Car Loan in UAE from Dealership or Bank - Know which car loan option is better for you from dealership and Bank. And also know the financing process of both with advantages and disadvantages.
Check and Compare ADIB car loan interest rate on used and new car
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Abu Dhabi Islamic Bank, widely known as ADIB, was incorporated in 1997 and is among the largest banks in the UAE and the 4th largest Islamic bank worldwide. In addition, listed and headquartered in Abu Dhabi, the ADIB bank has over a million satisfied customers and a colossal paid-up capital of over USD 34 billion. Further expanding on its products, the bank offers a wide range of Sharia-compliant financial products and services, including personal, business and corporate accounts, deposit schemes, investment, loans, and financing. Among a myriad of loans available in the market out there, ADIB car loan offer the lowest ever profit rates.
Furthermore, the bank provides car loans in UAE at affordable interest rates to help you acquire quick and convenient funds so that you can purchase your favourite car in no time. As a feather in its cap, the loan application and approval process are hassle-free with lenient criteria. So, are you looking out for an affordable car loan? Please read the article below to know various aspects of ADIB car loan in UAE and numerous ways of acquiring them, and that too hassle-free. Let's dive in!
Do you want to acquire quick funds to buy your most preferred car? If it's a yes, you are in luck because, with flexible tenures and low-profit rates, ADIB car loan are amongst the most affordable (Read cheapest) loans in the UAE. Additionally, you get a convenient loan application process to acquire funds without unwanted hassles. Now let's know the key features and benefits of ADIB car loans in UAE:
Abu Dhabi Islamic Bank provides car finances at low-interest rates, ensuring you can purchase your dream car with utmost ease and convenience. Additionally, individuals with salary accounts in ADIB can receive a interest rate of as low as 1.99% per annum. However, the finance charges are different for new cars and used cars. So, here are the details of ADIB Car loan interest rates in UAE:
ADIB Car Loan Interest Rates - Murabaha
ADIB Car Loan Type | Flat Rate | Reducing Rate |
New Car Loan | 2.59% per annum | 4.7% per annum |
Used Car Loan | 3.09% per annum | 5.61% per annum |
ADIB Car Loan Type | Flat Rate | Reducing Rate |
New Car Loan | 3.99% per annum | 7.23% per annum |
Used Car Loan | 3.99% per annum | 7.23% per annum |
While applying for an ADIB car loan, you must fulfil a few eligibility criteria. The requirements include the applicant's age, nationality, and financial situation. Depending on various conditions, the eligibility may vary for different individuals. Here are the common eligibility criteria to apply for ADIB car loan.
After verifying your eligibility, you need to collect a few documents to support your identity, nationality, address and other details. Here's a quick rundown of the list of documents required while applying for ADIB car loan in UAE:
Apart from the aforementioned documents, you may need to submit additional proofs depending on your income and employment status.
ADIB car loan applications are very simple. With a few easy steps, you can apply for car financing online by logging on to the ADIB official website. Alternatively, you can apply for a car loan by visiting the bank's branch in person at your ease. Following are the various ways to apply for ADIB car loan in UAE:
Area | Local | International |
Contact Number | 600543216 | +971-2-6100600 |
ADIB Used Car Loan - Eligibility Criteria, Interest Rate & Benefits |
An ADIB car loan calculator is one of the easiest ways to calculate your car loan instalment as well as total loan cost. So, you can visit numerous online platforms to access the calculator. Subsequently, you need to enter various details like the car's value or total loan amount, including the offered interest rates and loan tenure and hit the 'Submit' button. Next, the loan calculator returns your approximate monthly instalments and the loan cost you need to repay within the finance tenure. Also, keep in mind that the costs are approximate since the ADIB car loan includes various charges such as processing fees, finance charges, takaful contribution (if applicable). However, note that you get the final loan amount and exact EMIs only after loan approvals.
Along with a convenient application process and low finance charges, the bank also provides attractive offers from time to time. For example, in collaboration with numerous dealerships and sellers, ADIB provides a host of benefits to the customers for financing their vehicles. Following are some of the ADIB car loan offers in the UAE:
ADIB Car Loan offers | ||||
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Car Brand | Dealership | Offers and Benefits | ||
Porche - All Models |
Ali and Sonc Co. LLC |
Get a 0.99% profit rate for financing Porche Cayenne for the 1-year loan term Get a 1.99% profit rate for financing Porche Panamera for the 3-year loan term |
||
Porche - All Models |
Al Nabood Automobiles |
Get a 0.99% profit rate for financing Porche Cayenne for the 1-year loan term |
*Interest Rates are subject to change
Following are the important fees and charges for ADIB car loan in UAE.
Types of Fees and Charges | Amount in AED |
Car Loan Arrangement Fee | AED 1000 |
Early Settlement Charges | 1% of the outstanding loan amount |
Late Payment Fee | AED 500 on each late payment |
Down payment | 20% of the vehicle cost |
ADIB car loan also include specific terms and conditions that you need to follow while financing your car with the bank. Let's have a look at a few important terms and conditions pertaining to ADIB car loan in UAE:
Ans: The bank offers both flat and reducing rates for car financing. Here are the details of the ADIB car loan interest rates:
Profit Rates | Reducing Rates | Flat Rates |
With Salary Transfer | 4.75% to 8.25% | 2.75% to 4.49% |
Without Salary Transfer | 5.25 to 8.25% | 2.99% to 4.49% |
Ans: ADIB bank charges a processing fee of 1% of the principal loan amount and a maximum of AED 2500. In addition, you need to pay a one-time fee while applying for the ADIB vehicle loan.
Ans: No, the bank does not charge any instalment postponement fee.
Ans: ADIB bank offers a maximum loan amount of AED 1 million. However, the loan approval depends on several factors: your credit score, monthly income and expenses, and more. The bank holds the discretion to limit or approve the loan amount.
Ans: Yes, you can acquire car loans without a salary account in ADIB bank. However, the bank provides a lower loan amount and higher profit rates when compared to a salary account holder.
Ans: No, self-employed individuals can also apply for ADIB car loan, but they need to satisfy the bank's minimum income requirement. For salaried individuals, the loan application and approval is more accessible since they possess less risk to the bank.
Ans: Yes, as an ex-pat in the UAE, you can apply for ADIB car loan subject to documentation and the bank's discretion. The finance amount is lower for ex-pats than an Emirati or UAE resident.