Dubai Islamic Bank Al Islami Car Finance

As your car is one of the biggest investments you can make, financing it through a proper car loan in UAE is crucial. Understanding the significance of this purchase, the Dubai Islamic Bank (DIB) ensures low rates, minimal documentation, and quick approvals for DIB car loans. 

Among the largest banks in the UAE, Dubai Islamic Bank offers investment banking solutions aimed at individuals, corporates, and institutions as well as personal and business services such as individual and corporate savings accounts, car loans, and more. 

Dubai Islamic Bank Al Islami Car Finance

• Minimum Salary AED 3,000
• Monthly Payment AED 1748
• Flat Rate 2.35%
• Reducing Rate 2.4%

• Islamic Finance
• Finance on Second Car
• ISharia Compliant
• Dedicated Relationship Manager
• No Salary Transfer

 

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Features & Benefits of Dubai Islamic Bank Al Islami Car Finance

Dubai Islamic Bank Al Islami car finance offers you an easy and flexible way to finance your dream car in the UAE, with this DIB car loan plan offering numerous facilities in a single loan for a simplified vehicle loan process.

1. High Loan Amount Limit - With a car loan from Dubai Islamic Bank, you can purchase your dream car without worrying about the budget. With the maximum loan amount going for this DIB car loan going up to AED 1 million for individuals, most cars stand within your reach if you opt for this loan plan.
2. Low Rates of Interest - DIB car loans come with low financing rates that reduce the overall loan cost. Based on the automobile you wish to purchase and other qualifying conditions, you will get the car loan at a specified interest rate. Here, the fixed interest rates start at 2.10% per annum (flat) or a reducing interest rate of 3.84% per annum.
3. Loan Repayment Tenure of Up to 60 Months - Dubai Islamic Bank Al Islami Car Loan has loan repayment terms ranging from a year to 5 years, with the rates of interest and monthly instalments varying proportionally. Thus, you can opt for this car loan plan if you wish to go for low instalments (albeit at high total interest over the loan period). 
4. Quick Loan Processing - Tailored to fit the modern customer’s requirements, the online application portal of the bank allows the submission of your application and its approval to be completed in a short time.
5. Salary Transfer is not Required - To secure a vehicle loan in the UAE, most banks demand an active salary transfer account. However, you can qualify for a Dubai Islamic Bank Al Islami Car Loan without having an active salary account with the bank. Nevertheless, if you choose to go with a salary transfer, you may be eligible for advantageous rates of interest.
6. Auto Takaful - DIB Auto finance Takaful is an innovative product that is being offered in collaboration with Noor Takaful. It saves the borrower’s family from the burden of the loan in case the borrower passes away before the completion of the loan repayment.
7. Easy Access - As a leading bank in the country, DIB is dedicated to providing superior services across the country. DIB automobile loans are easy to get, thanks to a network established in over 54 locations and the presence of Dubai Islamic Bank Al Islami Car Finance professionals at all key dealerships.
8. New & Used Auto Loans - Dubai Islamic Bank has tailored its car loan schemes to the diverse requirements of its valued customers. So whether it is a brand new car or a used car, you will find schemes that will help you obtain your preferred car. 

Interest Rate for Dubai Islamic Bank Al Islami Car Loan

DIB Al Islami Car Finance Documentation Requirements

The following documents should be readily available for the bank’s consideration when you apply for a DIB car loan:

• Emirates ID
• Passport
• Visa Details (if applicable)
• Driving License
• Recent Pay Slips
• Recent Utility Bills
• Last 6-month Bank Account Statements
• Dealer Quotation or Car’s Proforma Invoice
• Partnership Agreement or Memorandum of Association (if applicable)

Note: The bank may request documents other than the ones mentioned in the list as per its discretion.

DIB Al Islami Car Loan Eligibility Criteria

Applicants are required to satisfy certain eligibility criteria before applying for a car loan in UAE from the Dubai Islamic Bank:

• Age: To qualify for Dubai Islamic Bank Al Islamic car loan, you must be of a minimum age of 21 years. Furthermore, based on your job position and pay, the bank may establish an upper age restriction between 65 years and 70 years.
• Residency: DIB provides vehicle loan finance to UAE citizens, nationals, and ex-pats. However, the approved loan amount and the interest rate will be determined by the applicant's residence.
• Salary: To qualify for a DIB automobile loan, you must possess a monthly income of at least AED 3,000 or more.
• Credit Score: Most banks require the individual to have a good credit score to receive approval for their car loan application. While there is no specific limit for the same, you can try to keep a credit rating of 700 or more to get car loans easily at less interest.
• Down Payment: A down payment of 20% is required on your part at the time of purchasing the car 

Top Reasons to Choose DIB Al Islami Car Finance

Dubai Islamic Bank Al Islami Car Loan has various benefits that make it an excellent option for most individuals looking for a car loan in UAE.

• Zero salary transfer requirement
• Flexible loan repayment terms ranging up to 60 months
• Both new and old car financing
• Auto Takaful Feature
• Simple Documentation Requirement