Emirates Islamic Bank Car Loan

Car loans are among the most prominent products of the bank. With EIB car loan, you can easily get a car without hurting your finances.

Let’s explore all the significant details about Emirates Islamic Bank car loans in detail.

Features and Benefits of Emirates Islamic Bank Car Loan

The key benefits of the car loan of Emirates Islamic Bank are as follows -

• Car loans are available for new, used, and certified pre-owned vehicles
• The product is based on the Murabaha structure that complies with Shariah principles.
• Salary transfers are optional
• Flexible loan repayment tenure of up to 5 years
• The application process involves minimal documentation
• Applications are instantly and easily approved
• A 60-day grace period is available before making the first instalment payment

Documents Required to Apply for Emirates Islamic Bank Car Loan

Here are the documents required to process an Emirates Islamic Bank car loan application -

• A valid copy of the passport
• A valid copy of residence visa (applicable to expatriates)
• Security cheque
• Salary certificate
• Previous 3 months’ bank statements of your salary account
• Islamic vehicle insurance
• A pro-forma invoice or a quotation from the dealer (for new vehicles)
• Post-dated cheques (if applicable)

For Used Car Loan

• A valuation certificate issued by the bank’s approved dealer
• A quotation or offer to sell to the bank from the present vehicle owner
• An ownership title

How to Apply for Emirates Islamic Bank Car Loan via Policybazaar.ae?

You can easily apply for an Emirates Islamic Bank car loan via Policybazaar UAE -

• On policybazaar.ae, move to the ‘Banking Products’ drop-down.
• Select ‘Car Loans’ and fill out the lead form on the next page.
• Submit the form to view the car loan quotes page.
• Apply filter or locate ‘EIB car loan’ products on your screen.
• Choose the appropriate product and submit your application.
• One of our experts will shortly get in touch with you and guide you through the next step.

How to Calculate Emirates Islamic Bank Car Loan Monthly Instalments?

When you calculate Emirates Islamic car loan instalment beforehand, you get the flexibility to manage your finances accordingly.

On the digital platform of policybazaar.ae, you can easily access the Emirates Islamic Bank car loan calculator. Simply follow these steps below for instant results -

• Step1: Head to policybazaar.ae.
• Step2: Click on the ‘Banking Products’ menu and choose ‘Car Loan Calculator’.
• Step3: Once directed to the next page, locate the calculator.
• Step4: Enter your car price, estimated Emirates Islamic car loan interest, down payment, and loan tenure.
• Step5: The result will be instantly generated.

Emirates Islamic Bank Car Loan: Profit Rates

Tabled below are the Emirates Islamic Bank car loan interest rates -

Name of the EIB Car Loan	Profit Rates
New Auto Finance	Starting from 2.49% flat per annum for UAE Nationals 2.65% flat per annum for expatriates
Used Auto Finance	Starting from 3.19% flat per annum
Certified Pre-Owned Auto Finance	Starting from 3.19% flat per annum

Emirates Islamic Bank Car Loan - Fees and Charges

Want to know the fees and charges associated with Emirates Islamic car loans? Check out the table below -

Type of Fees	Charges
Shares Murabaha	1.05% of the finance amount (Minimum AED 525, Maximum AED 2,625)
Certificates Murabaha	0.7875% of the finance amount (Minimum AED 525 and Maximum AED 2,625)
Deal Cancellation Fee	AED 105 (Per Request)
Balance Liability Certificate	AED 63 (Per Request)
Early Settlement	1.05% of the outstanding balance (maximum of AED 10,500)
Partial Payment	1.05% of the payment made (maximum cap of AED 10,500)
Obligated Amount to Charity (Late Payment Fee)	AED 210
Deferment of Instalment	AED 105 per instalment
Clearance Letter (No Liability Certificate)	AED 63
DDS/ Cheque Return Fee	AED 0