ADCB Used Car Loan

ADCB car loan for used and new car

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Choosing a car loan in UAE, whether for used cars or new cars, may initially sound simple. However, simply selecting a plan based on the vehicle’s price is not always the best practice. Car financing, especially when you opt for a used car loan in UAE, can be tedious due to the stringent checks required by most lenders. An easy way out of this is to go with a reputed financial institution’s loan plan, with ADCB Used Car Finance being a leading option.

ADCB has served millions of people in the UAE with its efficient services, telebanking, internet banking, and more. The bank offers personal, business and corporate loans to fulfil individuals' and businesses' financial requirements. From this product list, ADCB car loans for used cars allow users to easily access the required funds and make the purchase without any financial concerns.

To know more about the ADCB used car loan and how you can purchase your favourite car with it, go through the article below. 

ADCB Used Car Plan

ADCB provides affordable and flexible auto finance that is easy to obtain and follows an uncomplicated approach to facilitate your car purchase. With the ADCB automotive finance experts’ team, which looks after your car financing needs, you can get the best deal in terms of your loan, its type, the involved paperwork, and more for a convenient experience.

With the maximum loan amount offered going up to AED 1.5 million, besides the 120 days’ instalment delay feature (available under Auto Ramadan offers), ADCB customers can easily receive sufficient funds to finance their car purchase while also managing monthly instalments easily. And that’s not all, as the bank also provides the chance to avail of exclusive offers to UAE Nationals on automobiles valued above AED 200,000.

One thing to note here is that in the absence of details specifically for used car loans by ADCB, one can always keep the standard rates as the metric. With the rate for a used car loan in UAE generally being higher than the new car loan plans, one can expect a slightly higher interest rate on ADCB used car loan. Having said that, it is essential to note the applicable interest rate depends on the bank as well as the details related to your car, your driving and financial history, and more. 

Given below are the key details related to the ADCB car loan in the UAE.

Plan Name

ADCB Car Loan

Minimum Monthly Salary Requirement

AED 5,000 

Flat Rate

Starting from 1.99% per annum

Reducing Rate

Starting from 3.65% per annum

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Features and Benefits of ADCB Used Car Loan

The following are some of the most remarkable features and benefits of ADCB used car loans.

  1. Affordable Interest Rates -  You can enjoy a reduced total loan cost with a fixed ADCB Auto Loan rate of interest of 1.99% per annum. You can also opt for a reducing ADCB Auto Loan rate of interest of 3.65% for the first year, with the interest amount based on the outstanding value of the loan instead of the principal loan amount. The interest rates are even better for ADCB Emirati and Excellency clients, who can have a fixed-rate of profit of 1.89% per annum on automobiles priced at AED 200,000 or more. 
  2. Flexible Loan Period - With ADCB, you can easily choose the term of your auto loan repayments, with the maximum allowed tenure being of 5 years. Just keep in mind that a long repayment period usually results in a higher interest payment than a shorter loan.
  3. Quick and Hassle-free Loan Processing - With a completely online vehicle loan application, you can obtain the needed funds without dealing with any tedious paperwork or approval delays. 
  4. High Loan Amount - With an ADCB used car loan, you can ride your dream car with a limit of up to AED 1.5 million.
  5. Loan Insurance - Besides its large array of benefits and attractive features, ADCB used car loan also ensures the security factor by providing loan insurance as an optional feature. By purchasing it, you (and your family) will be freed from all stress regarding the loan repayment in case of involuntary job loss, critical diseases, lifelong disability, and death. Please note that auto loan insurance coverage is optional and can be added to the plan with an extra premium.
  6. High Financing Value - ADCB Islamic Bank Car Financing provides you up to 80% financing of the value of your car, which is especially beneficial for high-end cars. 
  7. Additional Offers - Your ADCB car loan can actually help you get unique discounts at numerous stores in the Emirates. With 50 touchpoints provided for every AED 1,000 of your auto loan by the bank, you can utilise them for various offers and discounts. 

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ADCB Used Car Loan Interest Rate in UAE

Car Brand

ADCB Used Car Loan Interest Rate Starting from

ADCB Used Car Loan Interest Rate for Excellency Customers Starting from

Hyundai – All Models

1.99% per annum

1.89% per annum

Genesis – All Models

1.99% per annum

1.89% per annum

MG – All Models

1.99% per annum

1.89% per annum

Documents Required for ADCB Used Car Loan

With the bank using your documents to verify your identity, residence, finance, and more, collecting all the specified documents before applying for a car loan is a key component for getting the application process complete quickly. You can keep the following documents ready before applying for a car loan in UAE by the ADCB:

Salaried Applicants for ADCB Used Car Loan

  • Driving License
  • Emirates ID
  • Passport ID
  • Recent Utility Bill
  • Last 6-month Bank Statement
  • Recent pays lip
  • Dealer Quotation or Car’s Proforma Invoice

Self-employed Applicants for ADCB Used Car Loan

  • Driving License
  • Emirates ID
  • Passport ID, copy of VISA, and EIDA card
  • Trade License
  • Last 3-month Individual Account Bank Statement
  • Last 3-month Corporate Account Bank Statement
  • Existing Liabilities and Loans details
  • Power of Attorney copy (if applicable)
  • Dealer Quotation or Car’s Proforma Invoice

Corporate Applicants for ADCB Used Car Loan

  • Passport ID, EIDA card, and VISA copy
  • Trade License
  • Last 3-month Corporate Account Bank Statement
  • Existing Liabilities and Loans details
  • Power of Attorney copy (if applicable)
  • Dealer Quotation or Car’s Proforma Invoice

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Eligibility Criteria for ADCB Used Car Loan in UAE

Certain eligibility norms have to be satisfied before you apply for a car loan, with the notable ones being mentioned below:

Age Requirement

21-65 years

Residency

UAE

Salary Requirement

AED 5,000 per month or more

credit Score

good credit score required

Down Payment

20% of the car value

You can easily apply for Used Car Loan on policybazaar.ae. Check out the ‘car loans’ section on our website to compare the top car loan plans in the UAE and buy one right there in a few clicks. 

How to Calculate ADCB Used Car Loan Monthly Instalment in the UAE?

For a detailed comparison among the best car loan plans in the UAE, being aware of the applicable monthly instalment is necessary. To avoid the complicated calculations with various variables involved, you can use the Auto Finance Calculator provided by ADCB and determine the estimated instalments for your car loan. You can easily calculate the monthly instalment of your car loan by providing the required data like the obtained amount, applicable interest rate, and more.

FAQ's

What are Touchpoints and what do they do for you?

ADCB provides rewards points in the form of touchpoints. You can use your ADCB Touchpoints to enjoy exclusive benefits across several shopping outlets, restaurants, hotels, and more.

What happens if I fail to repay my auto loan?

Failing in any loan repayment can immediately decrease your credit score. However, missing car loan payments can be worse, as the bank may repossess your car as a security measure.

How to apply for an ADCB used car loan?

You can apply for an ADCB used car loan by visiting the ADCB website or an offline branch. Alternatively, you can apply for the same on our website by providing your details and filling out the application form for the same.

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