FAB Islamic Car Finance

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Summary for FAB Islamic Car Finance

Loan Amount 

Up to AED 1.5 million 

Maximum Repayment Tenure 

60 months

Car Financing Ratio 

Up to 80% of the price of the car

Additional Benefits 

Up to 120 days of grace period for first instalment payment 

Available for 

New and used cars 

Click here to Apply for FAB Islamic Car Finance

FAB Islamic car finance is among the most-sought Islamic auto finance products in the UAE. Offering attractive interest rates, quick processing and disbursal, competitive interest rates, and convenient repayment options, FAB Islamic car loans ensure easy Sharia-compliant financing of your vehicles. 

FAB car loans are designed to ensure that borrowers with diverse financing requirements can easily get loan products catered to them. Let’s cover all the important aspects related to FAB Islamic car loans in UAE. 

FAB Islamic Car Finance

  • Minimum Salary AED 7,000
  • Monthly Payment AED 1753
  • Flat Rate 2.49%
  • Reducing Rate 4.72%
  • Islamic Finance

Features of FAB Islamic Car Finance

  • Sharia-compliant Financing: FAB Islamic car finance is a completely Sharia-compliant loan product, with FAB Islamic car loan designed while following the rules of Murabahah as stated in the Sharia ruling guide. Notably, FAB has a personal Sharia board that oversees Islamic loan product operations and ensures that its products are in accordance with the Sharia law of financing. 
  • High Loan Amounts: FAB Islamic car finance products offer up to AED 1.5 million as the car loan amount, allowing borrowers to get any loan amount as per their requirements to finance their dream vehicles using Islamic FAB car loans. It should be kept in mind, however, that FAB approves loan amounts as per the repayment capabilities of the borrowers. 
  • Competitive Interest Rates: Starting at only 2.49% per annum, FAB offers highly competitive interest rates for its Islamic car loans in UAE. The bank also keeps running several attractive deals and offers on their Islamic loan products that can help you score an even lower interest rate. However, different interest rates are generally offered for UAE nationals and residents.
  • Optimum Financing Ratio: First Abu Dhabi Bank Islamic car loans can be used to finance up to 80% of your car’s price, with the bank making it mandatory to pay at least 20% of your car’s price as a down payment (following the UAE official laws for the same). The borrowers are free to choose a higher down payment ratio. 
  • Easy Application: Sending in applications for your First Abu Dhabi car loan in UAE is quite simple. You can use any of the several available online or offline platforms to apply for your FAB Islamic loan. While FAB allows online applications on its official website, you can also apply for your loan when browsing and comparing products on our website. 
  • Swift Processing: Processing of FAB car loans in the UAE generally takes only a couple of hours, with the loan disbursal process being equally swift as well. The bank performs a background check, determines your eligibility, and usually gives you a call within a few hours of your application. You can, then, complete the next few steps involved in the loan process immediately after getting the approval. 

FAB Islamic Car Finance Interest Rates 

FAB Islamic car finance car loans come with special car loan interest rates, although the rates are defined separately for UAE residents and nationals. The following are the current FAB Islamic car loan interest rates in the UAE:

Categories 

Flat Rate of Interest 

Reducing Rate of Interest 

UAE Nationals

2.49% onwards 

4.72% onwards 

UAE Residents

2.49% onwards 

4.72% onwards 

Note: The bank often releases exciting deals and offers discounted interest rates for its Islamic car financing.

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Eligibility Criteria for FAB Islamic Car Loans 

  • Nationality: FAB Islamic car finance is available to both UAE citizens and nationals. However, the applicants must have proper identification proof to support their citizenship or residency status. 
  • Age: All citizens and residents over the age of 21 are eligible to get FAB Islamic car loans in the UAE. An upper age limit may also apply as per the bank’s discretion. 
  • Employment: FAB Islamic car finance products are only available for salaried individuals, with self-employed folks in the UAE not eligible to apply for this finance option. 
  • Monthly Income: The minimum monthly salary required to be eligible for FAB Islamic car loans in the UAE is AED 7,000. The eligibility criterion only applies to salaried individuals.

Particulars 

Details 

Nationality 

UAE Residents & Nationals 

Minimum Age 

21 Years 

Minimum Monthly Salary 

AED 7,000

Available for 

Salaried Individuals Only 

Documents Required for FAB Islamic Car Finance

  • Valid UAE driving licence of the applicant
  • Emirates ID of the applicant (for both UAE nationals and residents)
  • Passport and Resident Visa (for UAE residents)
  • Bank statements of the applicants
  • Salary certificate of the applicant from their employer addressed to FAB
  • Completed and signed the FAB Islamic car loan application form
  • Price quotation of the car from the dealership

How to Apply for FAB Islamic Car Finance/Loan?

