FAB Car Finance for Expatriates

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The UAE is among the world’s major countries regarding the availability of a vast range of cars. However, while spending your life savings on your preferred car may bring it to you quickly, it will be accompanied by the financial stress of managing other expenses with diminished savings. In such cases, having assistance in the form of a FAB Car Loan, for instance, can be helpful. This is especially the case for expatriates, who will also have to manage the involved legalities. Unlike several providers, getting FAB Car Finance for Expatriates is a straightforward process. Equipped with such a loan, ex-pats can manifest their dream of a car in the UAE.

First Abu Dhabi Bank, as a major financial institution, provides various banking services to individuals, small and medium-sized enterprises, and large international companies in the UAE. Formed in 2017, FAB has quickly solidified its place in the UAE banking sector in categories like bank accounts, home loans, vehicle loans, etc.

FAB - Car Finance For Expatriates

  • Minimum Salary AED 7,000
  • Flat Rate 2.15%
  • Reducing Rate 4.09%
  • Islamic Finance

Features of FAB Car Loan for Expatriates

Given below are some of the notable advantages of the FAB Car Loan for UAE Expatriates.

  1. Low Rates of Interest - The FAB Car Finance for UAE Expatriates is a loan that is designed to meet the precise needs of UAE Expatriates. These loans are attractive to most ex-pats due to their low-interest rates, which can often be as low as 2.15% per year for ex-pats. 
  2. Flexible Loan Term - To ensure greater flexibility for ex-pats, the FAB Car Loan for UAE expatriates has credit terms between 1 and 5 years. However, it’s worth emphasising that while you may pay less in monthly installments with lengthier loan terms, a larger total interest is also a consequence. Ultimately, the decision over tenure should be done after examining personal financial plans and constraints.
  3. High Loan Amount - If a luxury car is what you seek as an ex-pat, FAB Car Loan is an excellent option for you. With funding of up to AED 1.5 million, you can afford a brand new luxury car without compromising other financial obligations.
  4. First Instalment Postponement - The FAB Car Loan for UAE Expatriates is a finance solution that gives you the ability to defer payments for up to 180 days after the delivery of your new car. This allows you greater flexibility to wait until you have paid off any existing debts or made some other significant savings before you make your first payment.
  5. 80% Financing - FAB offers car financing of up to 80% of the invoice amount. So if you have decided on a new car and possess the required funds for the down payment, you can go for FAB Car Loans.
  6. Quick Loan Processing - Aiming to make your car purchase experience as seamless and easy as possible, FAB has launched a completely digital car loan processing system that allows you to get pre-approved for loans within minutes. With First Abu Dhabi Bank, you can be certain that your FAB Car Loan application will be efficiently handled to the greatest possible extent. 

FAB Car Finance for Expatriates Interest Rate

Car Finance Plan

Flat Rate of Interest

Reducing Rate of Interest

FAB Car Loan for Expatriates

Starting from 2.15% per annum

Starting from 4.09% per annum

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FAB Car Loan for Expatriates Documentation Requirements

Getting a car loan approved with First Abu Dhabi Bank can be a straightforward process. Whether you apply online from our website (or the FAB site) or offline at the branch, you will be required to obtain an application form and fill it out with the required personal details. The next step will involve the submission of documents, where the list of required documents may vary as per your application. However, the general documents asked by banks for the process are:

Salaried Applicants

  • Driving license
  • VISA details
  • Recent utility bills
  • Emirates ID
  • Passport ID
  • Last 6-month Bank account statement
  • Recent payslips or salary certificates
  • Dealer’s quotation

Self-Employed Applicants

  • Driving License
  • Emirates ID
  • VISA Details 
  • Passport ID
  • Trade License
  • Last 6-month Individual Bank account statement
  • Last 6-month Corporate Bank account statement
  • Dealer’s Quotation or Proforma Invoice
  • Copy of Power of Attorney 
  • Company’s Liabilities, revenue, loans, and balance details

Corporate Applicants

  • Trade License
  • Passport ID
  • VISA Details
  • Emirates ID
  • Power of Attorney
  • Company’s Liabilities, balance details, loans, and revenue
  • Dealer’s Quotation or Proforma Invoice
  • Last 6-month Corporate Bank account statement

FAB Car Loan for Expatriates Eligibility Criteria

Some eligibility requirements are to be met for loan applicants in the UAE. When you’re applying for a car loan, understanding what those requirements are can help you know your chances of approval. This list will give you information on the different factors that affect eligibility and how they impact the approval of your FAB Car Finance application.

  • Age: FAB auto loans are for people aged 21-70 years. It is a general rule regarding bank loans, and FAB Car Finance for UAE Expatriates is no exception. However, while the lower limit is generally fixed, the upper one may depend on monthly income and others factors.
  • Salary: The FAB Car Loan has a minimum monthly salary requirement of 7,000 AED.
  • Credit Score: With most banks assessing the applicant’s history using the credit score, a high credit score can help you get approved for a car loan without much hassle. For categorisation as fair, FAB Auto Finance may need a credit score of above 620-630 to approve an auto loan.
  • Residency: As the name suggests, FAB Car Finance for Expatriates offers auto financing to UAE ex-pats only.
  • Down Payment: If you want to apply for a FAB Car Loan, you will have to pay a 20% value of the car as a down payment.

Age 

21 to 70 years

Residency

UAE Expatriates

Monthly Salary Requirement

7,000 AED 

Credit Score

Good credit score needed

Down Payment

20% of the value of the car 

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Reasons to Select FAB Car Loan for Expatriates

To sum up, if you are an expatriate looking to purchase an automobile, FAB Car Loan is among the finest alternatives in the UAE due to the following reasons

  • Both new and old car financing is available
  • 180-day first installment postponement
  • High Loan Amount up to 1.5 million AED
  • Affordable Rates of Interest

If you wish to explore more before making your decision as an ex-pat, feel free to check out more car loan plans in the UAE at policybazaar.ae and thoroughly compare them all. Once done, you can even buy your selected plan from our website in the most convenient way.

FAQ's

Can I choose to settle my FAB auto loan before the loan term ends?

Yes, you can pre-settle your FAB Car Loan. However, it should be noted that a minimal amount in the form of an early loan settlement charge will be applicable.

What is the age requirement for FAB car finance for Expatriates?

In the UAE, the minimum age requirement to be eligible for a FAB auto loan is 21 years.

How do expatriates apply for FAB vehicle finance?

To apply for FAB car finance for expatriates, visit the official website of the FAB bank or continue on our website and fill out the relevant application form for your plan. After attaching the required documents and submitting the form, you will be contacted by the bank if your application passes through. Alternatively, if you go for the offline route, the process will be the same barring the fact that the required documents and forms will have to be obtained in printed copies.