FAB Car Loans for Self Employed Individuals

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With the First Abu Dhabi Bank (FAB) car loans, fulfilling your dream of owning a car is now easier than ever. Each FAB car loan plan comes with flexible terms and numerous benefits. So no matter which type of car you want or how much you want to pay monthly, FAB has you covered!

First Abu Dhabi Bank is a prominent banking institution in the UAE, quickly becoming one of the most popular banks in the country. With a large number of financial solutions tailored for the individual as well as corporate needs, FAB is also a one-stop-shop for your auto financing needs. Recognising the difficulties faced by self-employed individuals in obtaining a car loan in UAE, the bank also has specific plans to suit the requirements of self-employed individuals for this type of loan.

FAB Car Loans for Self Employed Individuals

  • Minimum Salary AED 25,000
  • Monthly Payment 1777
  • Flat Rate 3.19%
  • Reducing Rate 5.98%
  • No Salary Transfer

Features of FAB Car Loans for Self Employed Individuals

When it comes to getting a car loan in UAE, you would prefer a quick and effective lending solution. These requirements are easily fulfilled by FAB car loans, which have simplified the whole process so that you can get the funds for a car quickly. 

While their car loans can be tailored for each customer, here are the general benefits of the FAB Car Loans for Self Employed Individuals:

  1. Quick Loan Processing - As a leading provider of financing solutions in the UAE, the First Abu Dhabi Bank offers easy-to-access car loans that help you take the first step towards vehicle ownership. With quick and easy loan processing and an extensive car financing range, FAB can prove an excellent choice for your requirements.
  2. Convenient Loan Repayment Term - FAB car loans can be availed with the option of repaying the loan in tenures ranging up to 5 years. This, combined with the provision to choose a repayment tenure under the maximum limit, ensures that users can repay the loan in low instalments across a long repayment tenure while also having the choice to select a tenure as per their planning. 
  3. High Loan Amount - To ensure that you can buy the car of your choice without straining your own finances, FAB car loans are provided with loan amounts ranging up to AED 1,50,000 (AED 1.5 million).
  4. 80% Financing - FAB provides financing up to 80% of the invoice price, allowing you to take your dream car home at minimal down payments.
  5. Low Rates of Interest - FAB automobile finance is intended to fulfil the requirements of consumers looking for a car at affordable rates. With FAB car loans starting at interest rates as low as 3.19% per annum for self-employed customers (or 5.98% as the reducing rate), customers are easily drawn to FAB car loan products with such low interest rates.

FAB Car Loans for Self Employed Individuals Interest Rates

Tabled below are the interest rates for FAB car loans for self employed individuals:

Car Finance Plan

Flat Rate of Interest Starting from

Reducing Rate of Interest Starting from

FAB Car Loans for Self Employed Individuals

3.19% per annum

5.98% per annum

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FAB Car Loans for Self Employed Individuals Documentation Requirements

While a car loan is crucial to achieving the milestone of having a car in your life, the process to acquire one can often prove tedious. To help you get a loan without any hassle, keeping these documents available before applying for a car loan by FAB will come in handy:

  • Copy of Emirates ID
  • Copy of Passport 
  • Copy of Resident VISA (Originals are to be shown at the time of application for these copies)
  • Driving License
  • Last 6-month Bank Statement
  • Transfer of Salary letter
  • Dealer’s quotation of the vehicle

Eligibility Criteria for FAB Car Loans for Self Employed Individuals

Here is a list of all the eligibility requirements you must fulfil to be considered eligible for this FAB car loan in UAE: 

  • Age: You must be at least 21 years old to apply for a car loan with FAB 
  • Salary: Self-employed applicants are required to have a monthly average balance (for the previous 3 months) of at least AED 25,000 
  • Credit Score: While the requirement for minimum credit score can vary, one should try to keep a credit score of at least 650-700 to avail of the loan easily
  • Down Payment: For car loans, First Abu Dhabi Bank requires a down payment of at least 20% on the value of the vehicle

Age 

21 to 70 years

Monthly Salary Requirement

AED 25,000 

Credit Score

A good credit score is needed 

Down Payment

20% of the car value 

You can check out various plans related to FAB car loans on policybazaar.ae. By checking out the ‘Car Loans’ section under ‘Banking Products’ on the home page of the website, you can view the top plans for a car loan in UAE in one place. And that’s not all, as you can also purchase the plan of your choice from Policybazaar UAE comfortably without moving a step outside!

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Top Reasons to Choose FAB Car Loans for Self Employed Individuals

First Abu Dhabi Bank offers you a quick and convenient process for getting a car loan. Their car loan plans are available with the following features and benefits that place them among the top choices for the same in the UAE:

  • Affordable rates of interest starting from 3.19% per annum
  • High loan amounts ranging up to 80% of the vehicle’s value or AED 1,50,000 
  • Financing available for both new and pre-owned cars

Frequently Asked Questions

What is the income requirement of FAB Car Loans for Self Employed Individuals?

First Abu Dhabi Bank has set the minimum income requirement for self-employed individuals to AED 25,000 per month.

Can I settle my car loan before my loan tenure ends?

While FAB allows early loan settlement, you will be charged a nominal pre-settlement fee.

What is the maximum loan amount I may get from First Abu Dhabi Bank?

FAB Bank can grant you a maximum loan amount of AED 1,50,000.

What is the car loan interest rate at FAB Bank?

FAB car loan for self employed individuals has interest rates beginning at 3.19% per year.

What is the age criterion for a FAB Car Loan for Self Employed Individuals?

Applicants must be over the age of 21 to apply for FAB Car Loan for Self Employed Individuals.

How much do I need to pay as a down payment?

As per the guidelines set by the Central Bank of UAE, you need to pay at least 20% of the car’s invoice price in the form of a down payment.

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