Mazda Car Loan

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Mazda Motor Corporation has certainly made its mark in the UAE automotive industry over the last 47 years. This premium car manufacturer works in collaboration with Galadari Automobiles Co., with the latter having showrooms featuring Mazda cars in Dubai, Abu Dhabi, Ras Al Khaimah, Al Ain, Sharjah, and Fujairah. 

If you are planning to purchase a Mazda car, a Mazda car loan can indeed be of help to you. With the help of this loan, you can break down the large upfront expense into small chunks that you can easily pay over time. 

 

This write-up sheds light on the features and benefits of the said loan, the top banks offering them, and how to apply for a Mazda car loan. 

Features and Benefits of Mazda Car Loan

Buying a car becomes easy when you apply for a Mazda Car Loan. With most financial institutions offering loans at competitive interest rates on car loans and having low minimum salary requirements, you can easily get one and finance your car. 

Here is the rundown of Mazda car loan features and benefits -

  • Low-Interest Rate - With some lending institutions, you can get Mazda car loans in the UAE at an interest rate as low as 2%. Most banks offer flat and reducing interest rates, which gives you additional repayment options.
  • Flexible Repayment Tenure - The leading lending institutions offer flexible loan repayment tenures of up to 60 months or 5 years. This enables you to plan your loan repayment strategy in a way that does not hurt your budget.
  • You can Get a Loan for a Used Car - You can apply for Mazda car finance to purchase a used Mazda car as well. Most financial institutions in the UAE offer a car loan for used car purchases, with the only caveat being slightly higher interest rates than loans for new cars. The loan approval depends on the car’s age and condition.
  • Down Payment - A majority of financing institutions in the UAE use 80-20 financing, where they provide you with a loan for 80% of the car's worth - you would have to make the remaining 20% down payment by yourself. However, a few institutions may also provide 100% financing choices for car loans in UAE.
  • Improves credit Score - Securing a Mazda car loan and repaying the loan punctually can improve your credit score. This can be of great help in getting you better opportunities for other loans and credit as well as strengthening your relationship with the bank.
  • Minimum Salary Requirements - Depending on the bank you choose, the minimum salary required to get a Mazda car loan may differ. Generally, however, the salary requirements can be as low as AED 5,000.

Top Banks that Offer Mazda Car Loans in the UAE

Lets now discuss the top 5 banks that offer Mazda car loans in the UAE and the specifications of those loans -

First Abu Dhabi Bank - Islamic Car Finance (UAE Nationals)

Car Loan Description

Information

Flat Rate

2.49% per annum

Reducing Rate

4.72% per annum

Minimum Salary Required

AED 7,000

Maximum Finance 

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

Additional Benefits 

  • Up to 120 grace days before the first instalment
  • Valid for salaried individuals 
  • Financing facility available for new and used vehicles
Click here to Apply for this FAB Car Loan

Emirates Islamic Bank - Auto Finance

Car Loan Description

Information 

Profit Rates

  • New Mazda Car Loan -
  • For UAE Nationals - 2.15% p.a.
  • For Expatriates - 2.29% p.a.
  • Pre-Owned Car Loan -
  • For UAE Nationals - 2.15% p.a.
  • For Expatriates - 2.29% p.a.
  • Used Car Loan -
  • For UAE Nationals - 2.49% p.a.
  • For Expatriates - 2.59% p.a.

Minimum Salary Requirement 

AED 5,000

Salary Transfer 

Required

Maximum Loan Repayment Tenure 

Up to 5 Years

Additional Benefits 

  • A car loan that is Shariah-compliant
  • 60 days of grace period before first instalment
  • Fast track loan approval
  • Islamic finance available for a variety of car brands
  • Minimum documentation requirement
Click here to Apply for this EIB Car Loan

Abu Dhabi Commercial Bank - Car Loan

Car Loan Description

Information

Flat Rate

1.99% per annum

Reducing Rate

3.65% per annum

Minimum Salary Requirement

AED 5,000

Maximum Loan Amount 

Up to AED 1.5 million

Maximum Financing

80% of the car’s value

Maximum Loan Repayment Tenure

60 months or 5 years

Additional Benefits

  • Quick loan approval
  • 50 TouchPoints for every AED 1,000 of the loan amount
  • Simple documentation process
  • One-signature application
  • Insurance is also included
Click here to Apply for this ADCB Car Loan

Mashreq Bank - Car Loan

Car Loan Description

Information

Minimum Salary Requirement 

AED 5,000

Flat Rate 

3.45% p.a.

