Car Loan for Self-Employed Professional

Top Car Loan Plans in Dubai

This holds true whether you are a salaried or self-employed individual. In this article, we will focus on the latter and discuss car loans for self-employed professionals in the UAE, the list of lending institutions offering car loans, their eligibility criteria, and more so that you can easily buy a car without dipping into your savings.

Top Banks Offering Car Loans for Self-Employed Professionals

As mentioned earlier, multiple lending institutions offer car loans for self-employed professionals in UAE. As an applicant, you can easily apply for a car loan and have it sanctioned if all the documents and details are complete.

Some of the top car loan providers and their car loan plans for self-employed professionals are listed below:

1. Emirates NBD Auto Cash Car Loan
2. Emirates Islamic Auto Finance
3. RAKBANK RAK auto Loan
4. ADCB Car Loans
5. FAB Car loan for Self-Employed Individuals
6. HSBC Car Loan

Features and Benefits of Car Loans for Self-Employed Professionals in UAE

Check out the table below to understand the significant features and benefits of car loans for self-employed individuals –

Emirates NBD Auto Cash Car Loan

Features and Benefits of this Car Loan for Self-Employed Professionals

• Borrower has to pay 20% of their car's value as a down payment
• An instant pre-qualification facility is available 
• No charges for mortgage placement, vehicle release letter, NOC to the traffic department, temporary mortgage release, or change in registration
• Loan can be extended through a loan or credit facility
• Get a free credit card without any annual fees
• Get a new bank account
• Minimum salary required to apply for a car loan for a self-employed professional is AED 5,000
• Loan repayment tenure can go up to 60 months
• Get the same-day approval of the loan
• Minimal documentation is required if the applicant has a good credit Score
• Car loan calculator available on the official bank website to compute the monthly instalments for a loan

Emirates Islamic Auto Finance

Features and Benefits of this Car Loans for Self-Employed Professionals

• The vehicle finance scheme of this bank is called Intaleq
• Murabaha structure adhering to Shariah laws
• Loan repayment period of this car loan for self-employed professionals can be up to 5 years
• Salary transfer is not mandatory to apply for the loan
• Easy and quick approval process
• It is not mandatory to have an account with EIB to apply for the loan
• Available for multiple vehicle brands as well as for new, certified, pre-owned and used vehicles
• Grace period of 60 days for the first instalment
• Rescheduling and buy-out vehicle finance options not available

RAKBANK RAKauto Loan

Features and Benefits of this Car Loans for Self-Employed Professionals

• Available for salaried and self-employed individuals
• No salary transfer is required
• Grace period of 60 days to make the first instalment
• Repayment period of up to 5 years or 60 months
• Finance is available for rustproofing, insurance, service & maintenance contract, and GAP (if required)
• Available for companies with one year or more length of business
• Financing available for new, used, sports, and luxury cars - also available for light commercial vehicles and motorbikes
• Two deferrals are allowed in a year (one month each), provided 6 EMIs are paid since the loan was availed
• This car loan for self-employed professionals can be processed within 7 business days of signing the loan application

ADCB Car Loans

Features and Benefits of this Car Loans for Self-Employed Professionals

• Minimum down payment required to get this car loan for self-employed professionals is 20% of the loan amount
• Loan amount of up to AED 1.5 million
• For every AED 1,000 of the finance amount, earn 50 touchpoints
• One-signature application
• Repayment tenure of up to 60 months
• Simple documentation and quick approvals
• A car loan calculator is available on the official website to compute EMIs
• Flexibility to fully or partially settle the car loan at any time during the loan tenure
• Dedicated customer service desk for car loan customers

FAB Car loan for Self-Employed Individuals

Features and Benefits of this Car Loans for Self-Employed Professionals

• Available solely for self-employed professionals
• Finance amount up to AED 1,500,000 or 80% of the car value
• Available for new and pre-owned vehicles
• Car loan calculator is available on the official website to get an estimate of monthly EMIs
• Competitive interest rates are applicable

HSBC Car Loan

Features and Benefits of this Car Loans for Self-Employed Professionals

• Salary transfer is not mandatory
• No account opening is required
• Balloon repayment option available for up to 48 months
• Car loan calculator available on the official website of the HSBC UAE
• Finance available for new and used vehicles
• Maximum loan amount on a car loan for self-employed professionals is up to AED 600,000
• Loan repayment tenure ranges from 12 months to up to 60 months
• Special discounts on hybrid and electric vehicles
• Statement of vehicle loan must be shared with the bank quarterly

