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With numerous car loans and financing options available, owning a car becomes quite feasible in the UAE. The same applies to Hyundai cars, which are among the most known cars in the country. One can find several banks and financial institutions providing Hyundai car loans, making it easier to purchase the Hyundai car of your choice. 

At the same time, It is crucial to know about the minimum requirements, necessary documentation, and other aspects first before applying for a Hyundai car loan in UAE. In this article, you will find out how to apply for a Hyundai car loan in UAE, the top banks which provide Hyundai car loans, the required documents, features and benefits of Hyundai car loans offer, and all the major aspects. 

Hyundai Cars in the UAE – An Overview

As part of the Juma Al Majid Group business conglomerate, Juma Al Majid Est was founded in 1983 as the sole distributor of Hyundai Motors and genuine Hyundai parts in the UAE. Hyundai has become a prominent choice of car owners in the UAE, with several remarkable models providing excellent driving and commute experience. 

As mentioned earlier, different banks and lending institutions provide Hyundai car loans. This makes it easy for car enthusiasts to own a Hyundai car.

Features and Benefits of Hyundai Car Loan

You can make use of the following features and benefits of Hyundai car loans as provided by the top loan providers in the UAE: 

  1. Easy Application and Processing  - Most banks providing Hyundai car loans have a streamlined process for applications as well as loan processing. Consequently, all loan applications are processed efficiently while approvals are made quickly, allowing users to make the purchase without waiting for long.
  2. Straightforward Documentation  - Hyundai car finance documentation is relatively straightforward, as most loan providers check only a few documents to verify your income and the ability to repay the loan on time.
  3. Flexible Loan Repayment  - Generally, Hyundai car loans have repayment tenures lasting between 1 and 5 years. Borrowers can select the term as per their comfort and repay the loan without reducing other expenditures.
  4. No Collateral Required - Hyundai car loans do not require any additional collateral, with the car itself serving as collateral. It must be kept in mind that if you fail to pay the instalments on time for a long, the bank can seize and sell your vehicle to recover the loan amount as security.
  5. Different Repayment Options - The different repayment options available for Hyundai car loans include regular EMI, step-up EMI, step-down EMI, special tie-up EMI, and balloon EMI. These options ensure that one can easily repay the loan while adjusting to changes in income, age, and other factors. 
  6. Easy Purchase  - Ultimately, with several banks offering to finance Hyundai cars in the UAE, you can go ahead with the purchase of your preferred car without worrying about hefty payments at once. 

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Top Hyundai Car Loan Interest Rates

Many lenders are available in UAE if you wish to finance your Hyundai car. Tabled below are the general rates of interest/profit applicable with their car loan plans:

1. Emirates Islamic Bank Car Loan

Loan Amount 

80% of the car value

Maximum Repayment Tenure

5 years or 60 months

Minimum Down payment

20% of the vehicle value

Annual Profit Rates 

Flat rates starting from 2.15% 

Processing Fee

1.05% of the vehicle finance amount, including VAT (Min AED 525 and Max AED 2,625 per vehicle financed) - non-refundable fee

Late payment fee

AED 210 (including VAT)

Partial/ Early settlement fee

1.05% of the principal outstanding or max AED 10,500 (whichever is lower)

Features

  • Option to cancel the loan within five business days of signing the loan application under the cooling-off period 
  • Shariah-compliant with a Murabaha structure 
  • Salary transfer not mandatory

2. HSBC Bank Car Laon

Flat Interest Rate

Starting from 2.59% per annum

Loan Amount

Up to AED 600,000 

Maximum Repayment Tenure

60 months

Features

  • No salary transfer required
  • Option for balloon payment available 
  • No account opening required
  • Discount of 0.25% on flat interest rates when financing (fully) electric vehicles

3. RAKBANK Car Loan

Interest Rates (Per Annum)

  • Between 2.37% and 3.69% for salaried applicants 
  • 2.69% to 4.19% (flat rate) for self-employed applicants

First Installment 

After 60 days of application approval

Maximum Repayment Tenure

60 months

Processing Fees for Individual Customers

1% (Minimum AED 500 and Maximum AED 2,500)

Processing fees for business customers

1.5% (Minimum of AED 2500 and maximum of AED 7,500)

 

Features

  • No salary transfer needed for salaried customers
  • Direct 24-hour customer support service

