Al Hilal Bank Car Loan in UAE

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Car Loan in UAE

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Established in 2007, Al Hilal Bank is a well-known Islamic bank headquartered in Abu Dhabi. It offers an exclusive range of Islamic retail banking products as well as wealth management and treasury services.

Al Hilal auto loans are one of these highly regarded products offered by the bank. Available in several segments and types, Al Hilal car loans are perfect to finance your vehicle, whether new or used. Let’s cover all the important aspects related to Al Hilal auto loans in the UAE. 

Features of Al Hilal Car Loan

  • Quick Approvals and Processing: Taking no more than just a few hours, Al Hilal banks ensure that the processing of your car loan application is finished within the due time frame. Approvals are allotted right after the processing has been completed. Overall, the whole application procedure is swift and convenient enough to pass by unrealised. 
  • Competitive Loan Interest Rates: Al Hilal Bank offers highly competitive car loan interest rates to both UAE nationals and residents. Al Hila car loan interest rates are segregated into several segments to provide the applicants with an array of options. The base interest rates begin from 2.25% only, and the final rate of interest allotted to each applicant is decided as per the risk profile and credibility of the applicant for fair processing. 
  • Flexible Tenure: You can get a flexible tenure of up to 60 months for all kinds of car loans with Al Hilal banks. This allows applicants to select a tenure suiting their needs the best. As the minimum available tenure for Al Hilal auto finance is 12 months, any tenure between 12 to 60 months is available for selection for Al Hilal vehicle loans. 
  • Sharia Compliant: All loan products offered by Al Hilal Bank are Sharia-compliant, following every principle stated in the Sharia rule book for finance and banking services. Applicants can also access the Sharia certificate of Al Hilal car loan products on the official website of the bank. Simply head to the car loan section and scroll down to find the Sharia certificates of Al Hilal auto loan products. 
  • High Financing Amount: Al Hilal Bank allows a rather high financing amount to ensure that money is not an obstacle when it comes to buying your dream car. You can easily securer a certain loan amount as long as it fits with a healthy debt burden ratio and does not present a potential loss to the bank and a debt burden threat to the applicant. 
  • Multiple Loan Options: Al Hilal Bank provides multiple auto loan options for both new and used car financing. Borrowers can choose from STL and NSTL loan options for their new as well as used vehicles when financing them with Al Hilal Bank. 
  • Joint Income Eligibility: A unique feature of the Al Hilal Bank car loan is that it allows you to reach income eligibility via the method of joint eligibility. If your income alone is not enough to clear the eligibility standards of the bank, you can add the income of one of your blood relatives to clear the eligibility mark. The blood relative can sign on as a co-borrower of the loan if required. 

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Benefits of Car Loan with Al Hilal Auto Finance

  • Islamic Auto Finance: All auto loan products offered by Al Hilal Bank are Sharia-compliant. The certificates for Sharia compliance of each product can be obtained from the official website of the bank itself. This option deems perfect for people looking for a proper Islamic auto finance product to finance their new car in the UAE instead of conventional banking auto finance. 
  • Effective Financial Management: Getting your new car financed with an Al Hilal car loan instead of paying upfront ensures effective financial management for you. You can use your saved funds for a better investment opportunity or an emergency in the future. Invest your savings while financing your car with Al Hilal Bank. 
  • Used Car Financing: Allowing you the freedom to choose the kind of vehicle you need or can afford, Al Hilal car loan finances both new and used vehicles. With a proper valuation certificate in place, you can easily opt for used car financing with Al Hilal Bank to bring home your used car. 
  • Protection of Emergency Funds: By offering vehicle financing for both used and new cars, Al Hilal Bank ensures that your emergency funds are not spent on building a corpus to buy a car. Just like your savings, you can save your emergency money for actual emergencies instead. 
  • Third-Party Registration: You can easily get an Al Hilal car loan for a car that is not registered in your name. If a vehicle has been registered in one of your blood relatives’ names, you can get it financed from Al Hilal Bank in your name.

