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Emirates Islamic Bank is a Sharia-compliant bank established in the UAE in 2004. The bank is known for catering to both individuals and corporates on a large scale. With Emirates Islamic Bank specialising in both retail and business banking, it is able to offer an array of services and products.
One of these top-preferred Islamic banking products is Emirates Islamic Bank car loans. Offering some of the best possible car loan interest rates, Emirates Islamic Bank ensures easy financing of your dream car with the tenure of your choice. Without further ado, let’s check out some of the key aspects related to Emirates Islamic Bank Car Loans.
Emirates Islamic Bank offers three different kinds of car loans in the UAE – car loans for new cars, used cars, and certified pre-owned car loans. Given below is a brief description of the same:
Category |
Interest Rate for Ex-Pats |
Interest Rate for UAE Nationals |
---|---|---|
New Car Finance |
Flat Rate from 2.29% onwards |
Flat Rate from 2.19% onwards |
Used Car Finance |
Flat Rate from 2.59% onwards |
Flat Rate from 2.49% onwards |
Certified Pre-Owned Vehicle Finance |
Flat Rate from 2.29% onwards |
Flat Rate from 2.15% onwards |
Criteria |
Salaried Individuals |
Self-Employed Individuals |
---|---|---|
Nationality |
Both UAE nationals and residents can apply |
|
Minimum age |
21 years |
|
Minimum Income |
AED 4,000 |
AED 20,000 |
Minimum Down Payment |
20% |
Category of Document |
Required Documents |
---|---|
Identification Documents |
Emirates ID Passport – original and a copy Resident’s visa – original and a copy |
Vehicle-Related Documents |
Quotation on vehicle price or a pro forma invoice for the car A comprehensive Islamic insurance of the vehicle |
Salary/Income-Related Documents |
Security cheques Post-dated cheques Documented evidence for income of the applicant or Salary certificates for salaried individuals Bank statements of the past 3 months for your salary account (not required if your salary is being transferred to Emirates Islamic Bank) |
Documents for Used Cars |
A certificate of valuation for the car – only from an Emirates Islamic Bank approved dealer A quotation of an offer to the bank from the current owner Ownership title of the vehicle |
Emirates Islamic Bank Used Car Loan - Eligibility, Interest Rate & Benefits |
If you want to avoid the complex calculations regarding loan repayments, you can always use the Emirates Islamic Bank car loan calculator to easily calculate the equal monthly payments for your Emirates Islamic Bank auto finance. Emirates Islamic Bank Car loan calculator is rather simple to use, as all you need are a few particulars to fill the required fields to get an estimate of the equal monthly payments you will have to make.
Determine the loan amount required, the tenure of the loan, and the plausible interest rate. Once you fill out these particulars, the calculator will automatically present the instalment amount at the bottom. By sliding the cursor, you can also change your loan amount or tenure which will automatically reflect in the estimated instalment amount. You can also change the interest rate to change the resulting instalment amount.
Categories |
Applicable Fees and Charges |
Processing Fee |
1.05% |
Liability Letter Issuance |
AED 63 |
Late Payment Fee |
AED 210 (per instalment) |
Early Settlement Fee |
1.05% of the total outstanding balance |
Change of Payment Due Date Fee |
AED 26.25 (per request) |
Advance Payment Fee |
1.05% of the payment amount due for the month |
Deferment Charges |
AED 105 |
All charges and fees are inclusive of VAT.
Category |
Contact Details |
---|---|
Phone |
600 599995 |
|
P.O Box 6564, Dubai |
Fax |
+971 (4) 358 2659 |
Business Banking |
+971 (4) 3160080 |
International Call Support |
+971 600599995 |
Emirates Islamic Bank takes around 4 hours to process car loan applications. However, the duration may differ on a case-by-case basis.
A maximum of AED 10,500 is allowed for one Emirates Islamic Bank Car loan early settlement request.
A minimum of 20% down payment amount must be paid for Emirates Islamic auto loans.
Emirates Islamic Bank LPO is valid for 45 days from the date of issuance.
AED 63 is the fee to get a liability letter issued to other banks from Emirates Islamic bank.
No, as long as you are completing the payment before the end of the grace period, no additional charges will be levied.
AED 210 is applicable on every instance of late payment for your due Emirates Islamic auto loan amount for the month.
Yes, you can get Emirates Islamic Bank auto finance in such a scenario. However, prior approvals from the bank will be required.
Yes, you are allowed to defer payments of your auto loan with Emirates Islamic Bank if such situations arise. However, it won’t be for free, as a deferment fee will apply.
The payment deferment fee is AED 105 for every deferred payment.
Yes, you can easily change the due date of your equal monthly payments or instalments. Simply call the Emirates Islamic Bank and set up a new due date after discussion.
Yes, a nominal fee of AED 26.25 is applicable per request for a due date change.
The maximum available tenure for Emirates Islamic Bank vehicle loan is 60 months, while the minimum available tenure is 12 months.
Yes, you can finalise your Emirates Islamic Bank Car loan particulars before you finalise the vehicle you want to purchase.
Taking out a car loan can improve your credit scores as your credit portfolio diversifies when you obtain different kinds of credit tools. However, banks pull out your credit score every time you send in an application for a loan. The more your credit score is accessed by financial bodies, the worse it becomes. So while taking a loan itself does not worsen your credit score, multiple applications for getting a loan can.