Car Loan in UAE from Dealership or Bank - Know which car loan option is better for you from dealership and Bank. And also know the financing process of both with advantages and disadvantages.
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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.
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.
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 |
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:
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.
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.
Whether it is for personal or commercial purposes, acquiring a vehicle through an Emirates Islamic car loan has various benefits like:
Yes, customers who are not active account holders in Emirates Islamic Bank can also apply for a car loan.
You need to pay 20% of your car’s value as a down payment for your 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)