Car Loan in UAE from Dealership or Bank - Know which car loan option is better for you from dealership and Bank. And also know the financing process of both with advantages and disadvantages.
Check and Compare FAB car loan interest rate on used and new cars
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First Abu Dhabi Bank, one of the largest banks in the MENA region in terms of asset capital, is also considered one of the world’s most secure banks. It was formed in 2016 after the merger between First Gulf Bank and the National Bank of Abu Dhabi. With the combined experience of two of the largest banks in the UAE, FAB offers world-class services and innovative banking products ranging from personal and business bank accounts, investment banking, deposit schemes, credit and loan services, and so on.
FAB bank car loans are some of the most affordable loans in the UAE with low interest rates and salary requirements. Additionally, the bank offers streamlined loan applications through both online and offline channels.
If you wish to know the features, benefits, and various ways to apply for FAB car loan in the UAE, read the article below.
FAB car loans offer impeccable features to manage your finances. Besides affordability and flexibility, you get a range of features on your car finance with these car loans. Some of their key features are mentioned below.
Besides features to easily manage your finances, FAB Auto Finance provides numerous benefits for your car loan. You can conveniently apply for a car loan from the comfort of your home and enjoy preferential rates based on your relationship with the bank. Here are some important benefits of FAB auto finance.
Based on the type of car you plan to purchase, you can opt for the following FAB car loans in the UAE.
FAB bank provides affordable and competitive interest rates on car loans. These low rates ensure that the overall loan amount remains within your budget. For your convenience to finance a vehicle in the UAE, the bank offers car loan interest rates starting from just 2.49% per annum. You can find the details of FAB car loan interest rates in the table below.
Car Loan Type |
Flat Rate |
Reducing Rate |
---|---|---|
New Car Loans |
|
|
Pre-owned Car Loans |
Usually higher than new car loans |
Usually higher than new car loans |
While applying for the FAB car loan, you need to satisfy a few eligibility criteria as laid down by the bank. While the criteria may differ from individual to individual, the following eligibility criteria are the most common ones cited to apply for a FAB car loan.
After you have ensured your eligibility, you can proceed with document collection and submission. Following are the common documents required to apply for FAB car loans in the UAE.
Note: - You need to submit a duly filled loan application form along with the documents mentioned above.
Once you have collected your documents and proof, you can reach out to the bank online or offline, and apply for a car loan. The process is streamlined and hassle-free if you keep your documents handy. Following are the various ways to apply for a FAB car loan.
With a FAB car loan calculator, you can easily estimate your monthly EMIs, total loan cost, and the interest you need to pay before applying for car finance. As the EMI calculation requires intricate computation with flat and reducing rates, a car loan calculator is the most viable option. To use a car finance calculator, you can visit the car loan section on the official website of FAB bank. You will find there the loan calculator where you will be required to enter a few details like the loan amount you require, loan tenure, and the interest rate you are offered. After submitting the form, the calculator returns all the details pertaining to your car loan including the monthly EMIs you need to pay.
Although the amounts displayed are approximate, you can outline your finances and plan your expenses accordingly. The exact car loan details are provided only after sanctioning it, as it includes various charges like processing and arrangement fees, finance charges, and more
There are a few charges you need to pay while applying for a FAB car loan in the UAE. Moreover, car finance itself comes with certain penalties for deferring or delaying your repayments. Here are the details of FAB car loan fees and charges.
Types of Charges and Fees |
Amount in AED |
---|---|
Car loan Processing Fee |
1.05% of the total loan amount with a minimum of AED 525 and a maximum of AED 2,625 |
Instalment Deferral Fee |
AED 105 for every deferment |
Instalment Late Payment Fee |
2.10% of the delayed amount with a minimum of AED 52.5 and a maximum of AED 210 |
NOC to the traffic department |
Free |
Standing instruction Due Date Change |
AED 26.25 |
Loan Rescheduling Fee |
AED 262.5 |
Advance Payment of Instalment |
1.05% of the advance payment |
Early Settlement Fee |
1.05% of the outstanding loan amount |
There are a few terms and conditions you need to keep in mind while applying for a FAB car loan in the UAE as mentioned below.
For queries regarding car loans and others, you can always contact the bank through several channels. Some of the numbers that you can contact for the same are as follows.
Within the UAE |
600525500 |
Outside the UAE |
+971(2)6811511 |
Ans. To apply for a FAB bank car loan, you need to have a minimum salary of AED 7,000.
Ans. You can obtain a maximum car loan of AED 1.5 million. In terms of ratio, you can receive a maximum loan of up to 80% of your preferred car invoice cost. However, the amount of loan sanctioned depends on your financial conditions, income, and other factors.
Ans. Yes, you have an option of early settlement to close your car loan account. However, you will have to first pay an early settlement fee to close your car loan account.
Ans. Yes, you can apply for a FAB car loan as an ex-pat in the UAE. However, you will be required to furnish the documents as requested by the bank.
Ans. You need to be at least 21 years old to apply for a car loan in the UAE.