HSBC New Cars Loan

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Acquiring a new car in the UAE is pretty simple with multiple options available for both cars and car loan providers. However, with respect to the latter aspect, one has to be careful regarding several factors. Besides knowing how to properly apply for car loan, you should be aware of the interest rates with a car loan as well as the background of the provider. After all, the last thing you need is to deal with an inattentive and disorganised car loan provider. However, with providers like HSBC, you can get attractive deals on HSBC new cars loan in a hassle-free way.

With an HSBC car loan, customers enjoy flexible and competitive repayment schedules, easy interest-only payments that can fit into your budget, and many more benefits. A similar standard is maintained for customer service, with the HSBC customer care available round the clock to assist you in any required condition.

To know about HSBC new cars loan in detail, keep going through the article below.

HSBC New Cars Loan

  • Minimum Salary AED 7,500
  • Flat Rate 2.49%
  • Reducing Rate 20%
  • No Salary Transfer

Features of HSBC New Cars Loan

HSBC Car Loan presents an opportunity for you to get the car of your dreams with its quick car loans in UAE with excellent rates, flexible repayment options, and relaxed criteria for settlement. While attractive features are abundant with this option, here are the major features of HSBC New Cars Loan:

  1. Low Rates of Interest - HSBC Car Loans offer several choices even among interest rates, as you can pick from fixed and reducing interest rates, verify your eligibility, and explore the financing options to see how the bank can work with your budget and personal needs. The interest rates for HSBC New Cars Loan start from 2.49% per annum.
  2. High Loan Amount - Car loans by HSBC come in a range of car finance packages to suit all budgets. Whether you wish to invest in a dependable vehicle or indulge yourself with something more adventurous, HSBC Car Loans has the ideal finance solution for you. 
  3. Flexible Loan Term - Car Loans from HSBC Bank allow the repayment of the loan in tenures ranging from 12 months to 60 months. This flexibility, combined with the low-interest rate, allows users to purchase your selected car without draining out large sums of money at once. However, keep in mind that an extended loan duration will lead to a greater interest charge but will also allow lower monthly installment amounts.
  4. EV Interest Rates - Recognising the prevalence of electric vehicles (EVs), you can also discover HSBC new cars loan for them. With the recent hike in the demand for electric vehicles, HSBC has been leading the market with its own range of electric car financing options that come with attractive terms and conditions.
  5. Zero Salary Transfer - Contrary to popular practice, the HSBC Auto Financing Program does not require a salary transfer account. Thus, if you match the specified criteria, you will be able to obtain the necessary finances swiftly. Nevertheless, if you have an active HSBC salary account, you may be eligible for additional benefits like reduced interest rates.

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HSBC New Cars Loan Interest Rates

Car Finance Type

Flat Rate of Interest

Reducing Rate of Interest

HSBC New Cars Loan

Starting from 2.49% per annum.

Starting from 4.60% per annum.

HSBC New Cars Loan Required Documents

Before you begin the application process for your new car loan, make sure that all your information and specified documents are ready. These are the documents generally asked for when you apply for an HSBC car loan.

Employed Applicants

  • Emirates ID
  • Driving License
  • VISA Details
  • Passport
  • Last 6-month Bank Statement
  • Dealer’s Quotation of the car or Proforma Invoice
  • Recent Payslips or Salary Certificate
  • Recent Utility Bills

Self-employed Applicants

  • Driving License
  • Last 6-month Individual Bank Statement
  • Dealer’s Quotation of the car or Proforma Invoice
  • Emirates ID
  • Passport
  • Power of Attorney
  • Trade License
  • Last 6-month Corporate Bank Statement
  • Current Liabilities, Loans, and Expense Details

HSBC New Cars Loan Eligibility Criteria

If you are applying for the HSBC new car loan, keep in mind the major eligibility requirements as described below.

  • Age: As the valid HSBC car loan age range for applicants is 21 years to generally 65 years, you must be at least 21 years old to apply for the same.
  • Credit Score: A good credit score (of generally 700 or more) is required by HSBC to get a car loan in UAE.
  • Residency: HSBC bank offers car loans at competitive rates to both UAE nationals and expatriates. However, the applicable rates and fees may differ. Consequently, it is recommended to verify the nationality-related features with the bank and also have ample documented proof of your residency.
  • Salary: To be eligible for a car loan, your monthly income must be equal to or higher than AED 10,000.
  • Down Payment: HSBC Car Loans (and most other car loans in the UAE) require the applicants to pay 20% of the invoice amount by themselves.

Age 

21 to 65 years

Residency

UAE Nationals and Expats

Salary Requirement

10,000 AED 

Credit Score

Good credit score (generally 700+) required

Down Payment

At least 20% of the car value

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Top Reasons to Choose HSBC New Cars Loan

HSBC New Cars loan offers a range of financial options for your convenience that allow you to make purchases without concerning yourself with the arrangement and repayment of significant funds. The following are the major features of new car loans provided by HSBC:

  • Flat Rates of Interest starting from 2.49% per annum
  • High Loan Amounts
  • Balloon Repayment Option is available
  • Dedicated Sales Specialists
  • Lower Rates of Interest for EV Financing
  • Salary Transfer is not mandatory

Experts always recommend comparing the best plans for loans, credit cards, bank accounts, and more before opting for one, with such comparison bringing the best deals to you. With policybazaar.ae, you can extensively compare and view the best car loan plans in the UAE and buy the most suitable one – all done in a few clicks without even stepping out of your home!

Before leaving to visit the plans of your choice, you can go through the following quick yet crucial details.

FAQ's

How much can I borrow from HSBC Car Loan?

HSBC Bank offers a loan amount ranging up to AED 600,000. However, the actual amount offered will depend on your financial conditions and other factors.

Is there an option for me to get an early Car Loan settlement?

Yes, HSBC Bank does offer early car loan settlements. However, you’ll be charged an early settlement fee.

How can I apply for Car Loan from HSBC Bank?

You can visit the HSBC official website or continue on our site to apply for car loan. You can also visit an HSBC branch nearby. The essential process in both the modes will remain similar, as you will have to obtain an application form and submit it with the required documents to complete the application process. If your application is considered valid, you will be contacted by the bank regarding the next steps.

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