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Emirates NBD Used Car Loan in UAE

Check and Compare Emirates NBD car loan interest rate on used and new cars

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Numerous things have to be considered when financing a vehicle, with the down payment, loan period, interest rate, and other factors included in the list. As it can all prove overwhelming, you must be clear about your finances and choose a car loan option that best suits your lifestyle, requirements, and budget. With several plans available in Emirates NBD Used Car Loan, you can finally get your preferred car while successfully administering your budget.

Since its outset in 2007, the Emirates NBD has undergone rapid expansion. Besides various awards and accolades, it has also gained eminence among Middle East customers due to its various financial products, efficient services, and ease of access. You can experience such distinguished services and products by the bank via the Emirates NBD used car loan in the UAE.

Emirates NBD Used Car Finance Plans

If you are looking for an excellent financing option for a used car, Emirates NBD used car loan can serve you with exceptional services in that regard. The bank offers a variety of loan types and flexible tenures for car financing to differently positioned customers. The benefits offered include attractive loan rates, high loan amounts, quick loan disbursal, easy payment plans, and more.

The major details related to Emirates NBD used car finance are as follows:

Emirates NBD Used Auto Loans for Self Employed

Plan Name

Used Auto Loans for Self Employed

Minimum Monthly Salary Required

AED 25,000

Flat Rate Starting at

3.15% per annum

Reducing Rate Starting at

5.71% per annum

Apply Now

 

Emirates NBD Murabaha Used Auto Finance for Self Employed

Plan Name

Murabaha Used Auto Finance for Self Employed

Minimum Monthly Salary Requirement

AED 25,000 

Flat Rate Beginning from

3.15% per annum

Reducing Rate Beginning from

5.71% per annum

Apply Now

 

Emirates NBD Used Staggered Instalment Plan

Plan Name

Used Staggered Instalment Plan

Minimum Salary Requirement

AED 5,000 per month

Flat Rate Starting at

4.90% per annum

Reducing Rate Starting at

8.89% per annum

Apply Now

 

Emirates NBD Packed Used Auto Loan

Plan Name

Packed Used Auto Loan

Minimum Monthly Salary Required

AED 5,000 

Flat Rate Onwards

4.90% per annum

Reducing Rate Onwards

8.89% per annum

Apply Now

 

Emirates NBD Fixed Deposit Used Auto Loan

Plan Name

Fixed Deposit Used Auto Loan

Minimum Salary Requirement

AED 18,000 per month

Flat Rate Starting from

4.90% per annum

Reducing Rate Starting from

8.89% per annum

Apply Now

 

Major Benefits of Emirates NBD Pre-Owned Car Loan

Emirates NBD makes used car financing simple in the following ways:

  1. Low Rates of Interest - Emirates NBD offers affordable interest rates on car loans. Moreover, if you have a solid credit rating and repayment record, the bank will offer you modest flat and decreasing interest rates.
  2. Flexible Loan Tenure - With Emirates NBD used car loan, users can select from a wide range of flexible tenure options between 12 months and 60 months. This allows the customers to select the term that best meets their financial needs.
  3. High Loan Amount - Emirates NBD offers higher loan amounts at minimal down payments for different types of applicants. You can apply for an Emirates NBD car loan depending upon your needs and get the best offer.
  4. Bank Account - Car loan borrowers get the option to open an Emirates NBD Bank account and use it to fulfill the minimum balance requirements when seeking a pre-owned car loan.
  5. Flexible Repayment Options - With flexible payment options, you can repay your car loan installments in easy monthly and yearly installments without compromising other fundamental payments.
  6. Quick Approval - You can apply for an Emirates NBD loan and get approved on the same day if you fulfill the criteria laid down by the bank. 
  7. Quick Disbursal -  The loan application process at Emirates NBD is fast, convenient, and efficient. Once the required procedure is finished, you can have the funds directly transferred into your account.

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Emirates NBD Used Car Loan Interest Rate

To remember the interest rate, one of the most crucial aspects of a car loan when comparing the used car loan plans in UAE, you can simply refer to the following table. 

