Is buying a new car on your wishlist? To make your dreams turn into a reality without breaking your savings or budget, financial institutions in the UAE offer excellent auto loan options. This is especially the case of car loans for UAE nationals, with lenders rolling out customised car loan products for UAE nationals at fixed and reducing interest rates that you can certainly take advantage of.
To help you choose an auto loan in UAE, we have compiled a list of some of the top lenders offering car loans for UAE nationals. Go through the article below to know more about each loan product comprehensively.
Top Banks Offering Car Loans for UAE Nationals
Mentioned below are the top lenders in the UAE providing car loans for UAE nationals –
First Abu Dhabi Commercial Bank
Emirates Islamic Bank
Abu Dhabi Islamic Bank
Abu Dhabi Commercial Bank
First Abu Dhabi Commercial Bank (FAB)
First Abu Dhabi Bank is one of the prominent banks in the UAE when it comes to offering credit services to the different market segments of society. This also extends to car loans, among UAE nationals' top choices, given the extensive range of advantages and features.
Features and Benefits of FAB car loan for UAE nationals are listed below –
The maximum loan amount provided by the bank is AED 1.5 million or up to 80% of the value of the car
Both fixed and reducing rates of profit on car loans are offered -
Fixed interest – 2.49% per annum
Reducing rate of interest – 4.72% per annum
The loan is available for both new and used vehicles
It offers a 120 days’ grace period for the first instalment
The minimum monthly salary required to avail of this car loan for UAE nationals is AED 7,000
The offer is valid solely for salaried individuals
Vehicle certificate, UAE driving licence, bank statements, Murabaha request form, and copies of valid residence visa and Emirates ID are some documents required to apply for the loan
Emirates Islamic Bank (EIB)
Established in 2004, Emirates Islamic Bank offers car loans to both nationals and expatriates. The auto finance product of Emirates Islamic bank is known as Intaleq and adheres to Shariah laws and regulations. Flexible repayment periods, easy approvals, minimal documentation, and attractive profit rates are some advantages of getting a car loan from Emirates Islamic Bank.
Features & Benefits of car loans for UAE nationals in-depth, refer to the listed points –
Emirates Islamic bank is Shariah compliant and its auto finance scheme is called Intaleq
It offers a flat profit rate on car loans, starting from 2.15% per annum for UAE nationals
The bank offers a flexible repayment period of up to 5 years - you can choose the period as per your choice within this limit
You get a grace period of 60 days for the first instalment with this loan option
The approval of a car loan may get done as quickly as 4 hours
Auto finance is available for multiple vehicle brands, including new, certified pre-owned, and used vehicles
A salary transfer is not required to avail of this loan product by Emirates Islamic Bank
This car loan product is a regular Murabaha product and can finance insurance, accessories, and VAT
A salary certificate, three months' bank statements, a copy of a valid passport with a residence visa, a security cheque, an insurance certificate, and a post-dated cheque are some of the documents required for this car loan for UAE nationals by Emirates Islamic Bank
Abu Dhabi Islamic Bank (ADIB)
Founded in 1997, Abu Dhabi Islamic Bank (ADIB) is one of the most known banks and financial institutions with respect to Islamic financing in the UAE. As the first Islamic bank set up in Abu Dhabi, ADIB offers its customers a wide range of banking and credit facilities.
One of the popular products offered by Abu Dhabi Islamic Bank is car loans.
The car loan product for UAE nationals offered by Abu Dhabi Islamic Bank is titled ‘Car Finance’
With this loan, you can get financing for up to 80% of your car’s value (up to AED 500,000)
The loan product is available for both new and used cars
The minimum salary required to obtain this loan is AED 5,000
You can get a flexible repayment tenure of up to 60 months or 5 years
A notable benefit of this car loan in UAE is its instalment deferment, where you can have 1 deferment per year
The first instalment payment grace period is of 90 days
Some important documents for the loan application process include the latest salary transfer letter, three months' bank statements, an original & copy of a valid Emirates ID, passport, and driving licence
You can quickly get your dream car using a car loan from Mashreq, which offers car loans through its Islamic Banking wing Mashreq Al Islami. Mashreq Bank, listed on the Dubai Financial Market since 2000, offers car loans to both UAE nationals and expatriates.
Apart from high loan amounts, you can enjoy several benefits with Mashreq Bank auto loans such as free bank accounts, competitive interest rates, and so on.
Features & Benefits of the Mashreq bank car loan for UAE nationals –
You must have a salary of at least AED 5,000 to apply for this car loan
As a borrower, you can take advantage of the free current account with no minimum balance with this car loan
The flat interest rates for this car loan start from 3.45% (per annum)
You can get a high loan amount of up to AED 500,000 with this car loan for UAE nationals
Enjoy high flexibility with repayment options, with the tenure ranging between 12 and 60 months
Get a credit card that is free for life with this loan
Duly filled and signed application form, driving licence, bank statements, valid passport & Emirates ID, and trade licence copy are among the documents required for the loan
Abu Dhabi Commercial Bank
Abu Dhabi Commercial Bank, also referred to as ADCB, is a UAE-based financial institution that offers a plethora of banking and credit services. The bank extends the facility of car loan to UAE nationals, with these loans being available at fixed and reducing interest rates with a simple documentation process. Remarkably, you can earn TouchPoints and get additional benefits with this auto loan for UAE nationals.