Types of Al Hilal Car Loan 

  • New Car Loans: Al Hilal Bank offers flexible financing options for new cars that you purchase in the UAE. Notably, both UAE nationals and residents can opt for this product. Al Hilal's new car financing is available in both STL and NSTL forms. With the rates of interest differing for each of the variants, applicants can choose an option as per their requirements. 
  • Used Car Loans: Al Hilal Bank also provides ideally Sharia-compliant financing for used cars. with the concept of Musawamah followed for both used and new car financing. The bank buys the car from the current owner and sells it to you for a profit (i.e., the car loan interest). Just like new car Al Hilal auto loans, used car financing can be taken in both STL and NSTL forms as per the requirement of the applicants. 

Al Hilal Car Loans Interest Rates

Al Hilal Car Loan Interest Rates for UAE Nationals

Category

Used Cars

New Cars

Salaried Individuals

3.50%

2.25%

Self-Employed Individuals

3.75%

3.50%

Al Hilal Car Loan Interest Rates for UAE Residents

Al Hilal Car Loan Interest Rates for New Cars

STL New Cars

Flat Rates

NSTL New Cars

Flat Rates

45K+

2.40%

45K+

2.71%

30K - 45K

2.59%

30K - 45K

2.79%

15K - 30K

2.79%

15K - 30K (Expat)

3.25%

5K - 15K (Expat)

3.25%

5K - 15K (Expat)

3.50%

Al Hilal Car Loan Interest Rates for Used Cars

STL Used Cars

Flat Rates

NSTL Used Cars

Flat Rates

45K+

2.90%

45K+

3.25%

30K - 45K

2.99%

30K - 45K (Expat)

3.50%

15K - 30K

3.25%

15K - 30K (Expat)

3.75%

Eligibility Criteria of Al Hilal Car & Auto Loan

  • Nationality: Both UAE residents and nationals can apply for an Al Hilal car loan in the UAE. The applicant must have a full stack of required identification documents to attach with the application form. Emirates ID is required as an identification document for UAE nationals, while a passport and resident visa are required for UAE residents. 
  • Age: The applicants of Al Hilal auto finance must be at least 21 years old at the time of application. Anyone younger than 21 years is not considered an eligible applicant for the loan. Similarly, a maximum age limit of 65 years also applies, although the applicable maximum age depends on the bank’s discretion. 
  • Income: The minimum monthly income required to apply for an Al Hilal vehicle loan is AED 5,000. This eligibility criterion applies to both salaried and self-employed individuals. The applicants are required to generate valid proof of income when they submit their Al Hilal car loan application form. 
  • Credit History: While there is no minimum required credit score to apply for a car loan, an individual may need at least a fair credit score to be considered a valid applicant for the loan. Approval for an Al Hilal Bank car loan depends on an array of things of which credit score is an undeniable part. Approvals may generally require you to have a credit score of around 700 points. Ultimately, the standards completely depend on your risk profile prepared by the bank. 

Criteria 

Eligibility Requirements

Minimum Income

AED 5,000

Minimum Down Payment 

20%

Nationality 

UAE Residents and Nationals 

Minimum Age

21 Years 

Documents Required for Al Hilal Car Loans in the UAE

Document Category 

Requirements 

Identification Documents 

Emirates ID – a copy and the original

Passport – a copy and the original

Resident’s Visa – a copy and the original

Income Related Documents 

Bank statements for the past 3 months 

Vehicle-Related Documents 

Quotation for vehicle price addressed to Al Hilal Bank 

Valuation certificate for used cars

How to Apply for Al Hilal Car Loans in the UAE?

  • Online: You can easily apply for Al Hilal vehicle loans via online channels like policybazaar.ae or the official website of Al Hilal Bank itself. To apply for your Al Hilal Bank car loan with us, visit our official website and head to the car loan section. You will locate the lead form on the right after scrolling down a bit. Start by filling out this small form using your basic information. Once you are through with it, you will be led to the quotes page where all Al Hilal car loans are listed. Choose the type of car loan you want and click on “apply now”. Fill out your application form, submit it after attaching the required documents, and pay the processing fee for your application. The bank will receive your application and process it. The approval will be sent to you and a representative from the bank will contact you to take the loan process further. 
     
