE, banks offer attractive and affordable car loan interest rates. Let’s take a look at the best vehicle loan in UAE and other associated details.

 

Top Car Loan Plans in Dubai

 

Emirates NBD
Plan Name Auto Loans
Minimum Salary (AED) 5000
Fixed Rate 1.99%
Reducing Rate N/A
Abu Dhabi Commercial Bank
Plan Name Car Loan
Minimum Salary (AED) 5000
Fixed Rate 1.99%
Reducing Rate 3.65%
Emirates NBD
Plan Name Flexi Drive
Minimum Salary (AED) 5000
Fixed Rate 1.92%
Reducing Rate N/A
Abu Dhabi Islamic Bank
Plan Name Car Finance
Minimum Salary (AED) 5000
Fixed Rate N/A
Reducing Rate N/A
RAKBANK
Plan Name Car Loans
Minimum Salary (AED) 5000
Fixed Rate N/A
Reducing Rate N/A

Key Features of Car Loan in UAE

The primary benefits and features of a car loan in the UAE include:

Benefits & Features Description
Quick Application Processing Half-day approvals to 10 days approval period (depending on the chosen bank)
Minimal Documentation Less paperwork and minimum documents are required
Competitive Interest Rate Low fixed-interest rates starting from 1.89% (depending on the chosen bank)
Low Salary Requirement The minimum monthly salary required is AED 5,000 (depending on the chosen bank)
Loan Repayment Tenure Up to 60-months flexible repayment tenure

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Why Should You Apply for a Car Loan in UAE through Policybazaar.ae?

You can unlock exclusive benefits by applying for a car loan through Policybazaar UAE, our digital portal-

  • We offer a wide range of cheap car finance products from multiple providers.
  • The loan products on our site are affordable and cater to diverse requirements.
  • Our customer-centric approach assures quick responsiveness and 24*7 assistance.
  • With us, you can quickly complete the auto loan application process.

Get the Best Auto Loan from the Top UAE's Banks

 

Car Loan Interest Rates in UAE, Dubai

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

Name of the Loan Product Interest Rates Apply
Emirates Islamic Bank- Green Auto Finance
  • Flat Rate - 2.49%*
  • Reducing Rate - 4.72%*
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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How to Calculate Car Loan EMI in UAE, Dubai

Unlike the traditional method, online auto loan calculators allow you to quickly estimate your monthly instalment amount without any error.

Simply provide some details as prompted and get an instant outcome. Car loan calculators are accessible to everyone for free. You can easily locate this tool on our website or that of your respective bank.

Note: The actual amount may vary from what you calculate due to variations in the applicable interest rate.

Example

Let's understand how a auto loan EMI calculator works with an example. Note that we have used Policybazaar.ae’s calculator for the calculation.

Suppose Arbaz wants to buy a new car that costs AED 126,900. He makes a downpayment of 20%, which is AED 25,380. Let's say a bank, called XYZ offers him a loan for the remaining amount with an annual fixed interest rate of 3.2% over a period of 5 years.

With a car loan calculator, Arbaz easily found his monthly instalment amount as AED 1,833. The total amount that he will pay over the years will be around AED 109,990.

To calculate the instalment amount of a car loan in UAE, you can simply follow these steps:

  • Step:1 On the homepage of Policybazaar.ae, click on the Banking Products drop-down.
  • Step:2 Select Car Loan Calculator.
  • Step:3 Locate the calculator on the next page.
  • Step:4 Enter the car price, interest rate, down payment amount, and loan tenure.
  • Step:5 The result will be instantly displayed at the bottom of the calculator.
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Eligibility Criteria to Apply for Car Finance loan in Dubai

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 auto loan in UAE varies for each bank. Make sure to check with your respective bank before applying.

How to Apply for Auto 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 -

  • Step1- On policybazaar.ae, click on the Banking Products drop-down menu.
  • Step2- Select Car Loans fill out the lead form accurately and submit it.
  • Step3- You will be directed to the car loan quotes page.
  • Step4- Check the listed options for car loan UAE and choose the most suitable one.
  • Step5- Submit your query and await a response.
  • Step6- 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.

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

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 Car insurance policy documents
Past 3-6 months’ bank statements Car insurance policy documents
Car registration documents Original salary certificate

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

 

FAQs About Car Loan Dubai

 

Q1. What is the minimum age to apply for a car loan in the UAE?

Ans: The minimum age to apply for a car loan in the UAE is 21 years.

Q2. What is the repayment tenure of a Auto loan in Dubai?

Ans: Banks offer a flexible loan repayment tenure of up to 5 years.

Q3. What should be the minimum salary for applying for a car loan in Dubai?

Ans: You must have a minimum monthly salary of AED 5,000.

Q4. Is it allowed to sell a car on loan in Dubai?

Ans: As the provision for selling a car on loan varies, make sure to check with your respective bank before proceeding.

Q5. What is the maximum time period of a vehicle loan?

Ans: Most banks offer a loan repayment tenure of 60 months.

Q6. Which loan is best for buying a car?

Ans: The best car loan in your case will depend on your particular financial requirements, monthly income, ideal tenure, and more.

Q7. Which bank is best for auto loans?

Ans: A loan product that is suitable for you might not be ideal for another borrower. Each bank has different loan benefits — the decision about which loan product is the best for you ultimately depends on your requirements and financial commitment.

Q8. What is the lowest interest rate on a car loan in the UAE?

Ans: Generally, banks offer interest rates starting from 1.8% per annum (fixed rate).

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