Jeep Car Loan in UAE

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Jeep is one of the prominent names on the list of the most popular car brands. With the name being synonymous with majestic SUVs, Jeep is distinguished across the world for producing several models such as Sahara, Rubicon, and Sports, which will soon be joined by several other models that will be launched in 2023. Such popularity of the car brand extends to the UAE as well.

Owing to their costs, however, you can certainly opt for a Jeep car loan to purchase your dream automobile without any delay or depleting your savings. At the same time, with numerous financial institutions and Jeep car loan plans available in the UAE, it is crucial to compare them before going with one.

To simplify this task for you, we have compiled the top Jeep car loans along with details like their eligibility criteria, documents required, and more.

Features and Benefits of Jeep Car Loan

Jeep car loans can help you make a purchase easily with several added benefits. Some of the standard features and benefits of availing of a Jeep car loan in the UAE are listed below – 

  1. Competitive Profit/Interest Rates: When you finance your car from any of the top lending institutions in the UAE, you can expect attractive profit or interest rates on your Jeep car loan. Low-interest rates can be helpful in keeping the overall cost of the loan low. 
  2. Easy Loan Repayment Tenure: Most lending institutions in the UAE offer flexible loan repayment tenures ranging from 1 to 5 years. With a sufficiently long loan repayment tenure, you can easily pay out the monthly instalments on time without much difficulty. Keep in mind that long loan repayment tenures result in low monthly instalments but high overall interest.
  3. Fast Application Process:  If you qualify for the eligibility criteria and have relevant documents, the processing of car loan applications is done quickly and seamlessly.
  4. No Collateral Required:  Jeep car loans do not require any collateral, as the car itself is collateral. In case you are unable to pay the monthly instalments on time, the lender can legally seize the vehicle to recover the loan amount.
  5. Low Salary Required:  To obtain a car loan in UAE for Jeep, the salary requirements are considerably low for most banks and financial institutions, which makes it rather easy to obtain credit. Keep in mind that some banks mandate salary transfers to their concerned bank account to approve the loan.

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Documentation Required for Jeep Car Loan in UAE

To ensure that you get loan approval quickly, you should be prepared with the necessary documents before initiating the application process. Some of the standard documents required to obtain a Jeep car loan in the UAE are –

For Salaried Individuals  For Self-Employed Individuals  For Companies 
  • Original Visa
  • Salary Certificate
  • Original Emirates ID
  • Driving Licence 
  • Original Passport
  • Driving Licence 
  • Bank Statements (Of the last 3 or 6 months)
  • Salary Certificate
  • Valid Quotation
  • Original Visa
  • Original Emirates ID
  • Original Passport
  • Driving Licence 
  • Original Passport
  • Bank Statements (Of the last three or six months)
  • Trade Licence
  • Valid Quotation
  • Original Visa
  • Original Passports
  • Original Visas
  • Original Emirates IDs
  • Driving Licences (of the concerned company officials)
  • Valid Quotation
  • Memorandum of Association
  • Bank Statements

Interest Rates for Jeep Car Loan in UAE

Each lending institution in the UAE has a different interest or profit rates for its car loans. The actual rate here depends on your profile as well as loan specifications, such as the loan repayment tenure, your income, the finance amount, and so on. 

Your Jeep car loan interest rates would primarily be affected by these factors – 

  • Your Income: Income is one of the most important criteria affecting the interest rates on a Jeep car loan. If you have a low income, you can expect a higher interest rate as low income increases the probability of defaulting on the loan, which increases the risk for the bank.

  • Credit History and Credit Score: Credit score, calculated by the AECB in the UAE, indicates your creditworthiness. When you apply for credit in the UAE, the lending institution would verify your credibility with the help of your credit history and aecb credit score. Having a good credit score can be helpful not only for speeding up the loan application process but securing low interest rates. With low scores, you can expect rejection in several cases. Moreover, even if your loan application is approved by the bank, you will certainly be charged a higher rate of interest as a low credit score would imply high risk to the lender.

  • Debt-to-Income Ratio: It is the ratio of your current monthly debts, including your credit dues and instalments, to that of your total monthly income. A low debt-to-income ratio is preferable to get low-interest rates on your Jeep car loan. A high debt-to-income ratio indicates that a considerable portion of your earnings goes towards fulfilling your credit commitments, leaving less income to manage new credit facilities and regular expenses.

  • Co-Applicant: Having a co-applicant to support you in the loan enables you to get low interest or profit rates. As the total income increases on your side, the risk of providing a loan mitigates, which allows you to avail of low-interest rates.

  • Duration of the Loan: The loan repayment tenure is another factor that impacts the interest or profit rate. Generally, the longer the loan repayment tenure, the higher the interest/profit rate. 

With that said, long repayment periods can lead to low monthly loan instalments, which can allow you to repay the loan more conveniently. 

