Dubai Islamic Bank Auto Refinance

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With plenty of options related to a car loan in UAE, one can easily obtain a loan to purchase a car. However, if you are dissatisfied with the loan terms, you can search for auto refinancing in UAE and avail of another loan to repay the current loan. If you are looking for car refinance in UAE, you can turn to the Dubai Islamic Bank (DIB), which has a spectrum of car loan products including the DIB auto refinance.

Dubai Islamic Bank, one of the largest banks in the UAE, is chosen by around 2 million customers in the UAE. It has various products like savings accounts, credit cards, car loans, and others that can be obtained by individuals as well as corporations and institutions. From the itinerary, Dubai Islamic Bank auto refinance can be sought to replace your current car loan in UAE.

Dubai Islamic Bank Auto Refinance

  • Minimum Salary AED 3,000
  • Monthly Payment 0
  • Flat Rate 0%
  • Reducing Rate 0%
  • No Salary Transfer

Features & Benefits of Dubai Islamic Bank Auto Refinance

Find below the key features and benefits that one can enjoy with the DIB auto refinance.

  1. Low Rates of Interest - Dubai Islamic Bank is known for providing financing options to its customers at some of the lowest interest rates in the country. Depending on your car and other factors, you can secure fixed interest rates starting from 3.50% per annum or reducing interest rates starting from 6.40% per annum for your Dubai Islamic Bank car loan.
  2. Easy Loan Repayment - A longer loan repayment tenure can make it easy for you to pay monthly instalments. With DIB auto refinance providing repayment tenures of up to 5 years, you can repay the loan in affordable instalments without letting them affect your finances overall.
  3. Convenience of Financing - Dubai Islamic Bank has kept its eligibility requirements to a minimum to help facilitate refinancing options for everyone. To be eligible for this Dubai Islamic Bank car loan, you simply need to have a minimum salary of AED 3,000 per month (and that too without mandatory salary transfer). 
  4. Minimal Documentation - Prioritising the convenience of customers, Dubai Islamic Bank has made the application procedure for DIB auto refinance completely digital with minimal documentation requirements. With paperwork related to only your identity, address, and income, you can easily obtain this Dubai Islamic Bank car loan.

Dubai Islamic Bank Auto Refinance Interest Rate

Highlighted below are the interest rates for DIB auto refinance:

Car Refinancing Plan

Fixed Rate of Interest (Starting from)

Reducing Rate of Interest (Starting from)

Dubai Islamic Bank Auto Refinance

3.50% per annum

6.40% per annum

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Dubai Islamic Bank Auto Refinance Documentation Requirements

To verify the information provided in your application for this Dubai Islamic Bank car loan, here is a list of all the documents you will be required to submit to get Dubai Islamic Bank Auto Refinance approval:

  • Emirates ID
  • Valid Visa (for expatriates)
  • Copy of Passport or Khulasat al Qaid 
  • Dealer’s evaluation for your car
  • Last 3-month bank statements
  • Recent Payslips or Salary Certificates

Dubai Islamic Bank Auto Refinance Eligibility Criteria

Here is a list of eligibility requirements that you need to fulfil to apply for DIB Auto Refinance:

  • Age: Applicants must be at least 21 years old to be considered eligible 
  • Residency: UAE residents, citizens, as well as expatriates can apply for this Dubai Islamic Bank car loan. The financing amount and the rate of interest, however, will vary.
  • Salary: An individual with a minimum monthly salary of at least AED 3,000 is eligible for a Dubai Islamic Bank Auto Refinance.
  • Credit Score: All applicants must have a good credit score to be considered eligible for this DIB car loan. Although institutions don’t define the minimum credit score limits, one can aim for a score of 700 or above to even qualify for Dubai Islamic Bank auto refinance with better interest rates. 
  • Down Payment: When refinancing a car with the Dubai Islamic Bank, 20% of the total purchase price must be by the borrower at the time of purchase. The rest will be financed by the loan provider and can be paid in monthly instalments.

Minimum Age 

21 years

Residency

UAE residents, nationals, and ex-pats

Salary Requirement (per Month)

At least AED 3,000 

Credit Score

Good credit score is required

Down Payment

20% of the value of the car 

Reasons to Choose Dubai Islamic Bank Auto Refinance

Dubai Islamic Bank Auto Refinance has several benefits that make it an ideal choice for most individuals searching for a car loan in UAE:

  • Minimum monthly salary requirement of AED 3,000 
  • Flexible repayment tenure of 5 years
  • Financing up to 80% of the value of the car
  • Competitive interest rates starting at 3.50% per annum (flat) and 6.40% per annum (reducing)
  • No mandatory salary transfer
  • Minimal documentation requirement

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How to Apply for Dubai Islamic Bank Auto Refinance?

You can easily apply for this type of Dubai Islamic Bank car loan online and offline. You can visit the official DIB website and search for this plan under the ‘Get Auto Finance’ section. Select the option of applying for this loan and fill out the application form with the required details. After you submit it, the bank will verify the details and revert to you for the remaining procedures. 

In the offline mode, you will simply have to fill out an application form at a branch of the bank and submit it to complete the process on your end. 

You can check the top plans for a car loan in UAE on policybazaar.ae as well. Given below are the steps for the same:

  • Visit policybazaar.ae, the website of Policybazaar UAE
  • Fill out the form present on the ‘Car Loans’ page 
  • Check out the available plans and compare their features, rates, and more
  • If you find any plan suitable, apply for it by providing a few more details 
  • Policybazaar UAE will connect with you soon for further steps

It is always advisable to compare the best available plans to get the best deals at low prices, whether you go for a loan, credit card, or any other financial product. This part can be accomplished the best with Policybazaar UAE, where you can compare the plans in one place and even apply for your preferred one using your smartphone or laptop online!

Frequently Asked Questions

What is the required amount of monthly salary needed to apply for DIB auto refinance?

Dubai Islamic Bank requires a minimum monthly salary of AED 3,000 for Auto Refinance.

Do I need to be an active account holder to be eligible for Dubai Islamic Bank Auto Refinance?

No, DIB offers Auto Refinance to non-account holders as well. However, applicants who do not have an active account in the bank may receive slightly higher interest rates on the loan amount.

How to apply for DIB Auto Finance?

You can visit the bank’s website and follow the application instructions to apply for Dubai Islamic Bank Auto Finance. You can also apply for the same by continuing on policybazaar.ae. Besides these online methods, you can also apply by visiting a nearby bank branch.

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