Maximum Loan Amount 

Up to AED 500,000

Loan Repayment Tenure

Up to 60 months

Additional Benefits

  • Free for life credit card
  • Complimentary zero-balance current account
  • Special rates on car insurance
Click here to Apply for this Mashreq Car Loan

HSBC - Car Loan

Car Loan Description

Information

Minimum Salary Requirement 

AED 10,000

Flat Rate

Starting from 1.99% p.a.

Maximum Loan Amount 

Up to AED 600,000 for a new car (depending on the eligibility)

Salary Transfer

Not Required

Additional Benefits 

  • 0.25% discount on flat interest rate 
  • No account opening required
  • Available for all types of a saloon and four-wheeled vehicles
  • Option of balloon repayment available
  • Concierge service
  • Online loan application process available
Click here to Apply for this HSBC Car Loan

How to Apply for a Mazda Car Loan?

You can apply for Mazda car finance via any of the methods discussed here - 

Via Policybazaar UAE

You can easily apply for Mazda car finance on Policybazaar.ae within a few clicks. To initiate the loan application process, continue on our site and head to the section of car loans, where you can fill in the lead form with your personal details and click on the submit tab. 

You will then be directed to our car loan quotes page where you can compare the top Mazda car finance options as per their features, approximate instalments, and so forth. Once decided, you can make a choice by clicking on the apply tab for your preferred one. 

Policybazaar.ae provides car loans from the leading financial institutions in the UAE. Explore our portal and gain access to -

  1. Exclusive discounts and deals on the loan
  2. 24/7 access to customer care service
  3. The best car loans in the UAE 
  4. Assistance from financial experts in case you are confused about the options

Online Banking

You can also apply for a Mazda car loan in the UAE by visiting the bank’s online portal. It is usually recommended that you apply for a car loan with a bank where you already have a bank account. Log into the net banking portal and fill in the car loan application form with precise details.

Once through, attach the requested documents and submit the form. A designated executive will connect with you for further processes regarding the car loan. 

Branch Visit

To apply for a Mazda car loan, you can visit your nearest bank branch. Once there, obtain a loan application form and fill it in with accurate details. Affix the necessary documents and submit the form to the designated counter. The designated loan officer will connect with you for further process.

Note: Make sure that you carry all the required documents along with you  

Documents Required for Mazda Car Loan

While the documents required to apply for a Mazda car loan application differ from bank to bank, the standard lists of documents required to apply for a Mazda car loan in the UAE are given below -

For Salaried Personnel For Self-Employed Individuals For Companies
  • A copy of passport
  • Emirates ID
  • A copy of residence visa page
  • Recent bank statements (of up to last 3 months)
  • Salary certificate (not necessary if your salary is transferred to the bank from where you are securing the loan)
  • Driving licence
  • A duly filled car loan application form
  • A copy of passport
  • Emirates ID 
  • Driving licence
  • Bank statement (of up to last 3 months)
  • Trade licence of the business
  • Article of Association (AOA) or Memorandum of Association (MOA)
  • Partnership agreement (in case of an LLC)
  • Power of attorney
  • Residence visa
  • A duly filled-in car loan application form
  • Passport
  • Residence visa
  • Emirates ID
  • Trade licence
  • Memorandum of Association
  • Driving licence (of all the authorised officials)
  • A list of authorised signatories of the company
  • Recent bank statement

Some other key documents that may be asked for are insurance policy documents, vehicle valuation certificate, car registration documents, and proof of residence. Proof of residence includes utility bills, lease agreements, mortgage statements, and more. 

Mazda Car Loan Eligibility Criteria in UAE

Check out the general eligibility criteria to apply for a Mazda car loan -

  1. Nationality - Anyone can apply for a Mazda car loan, be it a UAE national, resident, or expatriate. With that said, make sure you provide relevant documents to prove your nationality when you apply for the loan.
  2. Employment - If you are a salaried individual or a self-employed person, you can apply for the Mazda car loan. Even companies can also apply for loans. You would need to provide proof of stable income and regular employment at the time of the application process.
  3. Age - The minimum age for applying for a car loan is 21 years. The maximum age limit for UAE nationals is generally 65 years, with the same limit being 60 years for expatriates in most cases.
  4. Income - The monthly income requirement varies from bank to bank 

Mazda Car Loan Interest Rates in UAE

The interest and profit rate for the Mazda car loan primarily depend on your profile and the policies of the loan provider. Generally, car loan interest rates are influenced by the following factors -

  1. Car Model and Age - Your car will be pledged as collateral to the bank for the duration of the loan when you get a car loan. The bank can take the car if you do not pay the loan back in full. As not every car model will sell for what is anticipated when it is put up for sale, the bank must take this into account when determining the interest rate. The age of the vehicle also matters as it gets riskier for the bank if you take out a used car loan. Due to this, a used automobile loan will always have a higher interest rate than a new car loan.
  2. Debt-to-Income Ratio - The lower your debt-to-income ratio, the lower the interest rate on your Mazda car loan. A low debt-to-income ratio implies that you will not find it difficult to repay the loan 0n time, which increases the chances of getting a car loan at a lower interest rate.
  3. Including a Co-applicant - When you include a co-applicant when applying for a Mazda car loan, you can secure a lower interest rate. This is because the bank will consider the combined income to calculate the interest rate, which lowers the risk of providing the loan. 
  4. Credit History and Credit Score - When a bank or loan provider evaluates your loan application, your credit score and payment history would be reviewed as well. In most circumstances, a low credit score can result in rejection. 