Car Loan Interest Rate in UAE

Eligibility Criteria for Jeep Car Loan in UAE

Here are the eligibility criteria as followed by most lending institutions in the UAE – 

  1. Nationality: Most lending institutions in the UAE offer Jeep car loans to UAE nationals or expats, and residents. Whichever nationality you may have, make sure that your documents confirming your nationality are ready.
  2. Employment:  Lending institutions in the UAE have different eligibility standards for salaried and self-employed individuals. However, the general criterion is that the applicant should have regular employment and a stable income to qualify for a Jeep car loan.
  3. Age: Generally, individuals must be above 21 years when applying for a Jeep car loan in the UAE.
  4. Income: Each lending institution in the UAE has its own monthly minimum salary requirement, with the limit being as low as AED 5,000 for some providers. However, as this criterion can significantly vary, it is advisable to check the minimum income limit for your preferred loan options and ensure that you fulfil it.
  5. Credit History and Score: Loan providers in the UAE require you to have a good credit history and score. So if you have a poor credit score, the chances of getting approval are minimal. Moreover, as we saw in the section for interest rates, even if your application is approved, you would get the loan at considerably high-interest rates with such scores.

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How to Apply for a Jeep Car Loan in UAE?

You can apply for a Jeep car loan via any of the following methods mentioned below – 

Via Policybazaar UAE

Applying for a Jeep car loan from policybazaar.ae is a quite straightforward process. With Policybazaar UAE, you can compare top loan plans from multiple lending institutions in one place without switching between tabs. In addition, you can also use the filter option to compare the options on specific parameters. 

With such extensive comparison, you can easily buy the plan aligning with your budget and make an informed choice. After you apply for a plan, one of our customer care representatives will contact you for further instructions.

Follow these simple steps to apply for a Jeep car loan via Policybazaar UAE - 

  • Step1- Head to the Policybazaar UAE website - policybazaar.ae
  • Step2-  Navigate the ‘car loans ‘ section located at the top of the home page under the  ‘banking products' tab
  • Step3- You will find a lead form there. Fill it out with details like your name, monthly salary, nationality, contact number, email address, and so on.
  • Step4- After submitting the lead form, the car loan quotes profile page will appear on your screen
  • Step5- You can compare the plans and apply for one of them right away
  • Step6- Via Lender’s Official Website and Branch

Another online option to apply for a Jeep car loan is to visit the official website of your preferred lender. Moreover, you can take the offline route if you want and apply for the loan by heading to the nearest branch of a lending institution.

What are the Advantages of Having Jeep Car Finance in the UAE?

You can enjoy a plethora of benefits while purchasing a Jeep car loan in the UAE – 

  1. With a Jeep car loan in the UAE, you can easily make the repayment in easy monthly instalments, which you choose yourself and will be based on your selected loan repayment tenure, finance amount, and interest or profit rate.
  2. As you will be aware of the monthly instalments, you can plan your finances wisely and manage your monthly expenses accordingly
  3. A notable benefit of obtaining Jeep car finance is that you can enhance your credit history and score with timely repayments. Having a good credit history and score will assure lenders of your repayment capabilities, which can positively impact your future credit applications in terms of quick approvals and favourable terms.
  4. Another benefit here is that a car loan will help you avoid the exhaustion of your savings as you won't have to pay the car amount upfront. 

Apart from the listed benefits, some additional benefits of obtaining a Jeep car loan are as follows - 

  1. Grace period for the first instalment in most cases
  2. Options available for both salaried and non-salaried individuals
  3. Free bank accounts and credit cards along with the loan (with select providers)
  4. Financing options available for both used and new cars 

How to Calculate Monthly Instalments for Jeep Car Finance in the UAE?

It is advisable to get an estimate of monthly instalments for your chosen loan term with the use of a car loan calculator. A car loan calculator is an automated online tool available on the official website of the leading lending institutions in the UAE. 

To use a car loan calculator, you can either use the slider or enter the loan values in specific fields. Other than this, some car loan calculators can ask you the car brand and the loan option to compute the monthly instalments on your loan. 

The key aspect to be noted here is that these online car calculators are highly accurate. You can easily tweak the entered values and compare the options to select the one that is best suited to your needs and budget. 

Charges and Fees Applicable for Jeep Car Loan and Finance

Tabled below are the standard fees and charges associated with Jeep car finance from most providers in the UAE – 

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

Application processing fee

1% of the loan amount

Jeep Car Loan Repayment Options in the UAE

You can repay your Jeep car loan in the UAE using any of the following methods – 

Online Banking

  • Head to the official website of the lending institution
  • Sign into your account using your login credential to get details on your Jeep car loan
  • Navigate the payment option on the page and complete the payment process using an appropriate payment method
  • Once the transaction is completed, you will be  notified via SMS or an email 

Mobile Banking

  • Install the application of the concerned lending institution on your device
  • Locate the ‘loan section’ on the app and get the details of your Jeep car loan
  • Choose the payment button and make the payment of your monthly instalment
  • You will be notified of the transaction via SMS, email, or on the app itself

Offline Banking

As an alternative to mobile and online banking, you can also head to the official branch of your loan provider and approach one of the representatives. You can follow their instructions to settle the dues via offline mode.

