Emirates Islamic Auto Finance

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While purchasing a car is one of the biggest dreams for many people, the aspect of arranging the required finances may prove challenging for some. The need for having a car compels us to seek financial help, with a car loan in UAE being an avenue for getting the required funds to own a car. One of the best options for the same in the country can be found in the form of the Emirates Islamic car loan, which provides the necessary assistance at affordable rates and is easy to repay.

Established in 2004, Emirates Islamic Bank (EIB) is a Sharia-compliant banking institution that offers a range of personal and business banking services to suit the needs of its large client base. This article will cover all the relevant aspects of Emirates Islamic Auto Finance.

Emirates Islamic Auto Finance

  • Minimum Salary AED 5,000
  • Monthly Payment AED 1712
  • Flat Rate 0%
  • Reducing Rate 2.4%
  • Islamic Finance
  • Finance on Second Car
  • Finance for Used Cars
  • Finance For Other Car

Features of Emirates Islamic Auto Finance

Obtaining a car loan from Emirates Islamic Bank can prove helpful if you plan to purchase a car yet remain concerned about the costs of the loan due to the low profit rates and high loan amount limits of this option. Given below are all the major benefits of Emirates Islamic car loan.

  1. Loan Amount of Up to AED 1.5 Million - Emirates Islamic Bank can help you finance your dream car as the bank offer loans of up to AED 1.5 million with low-interest rates and flexible repayment options. With EIB car loans, you can drive home your dream car without any burden on your budget.
  2. Low Profit Rates  - Emirates Islamic is widely known across the country for providing car loans at low interest rates to both UAE residents and expatriates. For UAE nationals, the rates begin at 2.15% per annum, while the applicable rates for ex-pats are 2.29% per annum. Salaried persons, however, can enjoy extra interest rate savings, with profit rates ranging from 1.80% to 2.95% per annum. 
  3. Flexible Loan Repayment Tenure - Emirates Islamic Bank offers flexible auto finance terms to its customers, with a maximum limit of 60 months available. The least available vehicle finance term is one year, and you may choose any term you like under 5 years. While longer loan repayment tenures result in overall higher interest amount payments, you still have the option of going for the maximum tenure if you wish to keep the profit amount low.
  4. Quick Processing Procedure - Due to the bank’s system application process, it only takes a few hours for your loan application to be completed, and the whole procedure – from application to loan disbursement – usually takes only a few days.
  5. 80% Financing - Emirates Islamic car loan can be deployed to finance up to 80% of the price of your car, following the UAE financing laws, with the remaining 20% funded by the borrower's down payment.

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Emirates Islamic Auto Finance Interest Rate

Auto Finance Plan

Rate of Interest for UAE Nationals Starting from

Rate of Interest for Expatriates Starting from

Emirates Islamic New Car Finance

2.15% per annum

2.29% per annum

Emirates Islamic Auto Loan Documentation Requirements

To ensure that you are completely prepared when submitting an application for Emirates Islamic auto finance, use this checklist for all the relevant documents to be kept ready:

  • Passport
  • Resident VISA
  • Emirates ID
  • Comprehensive Islamic Car Insurance
  • Dealer quotation or pro forma invoice
  • Post-dated Cheques
  • Security Cheques
  • Recent Payslips or Salary certificates
  • Last 3-month Bank Statement

Emirates Islamic Bank Eligibility Criteria

In order to make the loan application and processing as smooth as possible, you need to fulfil the following eligibility requirements of the bank when applying for Emirates Islamic car loan.

  • Age: Emirates Islamic Bank requires the loan applicants to be of at least 21 years old. 
  • Residency: Both UAE residents and nationals are eligible to apply for a car loan in UAE from the Emirates Islamic Bank. Applicants must, however, bring all essential identity documents as requested by the bank. 
  • Salary: To avail of Emirates Islamic auto finance, users must have a minimum monthly income of AED 5,000. However, the income requirements must be verified directly with the bank as they can differ as per other factors related to the applicants.
  • Credit Score: Emirates Islamic Bank, while not directly specifying the credit score limit, may allow only individuals with a reasonable credit score to apply for its car loan in UAE. So if you have a credit score of, say, 700 or more, you will have a high chance of getting the car loan (at better terms and conditions, too).
  • Down Payment: Even if you use Emirates Islamic auto finance to buy a car, a 20% down payment is needed at the moment of purchase. 

Minimum Age 

21 years

Residency

UAE Residents, Nationals, and Expatriates

Salary Requirement

AED 5,000 or more (per month)

Credit Score

The applicant must have a good credit score

Down Payment

20% of the car value

If you find these features relevant to your car purchase plan, you can easily apply for Emirates Islamic Auto Finance on this website. Here, you can simply check out the section for car loans or auto finance to find the best plans available in the UAE displayed on your screen. The best part of applying for this plan with Policybazaar UAE is that you can extensively compare the best plans from different providers in one place, and purchase a plan in a few clicks without going out anywhere.

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Top Reasons to Choose Emirates Islamic Auto Finance

Whether it is for personal or commercial purposes, acquiring a vehicle through an Emirates Islamic car loan has various benefits like:

  • Competitive interest rates starting from 2.15% per annum for UAE Nationals
  • High loan amounts ranging up to 1.5 million AED
  • Flexible loan terms ranging up to 60 months
  • Optional salary transfer 
  • Islamic car insurance financing is available
  • Easy Loan Processing

Frequently Asked Questions

Can non-account holders apply for Emirates Islamic Auto Loan?

Yes, customers who are not active account holders in Emirates Islamic Bank can also apply for a car loan.

How much do I need to pay as a down payment for a car loan?

You need to pay 20% of your car’s value as a down payment for your car loan.

How can I apply for Emirates Islamic Car Loan?

To apply for an Emirates Islamic car loan, you need to visit the bank’s website and follow the application instructions mentioned in the auto finance section. You can also apply for the loan plan on our website or one of the branches of the bank (if you wish to apply offline)

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