Interest Rates on Car Loans for Self-Employed Professionals

The table below depicts the current interest rates applicable on car loans for self-employed professionals –

Institution Offering Car Loan for Self-Employed Professionals	Interest Rates
Emirates NBD Auto Cash Car Loan	Fixed and variable interest rates - starting from 3.75%
Emirates Islamic Auto Finance	For New Vehicles: Fixed profit rate ranging from 2.49% to 5.64% per annum for UAE Nationals Fixed profit rate starting from 2.65% for expats Reducing profit rate for UAE nationals - 4.72%  Reducing profit rate for expats starting from 5.01%  For Used and Pre-Owned Financed Cars: Fixed profit rates starting from 3.19% Reducing rate of profit starting from 5.98%
RAKBANK RAKauto Loan	It only provides fixed interest rates, which are computed with this formula -  Interest on the loan = Outstanding loan amount x Interest rate x Number of days in a month/365 days   Flat interest rates ranging from 2.80% to 3.55% per annum
ADCB Car Loans	Flat interest rate available from 1.99% per annum   Reducing rate of interest starting from 3.65% for a tenor of 12 months
FAB Car loan for Self-Employed Individuals	Flat interest rates starting from 3.44% per annum Reducing rate of interest starting from 6.43% per annum
HSBC Car Loan	Reducing rate of interest for Premier customers starting from 4.47%

Eligibility Criteria for Car Loans for Self-Employed Professionals in UAE

In order to qualify for a car loan for self-employed individuals, you must keep in mind the eligibility criteria for your preferred loan in the table below –

Institution Offering Car Loans for Self-Employed Professionals	Eligibility Criteria
Emirates NBD Auto Cash Car Loan	Minimum salary of AED 5,000 is required Both salaried and self-employed individuals are eligible
Emirates Islamic Auto Finance	alaried and self-employed customers can apply Both UAE nationals and residents of the UAE are eligible
RAKBANK RAKauto Loan	Available for both salaried and self-employed individuals with valid UAE visa Business entities in UAE must have at least two years of length of business to apply for a car loan for self-employed professionals The minimum gross monthly salary required is AED 5,000 for specific vehicle models 20% down payment is required
ADCB Car Loans	20% down payment on the financed vehicle Salaried individuals, self-employed professionals, and companies are eligible to obtain ADCB car loan
FAB Car loan for Self-Employed Individuals	Only self-employed professionals can apply for the FAB car loan for self-employed professionals
HSBC Car Loan	Applicant must be between 21 and 65 years Both UAE nationals and expatriates holding valid UAE driving licences are eligible Minimum monthly salary must be AED 10,000 per month

Documents Required to Apply for Car Loans for Self-Employed Professionals

After qualifying for eligibility criteria, keep the following stack of documents ready to easily complete the car loan application process –

Institution Offering Car Loan for Self-Employed Professionals	List of Documents
Emirates NBD Auto Cash Car Loan	Completed car loan application form Filled out KYC form Original Emirates ID Copy of passport with resident visa page Signed etihad credit bureau consent form and UAE FTS Last three months' bank statement Copy of trade licence Memorandum of Association Articles of Association Power of attorney borrowing power
Emirates Islamic Auto Finance	Documented proof of income Copy of valid passport with UAE residence visa Post-dated cheques, if required Security cheque Comprehensive vehicle insurance Quotation or Pro-forma from the new vehicle dealer
RAKBANK RAKauto Loan	Filled application form Emirates ID Trade licence
ADCB Car Loans	Completed application form Valid visa, passport and EIDA card copy Copy of driving licence Copy of trade licence Recent three months' bank statements for both company and personal accounts Quotation from dealer Copy of power of attorney, if applicable Information regarding existing loans and liabilities
FAB Car loan for Self-Employed Individuals	Quotation of the vehicle UAE driving licence Bank statements Trade licence Duly filled and signed application form Copy of a valid passport/ Emirates ID/resident visa. Original documents must be presented to the bank. Document to show your company ownership structure
HSBC Car Loan	Emirates ID Copy of passport Copy of a valid UAE driving licence Copy of the recent 6 months' personal and business bank statements Audited financials for the last two years Application form filled in full block letters Application must be signed in the presence of the bank's representative Documents in support of business or partnership like trade licence, memorandum or article of association or copies of passports of owners or partners