4. Mashreq Bank Car Loan

Flat Interest Rate 

Starting from 3.45% per annum

Loan Amount

Up to AED 500,000

Repayment Tenure

Up to 60 months 

Minimum Down Payment

20% of the car value

Features

  • Special rates on car insurance
  • Free current account with no minimum account balance
  • Free-for-life credit card

5. First Abu Dhabi Commercial Bank Car Loan

Loan Amount

Loan amount of up to AED 1.5 million or 80% of the car value

Flat Interest Rate (Per Annum)

Starting from 2.49%

Reducing Interest Rate (Per Annum)

Starting from 4.72% 

Maximum Repayment Tenure

60 months

Features

  • Finance available for new and pre-owned cars
  • 120-day grace period prior to the first instalment

Minimum Down Payment  

20% of the value of the car

Documentation Required for Hyundai Car Loan

The following documents can be kept ready when applying for a Hyundai car loan in the UAE: 

  • Driving licence 
  • UAE Visa or Passport
  • Emirates ID 
  • Utility bills (as address proof) 
  • Bank statements for the specified duration
  • Filled up application form

Besides the documents listed above, some other documents required for a Hyundai car loan as per the type of employment are discussed in the following table:

For Self-Employed Applicants

For Salaried Applicants

Last three months' bank statements

Previous three/six months' bank statements

Trade licence 

Salary certificate or salary slips in case the applicant doesn’t have an existing account with the bank 

Valuation certificate of car

Valuation certificate of car

Partnership Agreement

Memorandum of Association

Article of association 

-

Power of Attorney

 

Note: When applying for a loan, ex-pats should ensure that their driving licenses are valid in the UAE. If this is not the case, they must first obtain a valid UAE driving licence to qualify for car financing. 

Eligibility Criteria for Hyundai Car Loan

Generally, the following eligibility criteria are followed for Hyundai car loans by most banks and loan providers in the UAE: 

  1. Age - Applicants should be at least 21 years old at the time of applying to be considered eligible for a Hyundai car loan. A similar limit is imposed on the maximum side, with most providers requiring the applicant to be less than 65-70 years old at the end of the repayment tenure. However, the upper limit is usually variable and depends on several factors like nationality, salary, and so on.
  2. Income - Most banks and financial institutions require the applicant to have a minimum monthly income of AED 5,000 in order to consider them eligible for their car loans. However, it is essential to note that the minimum salary requirement varies considerably with each provider.  
  3. Employment/Business Longevity - As per general norms, a salaried individual must have worked for at least 2 to 3 years and at least a year in their current job to be deemed eligible. The same applies to individuals involved in business, with most institutions requiring the applicants to have been in the business for at least 2 to 3 years.  
  4. Stability in Work - Besides the aspect of income, even your stability with respect to employment is considered when determining whether you are eligible for a particular car loan plan. Most loan providers require the applicant to have been stably employed for a considerable period. In case an applicant has an unstable work history, there is a high chance that they may face unemployment or a drastic reduction in salary in the future. This can increase the chances of delayed instalments or defaults, which makes the loan providers more reluctant to approve the application.
  5. Credit Score - Although there are no specific credit score requirements with respect to car loan approval, loan providers prefer applicants with high credit scores for their loans. With low credit scores highlighting the applicant’s poor record of timely repayments, lenders may choose to reject applicants with low credit scores.

Benefits of Hyundai Car Loan in UAE

Here are the major benefits of opting for a Hyundai car loan in the UAE: 

  1. Easy Purchasing Experience - With a Hyundai car loan, you can easily buy your preferred Hyundai car without worrying about arranging the required finances. Instead of having your saving funds exhausted for the purchase, you can make the purchase while paying a manageable instalment amount each month. This can help you take care of your other fundamental expenses without minimising any of them. 
  2. Enhanced Credit Score - One of the easiest ways to improve your credit score in the UAE is to repay all the loans and credit dues on time. With the repayment tenure and the loan amount limits generally being lower than, say, home loans, one can easily pay the loan on time and quickly boost their credit score. 
  3. Better Financial Planning - With loan providers specifying the car loan instalment schedule even before the loan starts, you can easily plan for the major events of your life by having an idea of the expenses for the whole tenure. 

How to Apply for the Hyundai Car Loan?

You can apply for a Hyundai car loan online from the official website of Policybazaar UAE to complete the application seamlessly. At policybazaar.ae, you won’t have to get confused by complex loan jargon as you would get to see all the features and terms of the best car loan plans in an easy manner. 