  • Offline: You can also apply for an Al Hilal Bank car loan offline by visiting one of the nearby branches of the bank. Carry all the required application documents when you go to the bank. Once at the branch, connect with a car loan executive and get an application form. Fill out the form, attach all documents, and pay the processing or the file opening fee. The bank will then analyse your submitted documents and send an approval if everything seems good to go. Once you receive the approval, a representative from Al Hilal Bank will contact you to move the auto financing process forward. 

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Al Hilal Car Loan Calculator

Al Hilal auto loan calculator is a fine online tool that helps you in calculating the estimated equal monthly payments before you even take up the Al Hilal auto loan. Using a few basic particulars, one can easily calculate their equal monthly payment amount. Given below are the steps you can follow to use the Al Hilal auto finance calculator:

  • Go to Al Hilal's official website and head to the car loan section. Scroll down through the page and locate the loan calculator. 
  • Set the loan amount on the calculator by sliding the button back and forth. The minimum amount of loan you can get is AED 30,000, and the maximum amount you can set on the calculator is AED 500,0000. 
  • The next step is to choose the tenure of your Al Hilal car finance. The minimum tenure available is 12 months, while the maximum one is 60 months. 
  • Once you have finalised these two particulars, your equal monthly payment will be shown on the right. The amount is calculated assuming an average rate of interest. 
  • The rate of interest used by this calculator will be shown below the equal monthly payment amount. 

Al Hilal Car Loan Fees and Charges

Types of Fee

Charges Applicable

File Opening Fee or Processing Fee

1.05% 

Limited to a minimum of AED 525 and a maximum of AED 2,625

Payment Postponement Fee

AED 105

Liability Letter Fee

AED 63

Change of Payment Due Date 

AED 26.25

Early Settlement Fee

1% of the outstanding loan amount

Late Payment or Missed Payment Fee

AED 200 per incident 

Important Terms and Conditions for Al Hilal Car & Auto Loans

  • The processing fee or the file opening fee for Al Hilal auto finance is to be paid before you get the approval for the loan. The fee is applicable every time you apply for an auto loan with Al Hilal Bank. The processing fee is calculated on the loan amount you have entered in your application for approval, which is limited to a maximum of AED 2,625 though. 
  • Early settlement of your Al Hilal car loan is possible. However, an early settlement fee or a non-waived profit will be due for it. A maximum of AED 10,000 can be settled with one early settlement request. The fee will be calculated on the total outstanding loan amount instead of the amount of early settlement. 
  • Not paying your due equal monthly payments for Al Hilal auto loans will send your account into the position of an arrear. Besides impacting your credit score, this will also put a limitation on access to your finances in the near future. 
  • All fees and charges listed on the Al Hilal Bank website and in this piece include a 5% VAT charge. 
  • Financing for a vehicle registered under a third-party name is only available for your blood relatives. 
  • A minimum 20% down payment is required for all Al Hilal Bank car loan products. 
  • The bank may ask for further documentation as per the requirement of the hour. Connect with the executive in charge of your loan account and find out whether any additional documents are required for the approval process. While the bank may send you a notification as well, enquiring about it is always recommended as it helps you avoid hassles in case some extra documents are required. 
  • The current applicable fees and charges can be modified at the bank’s discretion.

Things to Keep in Mind

Taking any type of loan is a substantial responsibility for all, as any failings regarding it can impact your family and their financial conditions as well. Consequently, you should keep a few important things in mind when you are out to take an Al Hilal auto loan. Given below is a quick list for you to keep handy:

  • Risk-Based Financing: Irrespective of the type of loan you opt for, the bank will always go for a risk-based financing system. This means a higher interest will be charged for your Al Hilal auto loan if the higher risk you possess as a borrower is high. Thus, you should maintain a good credit score and take care of every possible bill payment you are liable to make in the UAE. Every payment you make for your monthly bills, and all credit tools you own work towards building your credit history and credit score. Both these things are major factors in creating your risk profile. 
  • Credibility Matters: When we say ‘credibility’, we actually mean the trust a bank can have in an applicant regarding the repayments. If your credibility is low, the bank will increase your gauged risk level, hence the increased interest rate. You must present yourself as a financially responsible person to Al Hilal Bank when setting out to take a loan. 
  • Affordability: Always keep the affordability of the loan amount in mind before you sign off your Al Hilal car loan. Make sure that the amount you are about to take on can be easily repaid over the chosen tenure. If it comes to refinancing your Al Hilal auto loan, you may end up paying a lot more interest than what you initially calculated. So ensure affordability before proceeding with the loan. 
  • Fee and Charges: Take a good look at all the fees and charges that Al Hilal Bank levies on auto loan facilities. Also, try to know which fees are one-time and which ones are incident-based. For instance, the processing fee will be a one-time fee throughout the tenure of your loan. However, late payment fees and early settlement fees are incident-based. 
  • Debt Burden Ratio: Al Hilal Bank would only allow a certain level of debt burden ratio for its auto loan services. The actual number will be revealed during the loan negotiations and meetings. Consequently, you must consider that keeping a low debt burden ratio will not only save you from getting buried under the pressure of an unrepayable loan but also help in scoring a low interest rate for your Al Hilal car loan. 

Al Hilal Auto Loan Contact Number

Given below is a list of all Al Hilal auto loan contact numbers you can use to get in touch with the bank:

Categories of Al Hilal Auto Loan Contact Numbers 

Phone Details

Contact Number for Calls from Inside the UAE

600 522 229

Contact Number for Calls from Outside the UAE

(+971) 600 522 229

Swift Code

HLALAEA

Following are some more key aspects regarding Al Hilal car loans that you should go through once. 

FAQs

What is the maximum tenure allowed for Al Hilal car loans in the UAE?

The maximum tenure you can opt for an Al Hilal vehicle loan is 5 years. As the tenure is flexible, the applicant can choose a suitable duration as per their needs.

Who can apply for an Al Hilal Bank car loan?

While one might think that only UAE citizens are eligible, the reverse is true as both UAE nationals and residents can apply for Al Hilal car finance. Moreover, both salaried and self-employed individuals can opt for these auto loans from Al Hilal Bank.

What is the minimum age limit to acquiring Al Hilal car loans in the UAE?

The minimum age limit to apply for an Al Hilal auto loan is 21 years.

Can I opt for early settlement of my Al Hilal car loan?

Yes, you can opt for early settlement of your Al Hilal car loan, although an early settlement fee will apply. 

What is the early settlement fee for Al Hilal car loans?

The early settlement fee applicable on Al Hilal auto loans is 1% of the outstanding loan amount.

What is the maximum amount I can opt for in the early settlement of my Al Hilal auto loan?

The maximum amount allowed for one early settlement request is AED 10,000 (with an early settlement fee applicable).

What is the minimum available down payment for Al Hilal auto loans?

The minimum down payment amount required for Al Hilal Bank car loans is 20% of the value of the vehicle.

Does Al Hilal Bank car loans finance second-hand vehicles?

Yes, used vehicle financing is available with Al Hilal Bank in the UAE.

What is the Al Hilal car loan interest rate?

Al Hilal car loan interest rates start at 2.25% per annum.

What is the cost of getting a liability letter from Al Hilal Bank for my car loan?

The fee applicable for obtaining a liability letter is AED 63.

Is there a fee applicable for partial payment of my equal monthly payments of the Al Hilal car loan?

No penalty is chargeable for partial payment of your equal monthly payment amount.

What is the fee applicable for a missed equal monthly payment of my Al Hilal auto loan?

Each missed monthly payment will come with a penalty of AED 200.

Can I get the due date of my Al Hilal vehicle loan instalments changed? Is there a fee applicable for it?

Yes, you can submit a request to change your payment due date for Al Hilal Bank. The fee applicable for this service is AED 26.25

Does Al Hilal Bank provide Sharia-compliant auto loans?

Yes, all car loan products offered by Al Hilal Bank are Sharia-complaint.

Can I become eligible to get an Al Hilal Bank car loan by showing joint income?

Yes, joint income eligibility is possible indeed. However, it is only applicable to your blood relatives.

What is the processing fee applicable for Al Hilal vehicle loans?

1.05% of the amount is the processing fee applicable on Al Hilal Bank car loans. The fee is limited to a minimum of AED 525 and a maximum of AED 2,625 per application. You may find this fee referred to as the “file opening fee” in the terms of Al Hilal Bank.