Top 7 Banks to Avail of the Best Car Loans in UAE

Auto loans in UAE have become a necessity as more and more people are choosing to invest in personal vehicles rather than relying on public transport for their daily chores. However, the down payment and huge expenses of buying a car makes it difficult for some people to materialize their dreams. We have enlisted 7 best car loans in UAE to help you buy a car in a hassle-free manner, considering several factors like interest rates, loan time and others.

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Top 7 Car Loans Offered by the banks in UAE

1. Al Hilal Car Loan

This is a sharia or Islamic law compliant car finance which can be used for buying new or second hand cars. Al Hilal Bank offers auto loans in UAE at competitive interest rates and the tenure provided is up to 5 years, along with other benefits like no salary transfer required, joint income possibility, etc. The bank gives you the facility to repay your loan early with 0 early settlement fee. If you think you have the can pay off the loan early, you can opt for this best car loan in Dubai. You must show a minimum salary credit of AED 5000 and 20% down payment is required.

2. Emirates NBD

This bank offers a package deal for auto finance. It includes features like flexible payment options, 24*7 roadside assistance, half-day approval, online Salik recharge, free annual registration renewal service, free bank account etc. You can get a car loan in UAE from Emirates NBD at interest rates starting from flat 1.99%. A minimum salary of AED 5000 is required and a free credit card is provided.

3. Abu Dhabi Islamic Bank

It provides auto loans in the UAE with 0% down payment. It has partnerships with auto dealers and offers customers some exclusive car deals. ADIB provides up to 3 months’ grace period on the first installment. Other features include no salary transfer and finance amounts up to AED 500,000. Loan takers can also defer one installment per year. 

4. HSBC Bank

Not only financing for both used and new cars, HSBC bank also provides an additional feature such as Balloon payment option for new cars. This means an amount is owed to the bank at the end of loan term, however, the prescribed monthly repayments have been made regularly. You must get a minimum salary of AED 10,000 to receive loan benefits such as lower monthly installment, increased affordability and cash flow management. Interest rates start from 1.99% p.a and you will not need to open an account or make any salary transfer. The amount issued can be around AED 600,000 depending on eligibility, moreover the balloon repayment option is provided if you want to change your car every 2-3 years.

5. First Abu Dhabi Bank

This bank provides car loans in the UAE at competitive interest rates and high benefits for self-employed and salaried individuals. Interest rates start from 1.99% p.a and the bank provides up to AED 1.5 million as finance. You may pay the first installment in 180 days after the loan is credited. You are required to have a minimum salary of AED 8000. 

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6. Standard Chartered New Auto Loan

The bank offers up to 80% financing on new cars in the UAE with a customized reimbursement policy and attractive interest rate plans. It is convenient and hassle-free, with a wide distribution network, no minimum balance requirement, competitive pricing, flexible loan terms and fast processing system. You can easily avail of the best car loans in UAE from Standard Chartered.

7. Mashreq Bank 

You may take car loans in UAE from Mashreq particular bank for buying a brand new or pre-owned car at focused terms and get several advantages. The maximum loan amount provided is of up to AED 500,000 and interest rates start at 3.25% p.a flat with conditions apply. There are flexible repayment options, exceptional rates on vehicle protection, and more benefits. 

FAQ

What is the minimum salary requirement to get a car loan in the UAE?

The minimum salary that a borrower needs to show to get a loan from a bank in UAE is AED 3,000 to AED 5,000.

Do I have to show my source of income to apply for a car loan in the UAE?

Yes, you will have to show your income source to apply for a car loan in the UAE. This helps the bank determine if you are eligible to repay the loan amount.

What is the maximum time period given for car loan repayment?

The maximum repayment period of a car loan is 60 months. However, this time period may differ for each bank in the UAE.

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