Lending institutions in the UAE offer different repayment options to pay off your Jeep car loan – 

  1. Regular or Normal Monthly Instalments-The normal monthly instalment option is the standard mode of repaying the loan in UAE. Here, the finance amount, along with the interest amount, is calculated and divided into equal monthly instalments that have to be paid either at the starting or end of each month for the entire loan repayment period.
  2. Balloon Monthly Instalments-Balloon EMIs are to be paid at the end of loan repayment tenure, which reduces the burden on borrowers in the initial months of the loan. The balloon EMI amount is higher than the regular monthly payments. Keep in mind that the interest or profit rate for balloon EMIs is generally higher than that of normal monthly payments.
  3. Special Tie-Up Method-Special tie-up method allows you to prepay the loan amount whenever you have excess funds. This method can be of great help in reducing the total cost of the loan by reducing the loan repayment period and the interest amount as well.
  4. Step-Up EMI-This method, as the name may hint, allows you to pay lower monthly instalments in the initial years and increase the instalments through the loan repayment period..
  5. Special-Down Method-As the opposite of the step-up method, the step-down mode allows you to pay higher monthly instalments during the initial years of the loan before moving on to lower instalments towards the end of the loan period. 

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Given below is the list of popular Jeep cars in UAE along with general their prices – 

Jeep Car Model

Price

Jeep Gladiator 2023

AED 189,900 onwards

Jeep Grand Cherokee 2023

From AED 220,000

Jeep Wrangler Unlimited 2023

AED 177,900 onwards

Top Banks Offering Jeep Car Loans in UAE

Lets check out some of the top Jeep car loans in the UAE – 

Emirates NBD

Product 

Interest Rate

Loan Repayment Tenure

Car Loan Amount

Additional Benefits

Auto cash loan

N/A

Up to 60 months

Up to 75% of the vehicle invoice value

  • Same day approvals
  • Preferential rates

Flexi drive 

Flat interest rate – starting from 1.92%

NA

NA

  • Transparent pricing linked to a one-month EIBOR

Auto loans

Flat interest rate - starting from 1.99%

Flexible tenure

NA

Click here to Apply for Emirates NBD Car Loan

Abu Dhabi Commercial Bank

Product 

Profit Rate

Loan Repayment Tenure

Car loan Amount

Additional Benefits

ADCB Car loan

Flat rate - starting from 1.99%

 

Reducing rate - starting from 3.65%

NA

Up to AED 1.5 million or 80% of the car's value

  • One-signature application
  • Simple documentation and quick approvals
  • Insurance finance option available
Click here to Apply for ADCB Car Loan

First Abu Dhabi Bank

Product 

Profit Rate

Loan Repayment Tenure

loan Amount

Additional Benefits

FAB Islamic car finance (for UAE nationals and expats)

Flat rate - starting from 2.49%

 

Reducing rate - starting from 4.72%

NA

Up to AED 1.5 million or 80% of the car's value

  • Available for both used and new cars
  • Up to 120 days grace period 
  • Valid for salaried individuals
Click here to Apply for this FAB Car Loan

Emirates Islamic Bank

Product 

Profit Rate

Loan Repayment Tenure

Loan Amount

Additional Benefits

EIB Auto finance

Flat (annual) rates - 

 

Starting from 2.15% for UAE nationals and 2.29% for expats

Up to 60 months

N/A

  • Preferential rates
  • Murabaha structure (Sharia-compliant)
Click here to Apply for this EIB Car Loan

RAKBANK

Product Name

Interest Rate

Loan Repayment Tenure

Loan Amount

Additional Benefits

RAKBANK Car loans

Starting from 1.99% for salaried customers

Up to 60 months

NA

  • Available for both new and used cars
  • First instalment after 60 days
Click here to Apply for this RAKBANK Car Loan
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FAQS

How can I apply for a Jeep car loan in the UAE?

You can apply for a Jeep car loan in the UAE via Policybazaar UAE by visiting policybazaar.ae and going to the ‘car loan’ section under the 'banking products' tab on the home page. As an alternative, you can visit the official website of the lender and apply for a Jeep car loan.

How long can I finance a Jeep car in UAE?

Jeep car loans in UAE generally have a minimum tenure of 1 year and a maximum period of 5 years.

Do lending institutions in the UAE offer Jeep car loans to expatriates?

Do lending institutions in the UAE offer Jeep car loans to expatriates?

What documents are required by self-employed professionals to apply for Jeep car finance in the UAE?

The following documents are generally required by self-employed professionals to apply for Jeep car finance in the UAE – 

  • Valid Car Quotation
  • Original Passport
  • Original Visa
  • Original Emirates ID
  • Driving Licence
  • Trade Licence
  • Bank Statements

 

 

What are the drawbacks of obtaining a Jeep car loan?

One of the few disadvantages of obtaining a Jeep car loan or other loan product is that you would have to pay an extra amount along with the finance amount in the form of interest rates and fees.

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