ADCB Car Loan

ADCB car loan for used and new car

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  • Hassle-free documentation
  • EMI Tenure up to 48 Months
  • Lowest Interest Rates

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Serving a customer base of over a million, ADCB is one of the largest financial institutions in the UAE. Headquartered in Abu Dhabi, the government of UAE owns 60.2% of its shares making it one of the biggest public banks in the UAE. It offers various innovative banking products and simultaneously focuses on enhanced customer services and financial growth. From personal banking to corporate credits and loans, the bank has a whole range of financial services to cater to both individual and corporate customers. In loan segment, the bank offers, personal, home and car loan in UAE

Buying a car requires investment of significant funds, which can be tough for many. With ADCB car loan facility, you can conveniently apply for loans and get them approved for your preferred vehicle. The bank is known to offer hassle-free loan applications with minimal documentation. The article below provides details about ADCB car loans with a comprehensive list of their features, benefits and easy ways of application.

Features and Benefits of ADCB Car Loan in UAE

ADCB car loans offer numerous features and benefits to make your financing convenient. Apart from affordability, you get flexibility for easy loan repayments including insurance options to secure your loans. Following are key features of ADCB car loans in the UAE.

  • Low-Interest Rates - ADCB car loans are among the most affordable loans in the UAE. With a flat ADCB Car Loan interest rate of 1.99%, you get a lower overall loan cost. For the first 12 months, you also get a reducing ADCB Car Loan interest rate of 3.65% where the interest rates are calculated on the outstanding loan amount, instead of the principal loan amount.
  • Flexible Loan Tenure - With ADCB bank, you get flexible loan tenure of up to 60 months. You can decide the tenure of your car loan repayments as per your requirements and ease. However, a longer loan tenure incurs a larger interest payment in comparison to a shorter term.
  • Convenient Loan Processing and Approval - ADCB bank offers one signature application. With a completely online car loan application, you receive the funds without any hectic paperwork and approval delays.
  • Large Finance Amount - With an ADCB car loan, you can acquire a fund of up to 1.5 million to purchase your dream car. 
  • Loan Insurance Option - To avoid any burden on your family members, the ADCB car loan comes with a loan insurance option that secures your outstanding loan in case of any unfortunate events such as involuntary loss of employment, critical illnesses, permanent disability and death. With your loan being secured, you get peace of mind and a sense of confidence. Car loan insurance is an optional feature and, you need to pay an insurance premium.
  • Finance up to 80% of Car Value - As per the Central Bank guidelines, ADCB offers up to 80% of your car value through financing. For the remaining 20%, you need an upfront amount from your side, also known as a down payment. 
  • Additional Offers - For every AED 1000 of the car loan, ADCB offers 50 touchpoints. You can redeem the points to avail of exclusive discounts across various outlets in the UAE.

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Eligibility Criteria to Apply for ADCB Car Loan

Before applying for a car loan, you need to satisfy a few requirements laid down by the bank. It includes your age, residency and financial situation. While the criteria may vary from person to person, here are the common eligibility criteria considered to apply for ADCB car loans.

  • Age - To get approved for a car loan in the UAE, you need to be at least 21 years old or above. Depending on some factors, the bank may also lay down upper age limit of 65-70 years. You need to enquire about the same during before starting loan application. 
  • Residency - ADCB offers car loans to UAE nationals and residents. While applying you need to submit supporting documents of your nationality and residence. 
  • Minimum Salary Requirements - To acquire a car loan in the UAE, you need to have a minimum monthly salary of AED 5,000 or above. 
  • Down Payment - While buying a car, you need a specific upfront amount. As per the UAE Central Bank guidelines, you need to pay a minimum of 20% of your car value as a down payment. Depending on your financial capability, you can also pay a larger amount. 
  • Credit Score - ADCB bank may also look for your credit score while approving your loan. With a credit score of 700 and above, you can easily acquire car loans in the UAE. Additionally, a decent credit score also facilitates higher loan amounts and preferential interest rates. 

Documents Required for ADCB Car Loan in UAE

Once you ensure fulfilling all the eligibility requirements, you need to collect a few documents pertaining to your identity, address and finances as mentioned below.

For Salaried Individual

  • An original driving license
  • An original Emirates ID for verification
  • An original passport ID along with a copy
  • Utility bill for the proof of address
  • Last 3-6 months bank account statement
  • Salary certificate issued by your current employer (Not required if your salary get credited in ADCB bank account)
  • Quotation from the dealer or proforma invoice of the car

For Self Employed Individuals

  • An original driving license
  • An original Emirates ID
  • An original passport ID, visa and EIDA car copy
  • A valid trade license
  • Last 3 months’ bank statement for both individual and company account
  • A proforma invoice of the car or dealer’s quotation
  • A valid copy of power of attorney (if applicable)
  • Details of existing loans and liabilities

For Companies

  • A valid trade license copy
  • A valid passport ID, visa or EIDA car copy of the company signatories,
  • Last 3 months’ company bank account statement
  • A valid copy of power of attorney (if applicable)
  • Details of existing loans, expenses and company’s liabilities, 
  • A proforma invoice of the car or dealer’s quotation,

Note: - All applicants need to submit a duly filled loan application form along with the aforementioned documents.