Emirates NBD Car Finance Plan

Flat Rate of Interest Starting at

Reducing Rate of Interest Starting at

Used Auto Loans for Self Employed

3.15% per annum

5.71% per annum

Murabaha Used Auto Finance for Self Employed

3.15% per annum

5.71% per annum

Used Staggered Installment Plan

4.90% per annum

8.89% per annum

Packed Used Auto Loan

4.90% per annum

8.89% per annum

Fixed Deposit Used Auto Loan

4.90% per annum

8.89% per annum

Documents Required for Emirates NBD Used Car Loan

Collect the following documents in a place before you apply for Emirates NBD used car finance. 

Salaried Applicants for Emirates NBD Used Car Loan

  • Driving License
  • Emirates ID
  • Passport ID
  • Recent Utility Bill
  • Last 3-month Bank Statement
  • Last 3-month Payslip
  • Dealer Quotation or Car’s Proforma Invoice

Self-employed Applicants for Emirates NBD Used Car Loan

  • Driving License
  • Emirates ID
  • Passport ID, EIDA card, and VISA copy
  • Trade License
  • Last 3-month Individual Account Bank Statement
  • Last 3-month Corporate Account Bank Statement
  • Existing Liabilities and Loans details
  • Dealer Quotation or Car’s Proforma Invoice

Corporate Applicants for Emirates NBD Used Car Loan

  • Passport ID, EIDA card, and VISA copy
  • Trade License
  • Copy of Trade License
  • Last 3-month Corporate Account Bank Statement
  • Existing Liabilities and Loans details
  • Power of Attorney copy (if applicable)
  • Dealer Quotation or Car’s Proforma Invoice
  • Memorandum of Association
  • Copy of Memorandum of Association

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Eligibility Criteria for Emirates NBD Used Car Loan

Applying for a car loan in UAE without fulfilling the eligibility criteria could be futile, as your application is most likely to be rejected immediately in such cases. The same has to be kept in mind when you apply for Emirates NBD used car loan by considering the eligibility criteria as specified by the bank.

Age Requirement

21-65 years

Residency

UAE

Salary Requirement

Varies as per the Car Finance Plan

Credit Score

A good credit score is needed

Down Payment

20% of the car value

Visit policybazaar.ae to apply for Emirates NBD Used Car Loan. Instead of looking at just one car loan plan and buying it, you can check out the used car loan plans in UAE from all the leading providers on our website and purchase one afterward. Simply proceed to the ‘car loans’ section to initiate the process.

Calculating Emirates NBD Used Car Loan Easy Monthly Payments in UAE

As online research for used car finance in UAE can prove confusing, an easy way to navigate past the complexity is to have the monthly installment data for your selected plans ready. The Auto Finance Calculator provided by Emirates National Bank of Dubai is immensely advantageous here, as it can help you determine the easy monthly payment on your car loan in a few seconds. 

Simply provide the details asked by the calculator like the year of manufacturing (YOM) and the model of the car, the approximate interest rate, and other details to have an estimate right away.

For making a sound decision, especially when car loans are concerned, understanding even the minor details is crucial. You can find below some quick details regarding Emirates NBD car loan plans

FAQ's

1. How much of a down payment will I have to make if I want to finance a car?

You need to pay 20% of the car’s value as a down payment if you want to finance a pre-used car with Emirates NBD Used Car Loan.

2. What happens if I miss my loan payments?

Late fees will apply to any loan instalments that are paid after their respective due dates. If you default on your loan payments beyond a certain limit, your vehicle could be seized by the bank due to its status as loan collateral.

3. How to apply for Emirates NBD Used Car Loan?

Applying for Emirates NBD Used Car Finance is easy, as one can go to the official Emirates NBD website or a branch nearby. You can also apply for the same from our website.

4. How much monthly salary do I need to have in order to be eligible for Emirates NBD Used Car Loan?

The salary requirement for Emirates NBD used car loan depends on your preferred car finance plan.

5. Do I need to be an existing account holder to be eligible for Emirates NBD Used Car Loan?

No, you don’t need to be an existing account holder to obtain Emirates NBD used car finance. However, the bank offers complimentary accounts to car loan borrowers which they can use to fulfil the minimum balance requirements.

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