This is not all, as you would also get the top loan plans at the best prices, with several discounts and offers available throughout the year. Additionally, if you face any difficulties at any point of your application (and even afterwards), you can connect with our customer service or finance experts and find solutions to your queries and issues.

Applying for a Hyundai car loan via policybazaar.ae is just a matter of a few clicks. You can go to the ‘Car Loans’ section on our website and fill out the brief form there with the mentioned details. This will take you to the quotes page, where the top loan plans will be available for your consideration in an easy-to-access list. You can then select any one of them and apply for that plan. 

How to Calculate EMI for Hyundai Car Loan?

Instead of undertaking complex calculations, one can simply access an online car loan calculator from the website of any of the top banks and loan providers to get an estimate of the instalment amount for their loan. 

How to Use the Calculator?

Using a car loan calculator is fairly straightforward, as you can provide it with a few details concerning your car loan plan and get the instalment amount displayed right in a few seconds. 

These are the details generally asked by car loan calculators online: 

  • Loan Amount
  • Interest Rate
  • Loan Duration

What Does the Calculator Show?

All car loan calculators show the applicable monthly instalment based on your input. However, some calculators also offer the break-up of interest paid and outstanding amounts every month. 

Charges and Fees Applicable for Hyundai Car Loan

The fees and charges given are standard in UAE, but there might be slight variations from one bank to another.

Early settlement fee

1.05% of the Principal outstanding amount

Late payment fee

AED 52.50

Change in the mode of payment

Free

Deferment 

AED 105

Partial Settlement 

1.05% of the payment made

Rescheduling fee

AED 262.5

Cheque returned charges

AED 105

Liability/No liability letter

AED 52.5

Advance payment of an instalment

1% of the advance payment

Application processing fee

1% of loan amount applicable

Disclaimer- *These charges are subjected to change from bank to bank*

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Hyundai Car Loan Repayment Options

One can find different options to pay off their Hyundai car loan, with some of the major ways listed below:

  1. Normal Monthly Instalments - Regular EMI simply means that you will be paying equal monthly instalments throughout the loan tenure. 
  2. Special-Tie Up Method - This type of loan repayment is based on the idea of ‘excess’. Whenever the borrower has excess funds, i.e., funds above a decided limit, they will be automatically used to pay off the car loan. 
  3. Balloon EMI - The balloon amount, which is the amount to be paid near the end of the loan duration, is higher than the regular instalments. Consequently, balloon EMIs reduce the burden on the borrower in the initial stages of the loan. However, the assessed interest rate is usually higher for balloon EMIs compared to regular ones.
  4. Step-Up EMI - It's a type of loan with varying monthly instalments spread over the loan's term. The instalment amount for a step-up loan is low in the first few years of the loan, with the amount increasing as the loan keeps getting repaid. This option is generally preferred by young adults, who have just begun their careers but expect considerable growth in the near future. 
  5. Step-Down EMI - As the flip side of the step-up EMI, step-down EMI allows borrowers to pay high EMIs initially. Here, the instalment amount keeps decreasing as the months roll by. 

Listed below are the most popular Hyundai car models in the UAE along with their prices*: 

Hyundai Staria (MPV)

From 102,900

Hyundai Sonata (Sedan)

From AED 77,000

Hyundai Elantra (Sedan)

From AED 68,999

Hyundai Accent (Sedan)

From AED 52,999

Hyundai Veloster N (Sedan)

From AED 146,999

Hyundai Elantra N (Sedan)

From AED 68,999

Hyundai Azera (Sedan)

From AED 164,999

Hyundai Palisade (SUV)

From AED 139,999

Hyundai Tucson (SUV)

From AED 80,900

Hyundai Kona (SUV)

From AED 76,999

Hyundai Santa Fe (SUV)

From AED 102,999

Hyundai Creta (SUV)

From AED 68,900

Hyundai Kona N (SUV)

From AED 76,999

*Actual prices may differ

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FAQs

Can we pay off Hyundai car loan early?

Yes, you can pay off your Hyundai car loan before the end of the repayment tenure. However, keep in mind that some prepayment charges will be applicable.

How can we pay the Hyundai car loan in full?

There are mainly three ways to pay off your car loan before the scheduled date:

  • Full lump-sum payment
  • Partial payment in between the repayment tenure
  • Extra-payment each month
Is Hyundai car finance hard to get?

As Hyundai is one of the top car brands in the UAE, you can easily get your Hyundai car financed with various banks. One can check the best (and most affordable) Hyundai car finance plans at policybazaar.ae.

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