Even if your application for a Mazda car loan is accepted with a low credit score, you will still pay a higher interest rate because a low credit score reflects low creditworthiness, which increases the risk to the bank.

How to Calculate EMI for Mazda Car Finance?

You can easily calculate the EMI for a Mazda car loan using an online Car Loan EMI calculator, which is an automated tool that easily estimates the monthly instalment for your loan. It is a useful tool that will clear up any uncertainty and assist you in figuring out your monthly loan instalments as well as the total profit or interest you will have to pay during your loan term.

To determine the Mazda car finance EMI, provide the following information to the calculator -

  1. Principal amount
  2. Loan repayment tenure
  3. Rate of interest

Charges Applicable for Mazda Car Loan and Finance in UAE

The table below lists the general fees applicable on Mazda car loan from the leading providers in the UAE -

Details

Fees

Processing Fee

1.00%

Early Settlement Fee

1.00%

Down Payment 

Varies for each bank

Late Payment Fees

Depends on the bank’s policies

Mazda Car Finance Repayment Options

Here are the major Mazda car loan repayment methods in the UAE -

  1. Regular EMI - This is the most popular type of repayment plan chosen by loan applicants. Based on the loan's term and interest rate, this choice determines the monthly payment amount. The regular EMI plan usually has the lowest interest rate among all the methods. You have two options for making EMI payments: monthly in advance or monthly in arrears.
  2. Step-up EMI - With this Mazda car loan repayment strategy, you can start off with low EMI payments and progressively raise them along with the loan's term. In comparison to standard EMIs, this method has a higher interest rate.
  3. Balloon EMI - You can make lump-sum payments using this option when you are near the closure of the loan term. The early burden of a loan is lessened for you even if the rate of interest charged here is higher than it is under standard EMIs.
  4. Step-down EMI - With this repayment method, the EMI amount gradually decreases as per the number of payments made and the balance of the outstanding loan. Step-down EMIs have a higher interest rate than ordinary EMIs. However, because the principal is paid back sooner, the overall cost may be on the lower side.
  5. Special Tie-up - In this method, the bank and the applicant can have an arrangement wherein the Mazda car loan can be paid off early whenever the latter has additional money with them. This can be helpful in lowering the overall amount of interest paid as well as the principal.

Check out the table below for some of the most popular car models for Mazda in the UAE as well as their general prices -

Car Model

Price

Mazda CX-30 2.0 Trend FWD 2023

AED 89,900 to AED 90,000

Mazda 3 Sedan 2.0L Evolve 2023

AED 81,000 to AED 82,000

Mazda 6 2.5L R Grade 2023

AED 114,900 to AED 115,000

Mazda MX-5 RF 2023

AED 140,000 to AED 145,000

Mazda CX-3 GTX AWD 2023

AED 100,000 to AED 101,000

Mazda 6 2.5L Sports Turbo 2023

AED 129,900 to AED 130,000

Mazda 3 2.0 Allure 2023

AED 99,900 to AED 100,000

Mazda CX-30 2.0 Urbane AWD 2023

AED 99,900 to AED 100,000

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FAQS

What is the maximum Mazda car loan repayment tenure?

Most financial institutions in the UAE offer a loan repayment tenure of 60 months or 5 years. In case you secure a Mazda car loan for a used car, the repayment tenure could be shorter. 

What is the reducing rate on Mazda car loans?

After an instalment is repaid, the reducing interest rate is computed on the balance still owed on the auto loan. As a result, the applicable interest for each instalment will be determined by multiplying the balance due (after the previous EMIs' repayments) by the interest rate.

Can you get a Mazda car loan if the car is registered in your spouse’s name?

Yes, a number of financial institutions allow you to secure a Mazda car loan in this case. However, this entirely relies on the policies of the bank, which can also apply other terms and restrictions.

How does the car loan tenure influence the interest rate?

The Mazda car loan's term has a direct impact on the EMI. The interest payments increase as the loan's term lengthens.

Do you have to pay any additional amount during the grace period of your Mazda car loan?

The grace period is free of any additional fees.

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