How to Apply for ADCB Car Loans in UAE ?

ADCB bank accepts loan applications through various channels to make the process quick and convenient. You can either visit the official website of ADCB or visit the bank in person to obtain the loan. Following are the various ways to apply for an ADCB car loan.

  • Online Car Loan Application - To apply online, you need to visit the ADCB official portal and scroll through the car loan section from the navigation menu. You can find the details of car loans including an online application form. Enter your contact and personal details and hit the ‘Submit’ button. The bank representative will contact you for the further application process.  
  • Offline Car Loan Application - For offline applications, you can visit the nearest ADCB branch with the dealer’s quotation and other required documents. Subsequently, you need to fill out an offline car loan application form as directed by the bank representative and submit it after attaching the documents. The bank will credit the amount to the dealer after approval. To locate the nearest ADCB branch, you can visit the official website. 
  • Car Loan Application through SMS - Alternatively, you can also apply for ADCB car loans through SMS. You simply need to type CAR and send it to 2626 from your registered mobile number. 
  • Car Loan Application via Phone - You can contact the support team 24/7 and apply for an ADCB car loan. You need to call customer service on 600 50 2030 and provide your personal and contact details. The support representative will guide you through the car loan application process.

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ADCB Car Loan Calculator

To offer an easy understanding of loan, tenure and ADCB Car loan interest rates, the bank provides an ADCB car loan calculator. You can visit the official portal and enter the required details to know about the interest you pay including your monthly EMIs. Using the ADCB car loan calculator, you can forecast the amount you need every month for loan repayment while aiding your financial management. 
The amount displayed is an approximate cost. Since your loan includes charges like processing fees, loan insurance premium etc, you get the exact loan cost only after approval. However, it helps to plan your purchase and manage your expenses effectively.

ADCB Car Loans Offer

Along with easy loan applications and low finance charges, the bank offers attractive discounts and offers on the purchase of specific cars and models. The offer may be limited to Emirati customers, and you need to verify the same with the bank. Following are the ADCB car loan offers in the UAE.

 

ADCB Car Loans offer
Car Brand Dealer Offers

 

Fiat - All Models

Al Fahim motors and Western Motors

Special finance rates for all customers

Jeep - All Models

Western Motors

Special finance rates for all the customers

Mercedes Benz - All Models

Emirates Motor Company and Eastern Motors

Special finance rates for all the customers

Opel - All models

Al Fahim Motors

Special finance rates for all the customers

-

Al Rostamani Trading Company

0% interest payment plans for the first 6 months

-

Al Tayer Motors

0% interest payment plans for 3-6 months

-

Ali and Sons

0% interest payment plans for 6 months

-

National General Insurance Co

30% discount on car insurance

*ADCB Car loan Interest Rates are subject to change

Important Terms and Conditions for ADCB Car Loans in UAE

There are a few terms and conditions you need to ensure while applying for an ADCB car loan in the UAE as mentioned below. 

  • If you default on your loan repayments, the bank has the right to seize your car since it is a form of mortgage to the bank. 
  • If you wish to close your loan account before the completion of tenure, you need to pay an early settlement charge as a penalty. 
  • Failing to pay your loan amount will render your account arrear. It may affect your credit rating and future loan acquiring capabilities. You may get other kinds of loans, however, you need to pay a larger ADCB car loan interest rate.
  • Loan approval is the sole discretion of the ADCB bank and is subject to the term and conditions and submitted documents. 
  • ADCB car loan interest rates may vary depending on the customer segments. Having a good relationship with the bank, you may get preferential interest rates on car loans.

Frequently Asked Questions

Q1. Do I get flat interest rates or a reducing interest rate on ADCB car loans?

Ans: ADCB bank offers both flat and reducing interest rates on car loans. You may opt for a feasible ADCB Car Loan interest rate depending on your requirements. Depending on the loan amount and customer segment, the flat rates start from 1.99% and reducing rates start from 3.65%. However, reducing interest rates are available for limited tenures.

Q2. What are ADCB Touchpoints and how do I use them?

Ans: ADCB offers loyalty benefits in the form of ADCB Touchpoints to its valued customers. You can use touchpoints to enjoy exclusive benefits across various shopping outlets, diners, hotels, tickets and more. With ADCB car loans, you get 50 Touchpoints for every AED 1000 loan amount.

Q3. Can I apply for an ADCB car loan online?

Ans: Yes, you can conveniently apply for an ADCB car loan online by visiting their official website and filling out an online application form. You need to ensure all the required documents are ready before starting the application process.

Q4. I don’t have a salary account with ADCB, can I apply for a car loan?

Ans: Yes, you can apply for a car loan without a salary account in ADCB bank. However, you need to submit additional documents and, you may not get attractive ADCB Car Loan interest rate as an account holder.

Q5. What if I fail to pay my car loan monthly installments?

Ans: Defaulting on your ADCB car loan instalments may force the bank to seize your car as collateral (a form of security against your car loan).