Dubai Islamic Bank Car Loan

We all are well aware that buying a car requires a hefty investment, and financing it through an auto loan is feasible for most individuals in the UAE. For this reason, Dubai Islamic Bank provides affordable car loans with low-profit rates and lenient eligibility criteria. Not just that, DIB car loans come with minimal documentation and quick approvals for your utter convenience.

Top Car Loan Plans in Dubai

Features and Benefits of Dubai Islamic Bank Car Loan in UAE

The features and benefits of the Dubai Islamic Bank car loan are as follows:

• Auto financing is convenient and processed through various online channels and dedicated Al Islami Auto Finance staff
• Offers low-interest rates for car loans- flat profit rate starting from 2.15% p.a. to 6.00% p.a and reducing rate from 3.93% p.a to 10.98% p.a
• No salary transfer is required for a DIB car loan
• Up to AED 1 million car financing for individual customers and up to AED 8 million for businesses with a flexible loan tenure of 60 months
• The documentation process for car loans is simple and hassle-free
• Financing options from Auto Takaful and other associates are available
• Involuntary loss of employment (ILOE) coverage is provided for the initial 48 months of the tenure. If you lose your job during this period, Watania Takaful will cover up to 6 months of installments, with a maximum coverage of AED 30,000.

Eligibility Criteria to Apply for Dubai Islamic Bank Car Loans

You need to be aware of the following eligibility criteria while applying for Dubai Islamic car loan:

Eligibility Criteria	Requirements
Age	18 years to 56 years
Minimum salary requirement	AED 5,000 or above
Residency	UAE residents
Minimum downpayment	20% of the total car value

DIB Car Loan Calculator

DIB Car loan calculators are one the best and the easiest ways to understand and manage your finances efficiently. Primarily this is because a car loan EMIs involves complex calculations and multiple variables for computing your Interest Rates. However, you can conveniently forecast your total loan amount, monthly EMIs, and total Interests you need to pay by entering the details like car cost, loan tenure and the Interest Rates that you are offered. 

Furthermore, to calculate your car loans, you can visit any car loan aggregator's website and enter the required details as already mentioned. After submitting the form, the portal reflects various details related to your DIB car loan. However, you should also keep in mind that the EMIs calculated are approximate because your total loan cost includes various fees and charges such as loan arrangement fees, finance charges etc. 

Documents Required for DIB Car Loan in the UAE

Please note that the following documents are required to submit while applying for a DIB car loan:

• Personal or business bank statements
• Salary certificate 
• Payslips
• Passport
• Khulasat al Khaid copy
• Valid visa (for expatriate)
• Emirates ID card
• Quotation for vehicle being purchased
• Trade license 
• Memorandum of association
• Partnership agreement

Note: These are the basic documents that are usually required while applying for a car loan. The bank may request some additional documents in certain circumstances.

Dubai Islamic Bank Car Loan Fees and Charges

Following are the fees and charges you need to pay while applying for a DIB car loan:

Fees and Charges Type	Amount
Due Diligence and Documentation fee	1.05% of financing amount or min AED 520 to  max AED 2,620
Undertaking to donate due to late payment	AED 175
Early settlement charges	1% of the remaining balance or max AED 10,000
Installment deferment processing charges	AED 105 per deferment

Dubai Islamic Bank Car Loan Contact Details

You can reach out to the DIB bank in different ways:

For Complaints:

• Phone: +971 4 6092222
• Email: Contactus@dib.ae

For Collections:

• Phone: +971 4 5032400
• Email: Collections.Support@dib.ae

Note: The bank will respond to your complaint within 2-5 business days. 

Frequently Asked Questions