FAB Car Finance for UAE Nationals

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With no shortage of options in the UAE, it is natural to dream of getting a car and driving it on the excellent roads (or off the roads) of the country. While you can always finance your car yourself, availing of a car loan in UAE is always beneficial. One of the leading providers in the country is the First Abu Dhabi Bank, which has multiple options in the form of FAB Car Finance for UAE Nationals.

The FAB is among the most prominent financial organisations in the UAE, offering high-quality banking solutions to individuals, small and medium businesses, as well as big and international corporations. While the bank was founded in 2009, it took only a couple of years to strengthen its position in the banking sector of UAE by demonstrating itself as a trustworthy institution for investing your cash, seeking a car loan in UAE, and several other products. FAB Car Loan is one such product of the bank, which ensures an easy purchasing experience for users in the country. 

FAB Car Loan for UAE Nationals

  • Minimum Salary AED 9,000
  • Flat Rate 1.99%
  • Reducing Rate 20%
  • Islamic Finance

Features of FAB Car Loan for UAE Nationals

Getting an auto loan from First Abu Dhabi Bank is a great idea for UAE Nationals living in the UAE. When planning to buy a car, your priority should be getting the best terms of financing and discounts. Owing to numerous options regarding car loan in UAE, you can easily get one such plan that will fit your requirements with FAB.

Here are some of the benefits you can get with FAB Car Finance for UAE Nationals.

  1. Low Rates of Interest - First Abu Dhabi Bank is famous for its affordable rates of interest on its loan products. The FAB Car Finance for UAE Nationals offers interest rates starting as low as 1.99% per annum. With such low interest rates, you can obtain a loan at less overall cost with First Abu Dhabi Bank car loans.
  2. High Loan Amount - If you are a UAE national wanting to buy that premium car you were always looking for, a FAB car loan can be your best bet. With financing amounts ranging up to 1.5 million AED, you can easily get deals on the best cars in the UAE.
  3. Flexible Loan Term - The prioritisation of customer convenience by First Abu Dhabi Bank is evident in the flexibility regarding the offered loan terms by thank, with FAB car finance for UAE Nationals offering loan tenures ranging from 12 months to 60 months. The main thing here to note, however, is that longer loan tenures mean an overall higher payment in interest but less in monthly installments. Whichever choice you go with, make sure that you have researched thoroughly from the perspective of your current financial status.
  4. Quick Loan Processing - First Abu Dhabi Bank offers completely digital car loan processing, allowing you to rest easy in that your loan application will be processed in a quick time frame. From loan application to loan disbursement, the procedure is completed within a few days.
  5. First Instalment Postponement - Another highly sought-after feature of the FAB car loan for UAE Nationals is the 180-days initial installment postponement. 
  6. 80% Financing - According to UAE Central Bank guidelines, the borrower needs to settle 20% of the new car’s value as a down payment. FAB fulfils this by offering financing up to 80% of the car value. 

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FAB Car Finance for UAE Nationals Interest Rate

Car Finance Plan

Flat Rate of Interest

Reducing Rate of Interest

FAB Car Loan for UAE Nationals

Starting from 1.99% per annum

Starting from 2.80% per annum

FAB Car Loan for UAE Nationals Documentation Requirements

First Abu Dhabi Bank requires documented proof to approve your FAB Car Loan application. While the bank may request any documents at its discretion, here is a general checklist to help you gather all the needed paperwork and make your loan application process as smooth as possible.

Salaried Applicants

  • Driving License
  • Emirates ID
  • Passport ID
  • Recent Utility Bills
  • Last 6-month Bank Account Statement
  • Recent payslips or Salary Certificates
  • Dealer’s Quotation

Self-Employed Applicants

  • Driving License
  • Emirates ID
  • 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 (if applicable)
  • Company’s Liabilities, Loans, Revenue, and Balance Details

Corporate Applicants

  • Copy of Trade License
  • Passport ID
  • VISA Details
  • Emirates ID
  • Power of Attorney (if required)
  • Company’s Liabilities, Loans, Revenue, and Balance Details
  • Dealer’s Quotation or Proforma Invoice
  • Last 6-month Corporate Bank Account Statement

FAB Car Finance for UAE Nationals Eligibility Criteria

When applying for a car loan in UAE, applicants are needed to make sure that they satisfy certain eligibility requirements to have a chance of getting their applications approved. If you want to know what that means and the different factors affecting eligibility, this list will prove helpful.

  • Age: The first, and fundamental criterion here is that you must be at least 21 years old to qualify for a FAB car loan in UAE. The bank has also set a maximum age restriction for the loan of 65 to 70 years, although it may vary depending on your work and salary. You may contact FAB for a piece of up-to-date information on the age restriction.
  • Residency: As the name suggests, FAB car finance for UAE Nationals offers auto financing to UAE Nationals only.
  • Salary: If you are employed, you must have a net monthly income of 7,000 AED to qualify for a FAB automobile loan.
  • Credit Score: If you're looking to buy a new car, one of the first things you'll want to do is look at your credit score. As having a high credit score indicates a responsible financial history of repayments, it can also mean that you have an excellent chance of being approved for a car loan in UAE. While no specific data is present regarding minimum credit score eligibility, applicants for car loans from FAB should maintain a fair credit score (approximately 620 or more) to apply.
  • Down Payment: FAB car loan applicants must be able to pay their car’s 20% value as a down payment.

Age 

21 to 70 years

Residency

UAE Nationals

Salary Requirement

7,000 AED 

Credit Score

Good credit score required

Down Payment

20% of the Car’s Value

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Top Reasons to Choose FAB Car Loan for UAE Nationals

As we saw earlier, availing of a car loan with FAB brings multiple features to you with easy repayment options and affordable rates. Thus, if you are a UAE national and want to buy a car, here are the top reasons for buying FAB Car Loan you can easily keep in mind:

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

To check out more such car loans in the UAE and purchase one of your choices after a detailed comparison, check out our website’s ‘car loans’ section. 

Before that, here are a few more quick facts about FAB car loans in the UAE.

FAQ's

Can I pre-settle my FAB car loan?

Yes, First Abu Dhabi Bank allows the pre-settlement of the FAB car loan amount. However, you will need to pay an early loan settlement fee.

What is the minimum age requirement for a FAB car loan for UAE Nationals?

The minimum age required to apply for a FAB car loan in UAE is 21 years.

How to apply for FAB car finance for UAE Nationals?

You can apply for a FAB car loan by visiting their online website and following their application instructions. Alternatively, you can apply for the same from our website by filling out the relevant forms and having the bank contact you for further processes. You can also do it offline by visiting a branch in your vicinity and filling out the application form there along with attaching the required documents.