Car Loan with Salary Transfer

Car loans can be quite helpful in purchasing a car. With a car loan in UAE, you can buy a car without paying a large amount upfront, which protects your savings from depletion as well.

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Each lending institution has set eligibility criteria for car loans. One such criterion is the requirement of salary transfer to the concerned bank. With car loans with salary transfer, the borrower can enjoy numerous benefits such as low interest or profit rates, high finance amounts, and more. However, many institutions in UAE have made salary transfers an optional choice to make it easy for their customers, especially expatriates, to secure car loans. 

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Top UAE Car Loan Plans with Salary Transfer in UAE

Given below are the key features and benefits of car loans with salary transfer options -

First Abu Dhabi Bank (FAB) Etihad Guest Car Loan

Features & Benefits of this Car Loan with Salary Transfer

  • 100% financing of car insurance
  • Finance available for all popular car brands and their variants
  • Applicable for salaried and self-employed professionals
  • Finance amount – Up to AED 1,500,000 (AED 1.5 million) or 80% of the car value
  • Earn 350 miles for every AED 20,000 of the loan amount
  • Available for both new and pre-owned cars
  • Indicative loan calculator available on the official website to estimate the car loan monthly instalments 

Emirates Islamic Bank Auto Finance

Features & Benefits of this Car Loan with Salary Transfer

  • The vehicle finance scheme of Emirates Islamic Bank is called Intelaq
  • Shariah-compliant product
  • Competitive profit rates
  • Repayment tenure of up to 5 years
  • Finance available for used, certified pre-owned, and new cars
  • 60 days grace period for the first instalment
  • Approvals can be completed as quickly as 4 hours
  • The option for rescheduling auto finance is not available
  • A comparative calculator is available on the website 
  • Minimum down payment required – 20% of the car value
  • Repay finance using online, mobile, or phone banking
  • Maximum finance amount - AED 1.5 million

HSBC Car Loan

Features & Benefits of this Car Loan with Salary Transfer

  • New and used vehicle finance available for all vehicles, including saloons, 4-wheel drive vehicles, and new motorcycles
  • Flexible repayment period ranging from 12 to 60 months
  • Balloon payment option available for up to 48 months
  • High loan amounts of up to AED 600,000
  • Statement of vehicle loan will be shared with the borrower on a quarterly basis
  • Special discounted rates available for electric and hybrid vehicles
  • Delinquent, blacklisted, and non-resident customers are not eligible for the loan
  • Interest on this car loan with salary transfer is calculated on the basis of a 365-day calendar year (accrues daily and is payable monthly)

ADIB Auto Finance

Features & Benefits of this Car Loan with Salary Transfer

  • Minimum down payment - 20% of the car value
  • Maximum repayment tenure – 60 months
  • Grace period of 90 days for the first instalment
  • One instalment postponement is allowed in a year with a gap of 6 consecutive instalments
  • Finance amount – Up to AED 1 Million for UAE nationals and AED 500,000 for expats with salary transfer
  • Competitive profit rates
  • Contribute less and get high coverage for your vehicle

Sharjah Islamic Bank Car Finance

Features & Benefits of this Car Loan with Salary Transfer

  • Available for both salaried and self-employed individuals
  • Shariah-compliant Murabaha structure
  • Group credit life Takaful to cover liabilities
  • Finance tenure – Up to 5 years
  • Quick approval and fast processing
  • Minimum down payment – 20% of the car’s value for both new and used cars
  • Attractive profit rates
  • Minimum finance amount – AED 20,000
  • Maximum finance amount – AED 1,000,000
  • Minimum monthly salary – AED 5,000

Interest/Profit Rates on Car Loans with Salary Transfer in UAE

Car Loans with Salary Transfer Options Interest/Profit Rate
First Abu Dhabi Bank (FAB): Etihad Guest Car Loan
  • Flat interest rate starting from 2.99%
  • Reducing balance interest rate starting from 5.62% per year
Emirates Islamic Bank: Auto Finance For New Cars
  • Flat interest rate starting from 2.49% for UAE nationals and 2.65% for expats
  • Reducing rate of interest starting from 4.72% for UAE nationals and 5.01% for expats
For Certified Pre-Owned Cars
  • Flat rates starting from 3.19% per annum
  • Reducing rate of interest starting from 5.98%
For Used Cars
  • Flat rates starting from 3.19% per annum
  • Reducing rate of interest starting from 5.98%
HSBC: Car Loan
  • Flat annual percentage rate starting from 2.49% for new vehicles
  • Reduce annual percentage starting from 4.6%
Abu Dhabi Islamic Bank: Auto Finance Profit rates for this car loan with salary transfer - 
  • Flat rate ranging from 2.75% to 4.49%
  • Reducing rate ranging from 4.75% to 8.25%
Sharjah Islamic Bank: Car Finance For UAE Nationals 
  • Salary between AED 5,000 and AED 20,000: 2.75% for new cars and 3.35% for used cars
  • More than AED 20,000: 2.49% for new cars and 2.99% for used cars
For Expats 
  • Salary between AED 5,000 and AED 20,000: 2.99% for new cars and 3.49% for used cars
  • Above AED 20,000: 2.75% for new cars and 3.25% for used cars

