Al Hilal Bank Vehicle Finance

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Your car is not just a means of transportation, with your vehicle ensuring comfortable commutation while also being an outlet for the demonstration of your personality. However, while you may have a desire to buy your own vehicle for enhanced mobility and independence, the costs could be deterring. In such cases, a car loan in UAE could often prove beneficial.

High-quality service and ease of access are two of the most significant features of Al Hilal Bank car loans, making it a popular option for individuals searching for a car loan in UAE. Whether buying a new car or financing a used one, a large number of individuals turn to this bank’s car loan due to its impressive benefits. 

Features & Benefits of Al Hilal Bank Car Finance

Al Hilal Bank car loans come with an attractive list of benefits that make them some of the best options in the country in terms of a car loan in UAE.

  1. Low Rates of Interest - Both UAE nationals as well as residents can benefit from the low auto loan interest rates of Al Hilal Bank. With the interest rates starting at 2.25%, one can easily secure funds for their chosen car at reasonable interest amounts and prices.
  2. High Loan Amount - Al Hilal Bank ensures the availability of sufficient funds for most cars in the UAE across a variety of financing plans. Thus, you can easily own one of your favoured cars at minimal investment from your side.
  3. Easy Loan Repayment - Al Hilal Bank car loans have a maximum loan repayment term of 5 years, with customers having the option of opting for any term between 12 and 60 months as per their preference. With long loan repayment tenures bringing down the applicable installment, one can easily utilize their car and continue other expenses as it is while also paying the monthly installments.
  4. Quick Loan Processing Procedure - Al Hilal Bank ensures that the approval of your Al Hilal Bank car finance is completed in a timely manner owing to its swift loan approval and processing system. This speed of processing is enhanced with the online application system of the bank, where users can avail of service online completely.
  5. Sharia-Compliant Products - Al Hilal Bank financial products and services are all Sharia-compliant, meaning that they allow users to obtain financial assistance without compromising on Islamic Sharia laws for banking and finance. 
  6. Joint Income Eligibility - Al Hilal Bank car loan has a special feature in that it allows you to achieve income eligibility using the approach of joint qualification. So if your income is insufficient to meet the bank's eligibility requirements, you can supplement it with the earnings of any of your direct relatives. If necessary, the direct relative can also sign on it as a loan co-borrower.

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Al Hilal Bank Car Loan Interest Rate

Interest Rates for UAE Nationals

Finance Type

Interest Rate

Salaried Individuals

Starting from 2.25% per annum

Self-Employed Individuals

Starting from 3.50% per annum

Interest Rates for Ex-pats

STL Cars 

Flat Rates of Interest Starting from

NSTL Cars

Flat Rates of Interest Starting from 

5,000 – 15,000 

3.25% per annum

5,000 – 15,000 

3.50% per annum

15,000 – 30,000

2.79% per annum

15,000 – 30,000 

3.25% per annum

30,000 – 45,000

2.59% per annum

30,000 – 45,000

2.79% per annum

45000+

2.40% per annum

45,000+

2.71% per annum

Al Hilal Bank Car Finance Documentation Requirements

You can gather the following documents before you start the application process for the Al Hilal Bank car loan to ensure quick approval.

  • Identity Proof
    • Emirates ID
    • Passport
    • Resident’s Visa
  • Income Proof
    • 3-month bank statement
  • Vehicle Documents
    • Dealer Quotation or Car’s Proforma Invoice

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Al Hilal Bank Car Loan Eligibility Criteria

To qualify for this car loan in UAE, you will be required to fulfil some basic requirements as laid down by the bank:

  • Age: Car loans from Al Hilal Bank are available to individuals who are at least 21 years old. The maximum age limit, on the other hand, is generally 65 years for most banks. However, this latter limit depends on certain variables.
  • Residency: Both residents and UAE nationals can apply for car loans from Al Hilal Bank. 
  • Salary: Al Hilal Bank requires individuals to have a monthly income of at least 5,000 AED to qualify for their Car Loan.
  • Credit Score: While the bank does not specify a credit score limit, one must have a good credit score in order to be considered eligible for the car loan and also obtain higher loan amounts at lower interest rates
  • Down Payment: In the UAE, at least a 20% down payment is required at the time of purchase for a car loan.

Age 

21 years to 65 years

Residency

UAE Residents and Nationals

Salary Requirement

AED 5,000 or more per month

Credit Score

Good credit score is required

Down Payment

Car Value’s 20% 

Top Reasons to Choose Al Hilal Bank Car Loan

Taking car loans in UAE is a common practice these days. Nevertheless, many people still hesitate due to long repayment tenure, the applicable interest, as well as the required paperwork and formalities. With the Al Hilal Bank auto loan, though, such hindrances are easily avoided as this loan plan allows you to get behind the wheel of your dream car with the following features 

  • Shariah-compliant loan products
  • Quick approval
  • Affordable rates of interest
  • High loan amount
  • Flexible loan terms ranging up to 60 months
  • Salary transfer is not mandatory
  • Joint earning qualification
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