Applications for your FAB Islamic car loans can be made using a few different online and offline methods. Follow the next few sub-sections to understand the FAB car loan application procedure using various online and offline means in the UAE:

Via Policybazaar.ae

  • Open your browser and go to policybazaar.ae, which is our official website. Open the ‘Car Loan’ page from the category menu at the top of the homepage. 
  • Once you open the dedicated car finance page, locate the lead form on the right side.
  • Fill out the form using your basic details. Submit the form to get redirected to the car loan quotes page of our website. 
  • Navigate through the quotes page to find out the FAB Islamic car finance product you are eligible for. 
  • Check all the details and features of your chosen FAB Islamic car loan product. 
  • Once you complete the research and comparison processes, click on the apply button to start the application process. 
  • Fill out the application form for your plan and upload the required FAB car loan documents.
  • After submission of the documents and the form, you may be required to pay the processing fee.
  • Wait for the bank to contact you. 

Once the bank has processed your application, a representative will call you and take the disbursal process further if your application is approved. 

Via FAB’s Website

  • Visit the official website of First Abu Dhabi Bank and find the Islamic FAB car loan page. 
  • Go through the features of the loan and ensure that you understand all the associated terms and conditions. 
  • Scroll down to the bottom of the page and find the FAB car loan application form. 
  • Fill out the form using basic information like name, phone number, monthly salary, emirate, and so forth. 
  • Check all the details once and submit the form. 
  • Pay the processing fee when prompted. 
  • Once your application is received by the bank, it will be processed.

A representative from the bank will contact you once the processing is done and your application is approved. You can take the loan disbursal process further from there. 

Via FAB Branches

  • Collect all the required documents as mentioned in the previous sections. Find a nearby FAB branch and make arrangements for the visit by collecting all the required documents.
  • Find the designated counter or section for Islamic car loans in the branch. Connect with an executive and obtain a FAB Islamic car loan application form. 
  • Fill out the form, attach all the documents in physical form, and submit them. 
  • Pay the processing fee and wait for the bank to finish its verification and background-check procedures.

Once your application is processed, a representative from the bank will connect with you and let you know if your car loan in UAE is approved. You can take the disbursal of the loan process further from this point with the executive assigned to you. 

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Important Terms & Conditions for FAB Car Finance

  • The ownership of the financed vehicle cannot be transferred to a different party without the prior consent of the First Abu Dhabi Bank. 
  • The financed vehicle shall be protected with a proper comprehensive car insurance plan approved by FAB. If the owner of the vehicle fails to get a properly approved car insurance plan or the car, the bank reserves the right to get an insurance plan itself. In such a case, the cost of the plan shall be included in the loan installment amount of the vehicle. 
  • Deferred installments of your FAB Islamic loans will attract deferment charges.
  • The processing fee is applicable when you submit your loan application. The applicable processing fee for FAB Islamic car loans is 1% of the loan amount disbursed, with a 5% VAT also applying to the processing fee.
  • The maximum available financing ratio available with FAB car loan products is 80%; the remaining 20% of the car price shall be paid by the borrower. However, borrowers can always opt to increase their down payment amount beyond the minimum specified limit.
  • FAB Islamic car loans in UAE are only available to salaried individuals. Self-employed individuals are not eligible for these car finance products. 
  • First Abu Dhabi Bank may request additional documents on a case-by-case basis.
  • Fees and charges applicable on FAB Islamic car loans in UAE are subject to change at the bank’s discretion. 

Other than these conditions and terms, you should also check out some quick facts about FAB Islamic car loans in UAE below.

FAQs

Who can get FAB Islamic car finance in the UAE?

Any salaried UAE national or resident older than 21 years and holding relevant documents for FAB car loan in UAE can avail of Islamic FAB car finances. 

What is the minimum salary required for a FAB Islamic car loan in UAE?

The minimum monthly salary required to get FAB car loans is AED 7,000. 

How much processing fee is applicable on Islamic FAB car loans in UAE?

A 1% processing fee + VAT is applicable on FAB Islamic car finance products. 

What is the maximum loan amount available for FAB Islamic car finance in the UAE?

The maximum loan amount offered with FAB Islamic car loans is AED 1.5 million. 

What is the maximum loan tenure available for Islamic FAB car finance?

Borrowers can avail a maximum of 60-month-long tenure for their FAB car loan in the UAE. 

 

How can I apply for my FAB Islamic car finance?

You can apply for your FAB car loan in UAE using FAB’s website, Policybazaar.ae, or at one of the nearby FAB branches. 

What are the FAB car loan interest rates offered for Islamic finance?

FAB Islamic car finance interest rates begin from 2.49% for both UAE nationals and residents.

What are the two kinds of interest rates offered for FAB Islamic car finance?

Flat and reducing are the two types of interest rates offered by FAB for its Islamic car loan in the UAE. 

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