Fees Schedule & Charges for Car Loans for Self-Employed Professionals

Let’s go through the standard fees and charges applicable for the given car loans for self-employed professionals -

Institution Offering Car Loan for Self-Employed Professionals	List of Charges
Emirates NBD: Auto Cash Car Loan	Loan processing fee – 1.05% of the loan amount (Min AED 525 and Max AED 2,625) Early settlement fee – 1.05% of the principal outstanding amount (Max AED 10,500) Late payment fee - AED 52.50 Deferment –  AED 105 Liability or no liability letter – AED 52.5 Cheque returned charges – AED 105 Partial settlement fee –  1.05% of the payment made (Max AED 10,500)
Emirates Islamic: Auto Finance	Processing fee – 1.05% of the vehicle loan amount including VAT (Min AED 525 and up to AED 2,625) Late payment fee – AED 210 Partial or early settlement fee – 1.05% of the loan amount (Max. AED 10,500) EMI deferment – AED 105
RAKBANK: RAKauto Loan	Processing fee for an individual  – 1% of the loan amount (Min AED 500 and Max AED 2,500) Processing fee for business customers – 1.50% of the loan amount (Min AED 2,500 and up to AED 7,500) Loan cancellation fee – AED 100 Liability certificate – AED 60 Cheque return fee – AED 100
Abu Dhabi Commercial Bank: Car Loans	Processing fee – 1% of the loan amount (at least AED 525) Early or partial settlement fee – 1.05% of the settled amount Replacement of existing post-dated cheques or standing instructions – AED 105 Advanced payment of instalment – 1.05% of the advanced payment Loan rescheduling fee – AED 262.50 Late payment fee – 2.1% of the delayed amount (Min AED 52.50 and Max 525 per month) Instalment deferment charges – AED 105 Loan cancellation fee – AED 105
First Abu Dhabi Bank: Car loan for Self-Employed Individuals	Processing fee – 1.05% of the loan amount (Min AED 525 and up to AED 2,625) Instalment deferment fee – AED 105 per deferment Loan rescheduling fee – AED 262.5 Late payment fee – 2.1% of the delayed amount (Min – AED 52.5 and Max. AED 210) Change of due date on standing instructions – AED 26.25 Early settlement fee for same bank loans- 1.05 % of the remaining balance NOC to traffic department - Free
HSBC: Car Loan	Processing fee – 1.05% (inclusive of VAT) of the loan amount (Min. 525 and AED 2625) Early settlement fee – 1.05% (inclusive of VAT) of the remaining balance  Advance payment fee instalment – 1.05% of the advanced payment Change of due date on standing instructions- AED 26.25 (inclusive of VAT) Liability letter – AED 52.5 (inclusive of VAT) Late payment fees – 2.1% (inclusive of VAT) of the delayed amount (Min 52.5 and Max 152.5) Courier charges (optional) – AED 31.5

How to Apply for a Car Loan for Self-Employed Professionals in UAE?

You can easily apply for a car loan online for self-employed professionals in the UAE. If you want to view the best plans for the same in one place and seamlessly apply for one from the comfort of your home, you can visit Policybazaar UAE. From here on, you can compare the plans and apply for one of them as per your requirements and budget.

Besides the high convenience of applying, a key benefit of choosing policybazaar.ae for getting a car loan is that you will get access to the best plans at the best rates along with special offers. To top it off, you can also contact our customer service team and finance experts for any queries.

To apply for a car loan for self-employed professionals from Policybazaar UAE, you can continue on policybazaar.ae and see the ‘Car Loans’ option under the category 'Banking Products’. Once you are in this section, you will find a lead form. Fill it out with your details to have all the top plans collected and displayed for your consideration. After selecting a particular plan from the list, you can easily apply for it on our website with only a few clicks.

As an alternative, you can head to the official website or mobile application of any of your preferred lending institutions and apply for the same or visit one of its branches and get in touch with one of the representatives.

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