Features and Benefits of the ADCB car loan for UAE nationals -
One-signature application process
Easy and quick approval process
The maximum finance amount provided by the lender to UAE nationals is AED 1.5 million or up to 80% of the car's value
With every AED 1,000 loan amount, you get 50 free TouchPoints
The insurance finance option is available with this auto loan
The flat and reducing rates of interest are as follows -
Flat interest rates starting from 1.99% per annum
Reducing interest rates starting from 3.65% per annum
Abu Dhabi Commercial Bank offers a flexible repayment tenure of up to 60 months
The minimum salary required to obtain a car loan is AED 5,000
The loan is available for salaried employees, self-employed individuals, and companies
HSBC Bank is one of the largest and oldest financial institutions in the UAE. HSBC traces its history back to 1865, while its existence in the UAE goes back to 1946. The bank offers both consumer and corporate banking products and services in the UAE, with its extensive array of credit facilities such as car loans and more.
HSBC car loans are affordable and require minimal paperwork. From inside-out inspection to RTA registration, HSBC offers several benefits along with its auto loans.
Features & Benefits of the car loan for UAE nationals by HSBC Bank –
Avail of a car loan at flat interest rates starting from 1.99%
In case you opt for complete financing, you can have a discount of 0.25% on the flat interest rate
HSBC offers a special flat interest rate for Tesla electric vehicles at 1.74%
If you wish to change your car every 2-3 years, a balloon repayment option with a reduced monthly payment is available for the same
You can avail of this car loan without opening an account
You can get a loan amount of up to AED 600,000
This loan product is available for all types of vehicles including saloon, four-wheel drive, and motorcycles
Concierge service is available with HSBC car loans for UAE nationals
The loan can be obtained for both new and used cars
HSBC offers a 0.15% discount on the applicable interest rate for hybrid vehicles
The green car loan is also available for electric and hybrid cars
Frequently Asked Questions (FAQs)
Do UAE nationals require submitting their identity proof to apply for a car loan?
Yes, UAE nationals are required to submit a copy of their Emirates ID or driving licence as identity proof for a car loan in UAE.
What documents are required to apply for a car loan by UAE nationals?
Some of the documents required to apply for a car loan are –
A copy of Emirates ID or driving licence
A copy of a valid residence visa
Bank statements for the last 3 or 6 months
Please note that your loan provider may ask for additional documents if required.
The best ratesWhat I really liked in Policybazaar UAE is how they provide car loans in UAE at such low rates. I compared them to many more places but found policybazaar.ae rates the best!!
Amol ShresthaRas Al Khaimah, January 23, 2023
Recommended for car loans UAEPolicybazaar.ae is a great site for getting car loan. They have very good plans at affordable rates and have a helpful customer service. Lovely experience overall - highly recommended!
CLAIRESharjah, January 18, 2023
Everything I wanted in one placePolicybazaar.ae got me literally the best car loan options in one place. It was big relief to be saved from running around diff websites and banks. From checking and comparing to the applying part I did it all in one place very comfortably. Lovely experience policybazaar.ae!
Ambar MahaleAjman, January 18, 2023
Thumbs Up!I rate Policybazaar UAE quite highly. It made my journey very easy when I wanted car loan UAE. Overall Id say good plans, good website and certainly awesome customer help!
Mohammed aman ullahAbu Dhabi, January 16, 2023
Very affordableWhen I went some banks the interest were very high. A friend recommend so I came to policybazaar.ae. I was shocked to see how I had car loans in UAE as low rate as 5%! Policybazaar UAE is simply best for low cost car loans
Mohammed ShahidUmm Al Quwain, January 16, 2023
Got so fast car loanWith policybazaar.ae I had my best ever experience in getting car loan. I just had to browse the plans on my phone and apply. Their customer team promptly reverted back and helped me with the remaining processes. Such quick loan approval and 10/10 customer help!
AbdullahAjman, January 13, 2023
Very best!I have applied for car loan UAE in both banks and policybazaar.ae. With Policybazaar UAE the experience was much better. I applied the loan from my home and got it done as smoothly as anything!
Pritam Somaiah ChokiraFujairah, January 13, 2023
Best place For Best car loan in UAEHad heard a lot about Policybazaar UAE but doubtful of getting car loan online. One visit to policybazaar.ae was all that needed to remove the doubts. Policybazaar.ae has my trust and has the absolutely best car loans plans in one place
KhurramDubai, January 12, 2023
Simply the most awesomestAs an expat I wasnt sure whether I'd find car loan UAE. Policybazaar UAE however made it very easy. I didnt face any problem and was readily helped by their team. Thanks policybazaar.ae for this pleasant experience.
Hamzallah RahmanzaiSharjah, January 12, 2023
Great car loan experienceThanks in tons to Policybazaar.ae for helping me get car loan UAE in the shortest time possible and without me rushing to the bank branches. The car I wanted I bought within a few days of planning the purchase!
Car Loan with No Credit History or Cosigner - If you want to take a car loan first time with no credit and co-signer, so must read this article because we are providing the best tips for getting a car loan with no credit history and cosigner.
Car Loan Payment with a Credit Card - If you want to pay your car loan with a credit card so must read this article because we discussed paying your car loan using credit card. And also know the advantages & disadvantages of paying a car loan with a credit card.
Buy a Car with Cash or Loan - If you do not know which option is best for you to buy a car with cash and loan. So you must read this article because we discussed which option is better for you to buy a car with cash or loan in UAE with features and benefits.
Commercial Vehicle Loan in UAE - Get complete information about Commercial Vehicle finance in UAE. Check eligibility, document requirements, types of commercial vehicles loans, features & benefits, & more.
Emirates Islamic Bank Car Loan Calculator helps calculate your monthly EMI for your car loan. Check your car loan EMI amount, Interest Rate, and tenure with the help of the EIB car loan EMI calculator.
Emirates NBD Car Loan Calculator helps calculate your monthly EMI for your car loan. Check your car loan EMI amount, Interest Rate, and tenure with the help of the Emirates NBD car loan EMI calculator.