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Eligibility Criteria for Car Loans with Salary Transfer

Discussed below are the eligibility criteria for the top car loans with salary transfer–

Car Loans with Salary Transfer Option Eligibility Standards
First Abu Dhabi Bank (FAB): Etihad Guest Car Loan
  • Both salaried individuals and self-employed professionals can apply
  • Minimum monthly salary requirement – AED 7,000
Emirates Islamic Bank: Auto Finance
  • Available for both UAE nationals and expats
  • Minimum down payment – 20% of the vehicle value
  • UAE nationals and residents are eligible 
HSBC: Car Loan
  • Age between 21 and 65 years
  • Minimum finance amount – AED 30,000
  • Finance available up to 80% of the vehicle value
  • The vehicle’s age should not be more than 8 years at the time of loan maturity (applicable for used cars)
  • Minimum monthly salary – AED 10,000
  • UAE nationals and expatriates are eligible
Abu Dhabi Islamic Bank: Auto Finance
  • The applicant should be at least 21 years
  • Maximum age – UAE nationals should be below 65 years, while expatriates should be below 60 years
  • Only salaried individuals are eligible
  • Employees working with any of the employers in the approved list of the ADIB can apply
  • Minimum salary required – AED 5,000
Sharjah Islamic Bank: Car Finance
  • Minimum salary required  
    • Government, Semi Government, and Private TML Companies Employees: AED 5,000 (for both UAE nationals and expatriates)
    • Non-SIB listed companies employees: AED 5,000 for UAE nationals & AED 6,000 for expatriates

Documents Required to Apply for Car Loans with Salary Transfer in UAE

Some of the standard documents required to apply for a car loan with salary transfer are listed below:

  • Duly filled and signed car loan application form
  • UAE driving licence
  • Copy of a valid passport/ Emirates ID/ resident visa (some lenders may require original documents as well)
  • Vehicle quotation or Pro-forma invoice from the dealer for new vehicles
  • Salary certificate addressed to the concerned lender
  • Post-dated cheques (if applicable)
  • Security cheque

Additional documents required for used cars to avail of a car loan with salary transfer -

  • Ownership title
  • Valuation certificate
  • Quotation or offer to sell to the lending institution from the current owner of the vehicle

Generally, a lender wouldn’t ask for bank statements if you apply for a car loan with salary transfer in UAE. 

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Fees and Charges for Car Loans with Salary Transfer

While each lending institution in the UAE has a different schedule of fees and charges associated with car loans with salary transfer, the standard fees are given in table –

Service Fees and Charges
Processing fee 1% of the loan amount (Minimum AED 500 and up to AED 2000)
Cheque return fee AED 100
Instalment postponement or deferment fee AED 100
Rescheduling of liability AED 250
Late payment fee AED 500
Liability or no liability letter AED 60
Change of instalment due date AED 200
Early settlement 1% of the outstanding amount
Partial settlement  1% of the partial payment
No objection certificate to the traffic department Free

Disclaimer: The above-mentioned fees and charges are subject to change and vary from one lender to the other.

How to Apply for a Car Loan with Salary Transfer in UAE?

You can visit Policybazaar UAE to apply for a car loan with a salary transfer in the easiest manner. You can simply go to policybazaar.ae, browse through the available loan products on our car loan quotes page, compare them as per their features & interest/profit rates, and apply for one.

The application process is fairly easy. You can visit the car loans section on policybazaar.ae and fill out the lead form with the requested details, which will take you to the car loan quotes page. Here, as mentioned earlier, you can compare the plans and apply for most preferred one.

The most remarkable benefit of using policybazaar.ae to apply for a car loan with salary transfer is that the whole procedure is cost-effective and saves your time & effort. Additionally, you can spend as much time as you want to compare the available plan or get in touch with our round-the-clock customer service team for any required aid.

There are many benefits to applying for a car loan with salary transfer via policybazaar.ae. Let’s uncover some of the most prominent ones -

  • Policybazaar UAE has a user-friendly interface to make sure that you can browse and compare the available plans easily and apply for the chosen plan from the comfort of your home.
  • We have tied up with the most renowned lending institutions and banks in the UAE, which means that you can find all the top car loan plans in the market at reasonable interest rates on one platform.
  • Another advantage of applying with is the transparency in our operations. Your car loan application will be directly sent to the concerned lender and the payments would be done on a secure platform.
  • Our round-the-clock customer service team can provide you with real-time assistance with any loan-related query that you are facing. Moreover, you can get in touch with our in-house expert team to learn the nuances of different plans so that you can opt for the right loan product matching your requirements.

FAQ's

Q1. What if I do not keep up repayments on the car loan with salary transfer?

Ans: If you do not pay the monthly instalments on a car loan with salary transfer beyond the specified limit for the same, your account will go into arrears. This will adversely impact your credit score, which may limit access to financing in the future. The lender can also confiscate your car to recover the loan amount if you fail to repay the loan.

Q2. How to repay a car loan with a salary transfer?

Ans: You can repay a car loan with salary transfer through online banking, mobile banking, or offline mode. You can approach the concerned lending institution to know the exact details as per their terms and conditions.

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