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Car Loan in UAE for Expats

Car Loan in UAE for Expats

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Whether you are facing some financial challenges or simply wish to avoid using a large chunk of your savings, you can easily get car loans in UAE to easily purchase the car of your dreams. This is true if you are a UAE citizen or even an expatriate, as plenty of financial institutions offer multiple types of car loans in the UAE for ex-pats. 

The search for a suitable car loan in the UAE as an ex-pat, however, can take its own time. With each product offering a variety of features, you would need to check out each product and select the one that suits your requirements the best. 

Top Banks Offering Car Loans in UAE for Expats

We have enlisted the top six banks that offer car loans in UAE for ex-pats. So if you are an expatriate and considering taking up a car loan in UAE, go through the following car loan products, their benefits, and more – 

1- First Abu Dhabi Bank – Islamic Car Finance for Ex-pats 

First Abu Dhabi Bank (FAB), the largest bank in the UAE, is one of the largest financial institutions in the country as well. Offering multiple banking products, the bank caters to the requirements of a wide range of individuals and helps them simplify their financial management. 

FAB car loans make for one such product of the bank that is accessible to expatriates as well. However, this car loan in UAE for ex-pats is only available for salaried employees. 

Features and benefits for First Abu Dhabi Bank – Islamic Car Finance for Ex-pats

  • The minimum salary requirement for this FAB car loan is AED 7,000
  • The flat rate for this loan starts at 2.49%, with the reducing rate starting at 4.72%
  • You can have a grace period of 120 days before your first instalment
  • The financial institution offers car finance for both new and used cars
  • You can either opt for a finance amount of up to AED 1.5 million or up to 80% of your car value

2- Emirates Islamic Bank – Car Loan in UAE for Expats

The Emirates Islamic Bank was established in 2004 and is one of the most renowned Sharia-compliant financial institutions in the UAE. It supports individuals in handling their finances using various banking products and also offers monetary help via products such as car loans, home loans, personal loans, and more to nationals and ex-pats. 

Features and Benefits of the Emirates Islamic Bank car loan in UAE  - 

  • As an EIB car loan applicant, you must have a minimum salary of AED 5,000
  • The auto finance product, known as Intaleq, is entirely structured according to the Shariah-compliant Murabaha
  • The Emirates Islamic Bank auto finance comes with fast-track approvals and a minimal documentation process
  • The profit rate of new auto finance starts at 2.29% per annum
  • The rate of profit for used auto finance starts at 2.59% per annum
  • The certified pre-owned auto finance profit rate starts at 2.29% per annum
  • Flexible car loan repayment of 5 years is available with competitive profit rates
  • This car loan product offers a grace period of up to 60 days to initiate the first instalment

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3- Abu Dhabi Islamic Bank – Car Finance in UAE for Expats

Headquartered in the Emirate of Abu Dhabi, the Abu Dhabi Islamic Bank (ADIB) is one of the leading UAE-based financial institutions and is recognised as the 4th largest Islamic bank globally by assets. At present, ADIB has more than 1 million customers. 

A car loan is one of the multiple banking products offered by this bank in the UAE. So if you are looking forward to getting your car financed with ADIB,

 Features & Benefits of ADIB Car Finance for expats enlisted below –

  • To be eligible for an Abu Dhabi Islamic Bank car loan, you must have a minimum salary of AED 5,000
  • All new and old cars can be financed under the ADIB car loan product
  • The bank allows a flexible loan repayment option of up to 60 months
  • You can get a competitive profit rate on the ADIB car loans
  • As a borrower, you can finance up to 80% of your car value
  • You can borrow an amount of up to AED 500,000 with this ADIB car loan
  • Abu Dhabi Islamic Bank offers one yearly instalment deferment
  • You can have a first instalment grace period of up to 90 days
  • The car loan application process is easy and you can expect quick approvals from the bank

4- Mashreq Bank – Car Loan in UAE for Expats

Being one of the best-performing banks in the UAE for the past five decades, Mashreq Bank is now expanding its reach with international branches in Africa, the USA, Europe, and Asia. It offers a plethora of banking products to its customers including car finance. 

Let’s now have a look at the top features of Mashreq Bank car loans in the UAE – 

  • You must have a salary of at least AED 5,000 to apply for this Mashreq Bank car loan 
  • A car loan amount of up to AED 500,000 can be availed of with this product
  • Upon taking up the car loan, the bank would provide you with a free bank account with no minimum balance requirements and a credit card
  • You can enjoy special rates on car insurance
  • The bank offers a competitive interest rate on the car loan that starts at 3.45% per annum (flat)
  • Mashreq bank offers a flexible car loan repayment tenure, which ranges between 12 and 60 months  

5- HSBC Car Loan for Ex-Pats

Catering to almost 40 million customers, HSBC is considered to be one of the largest banking and financial organisations in the world. The bank has branches in 63 countries, including the UAE. HSBC holds an eminent status in banking owing to its wide range of products and excellent services. An HSBC car loan is one such product that is available for UAE nationals as well as expatriates. 

Features and benefits of this HSBC car loan – 

  • The minimum salary requirement to avail of this car loan in the UAE is AED 10,000
  • You are not required to transfer your salaries to the bank to get this car loan in UAE
  • You can borrow an amount of up to AED 600,000 depending on your profile and other terms 
  • HSBC car loan financing is available for motorcycles, four-wheeler cars, and saloon cars
  • HSBC ensures an easy application process – one of the bank professionals will contact you upon the submission of the car loan application
  • The flat rate for this HSBC car loan in the UAE starts at 1.99% per annum
  • If you wish to opt for complete financing, the bank would offer you a discount of 0.25% on the flat interest rate
  • If you wish to change your car after every 2-3 years, the bank provides a balloon repayment option with reduced monthly repayments
  • As a customer applying for this HSBC car loan, you wouldn’t be required to open a separate account 
  • If you plan to get a hybrid or electric car, you can apply for a green car loan as well
  • With the HSBC car loan, you can avail of the concierge service

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6- RAKBANK Car Loan for Expats

RAKBANK is one of the oldest financial institutions in the UAE, with the bank being established in 1976. Also known as the National Bank of Ras Al Khaimah, the bank has undergone a significant shift and now covers corporate banking as well as business and personal banking. 

At present, RAKBANK offers numerous banking services across its 27 branches, with its car loans being included here as well. Remarkably, RAKBANK offers car loans for new cars, old cars, as well as luxury and sports cars. If you plan to take up a car loan in the UAE with RAKBANK,

Features and Benefits of RAKBANK Car Loan 

  • The minimum salary required to apply for the RAKBANK car loan in the UAE is AED 5,000
  • You can avail of this loan without being required to make a salary transfer
  • You can start paying your monthly instalments after 60 days of taking the car loan
  • RAKBANK offers a flexible repayment option of up to 60 months 
  • The bank offers car loans to companies that are older than two months
  • For salaried customers, the interest rates start at 1.99% per annum
  • The phone banking service is available round the clock to assist you regarding any loan-related issues

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