Low Salary? Instant Car Loan Requirement? Relax, We’ve Got Your Back!
Get Car loan at Lowest Interest Rate
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 loan 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 loan. 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.
Why Choose Policybazaar.ae to Get a Car Loan?
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.
Bank Wise Features and Benefits of UAE Car Loan
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
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 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.
Interest Rates Offered by Top Car Loan Providers in UAE
We have provided you with the interest rate of each car loan product in the table below:
The common eligibility criteria to apply for a car loan in Dubai or the UAE are as follows -
The applicant must be at least 21 years old
Must be either a UAE national or UAE expatriate
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.
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 email@example.com.
Documents Required to Apply for Car Loan
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 driving licence
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.
Excellent choice for car loan in UAERecently took car loan in UAE from Policybazaar.ae and was absolutely impressed. Rates were competitive, good plan collection, and very easy application process overall.
Muhammad ArifAjman, March 20, 2023
Best car loan plans in UAEWhat truly separates Policybazaar.ae for me is how they have literally the best plans for car loans in UAE! For different cars, I have got loans from different banks and all thanks to Policybazaar UAE for making it so easy to compar!!
Ashok BhandariDubai, March 19, 2023
Highly recommend because of smooth processAs a UAE resident looking for a car loan, I found it extremely easy to apply for a car loan with Policybazaar.ae. The process was easy to understand and the customer service was top-notch that made sure I had literally a 0 trouble experience!!!
MD QasimAbu Dhabi, March 19, 2023
Most trustedPolicybazaar.ae is absolutely the most reliable and trusted place to apply for a car loan in UAE. Their collection of car loans is magnificent and the rates are quite low I would say.
BaskaranSharjah, March 18, 2023
Best car loan siteOver the years I have turned only to policybazaar.ae to apply for car loan in UAE. The website is super easy and has best car finance plans in the country ever!!
RAMI AHMAD ALHELODubai, March 18, 2023
Thanks a lotI am very thankful to policybazaar.ae for their great help. After the form, I was easily able to compare car finance in Dubai options and apply for one within minutes!!