UAE has a substantial market for premium segment cars. Peugeot cars are a rather popular option in this market of premium and semi-luxury cars in the UAE. Available in different models and variants the current options for Peugeot cars be traced to 11 models being sold in the UAE. These include two sedans and hatchbacks, three crossovers and four minivans. Car financing is quite popular among Peugeot car enthusiasts in the UAE. Multiple banks in the UAE offer Peugeot car loans with competitive interest rates. Let’s have a look at the detailed aspects of the loan along with some features and benefits.
Features and Benefits of Peugeot Car Loans
Here are some of the notable features and benefits of Peugeot car loans available in the UAE:
Easy Availability - Peugeot car loans are offered by most leading banks in the UAE. You can easily find multiple finance options for the model that you want to buy. You can also compare the loan options across leading banks to get the best deal. Most banks also allow online applications for their car loan products to increase flexibility for the customers.
Affordable Options - Peugeot car loan interest rates are highly affordable starting at only 1.99% per annum. You can get low interest rates if you have high credibility and low debt-to-income ratio. Most banks offer both flat and reducing rates of interest. Borrowers can choose from the available option as per their requirements.
Easy Repayment Options - Different repayment modes are offered by car loan providers. You can choose the option that best suits your needs. The available loan repayment methods include fixed monthly instalments, reducing monthly instalments and balloon payments.
Flexible Loan Tenure - Renault car loans generally come with a maximum loan tenure of 60 months. The minimum tenure available for these loans is 12 months. Borrowers can flexibly choose the tenure that suits their repayment capabilities the best.
Quick Processing - With the online application mode, you can apply for the Peugeot car loan instantly and get approvals in real time. With the quick turnaround time of the banks, the loan application not only gets processed quickly but loan amounts are also disbursed instantaneously.
High Finance Ratio - Many banks in the UAE allow up to 90% financing for the car that you wish to purchase. Financing ratio highly depends on your nationality and the type of loan products you choose. The maximum financing ratio available for personal vehicle loans is 85%. Commercial vehicle loans can be taken on 90% finance from some selected banks.
Good for Your credit score - Adding a car loan to your credit portfolio will help quite a lot in building up your credit history. Timely repayment of the loan without defaults can help you further improve your credit score. An improved credit score means better loan prospects if you need funds in the future.
New and Used Car Financing - Peugeot car loans offered by most banks can be used to finance both used and new cars. The interest rates are slightly higher for used cars and documents required for the loan application may differ as well. Apart from that, everything from the application process to loan disbursement is smooth sailing.
Peugeot Car Loan Interest Rates
Interest rates and other important aspects of Peugeot car loans of the top banks are given below:
Grace period of 60 days before the first instalment
Peugeot Car Loan Eligibility
To apply for a Peugeot car loan and get the loan sanctioned successfully, you would have to adhere to the eligibility criteria laid down by the lender. While the exact eligibility criteria depend on the lender, here’s a look at some of the most common ones –
Age- Most banks offer car loans to borrowers aged 21 years and above. Some lenders might have a different minimum age criterion for self-employed individuals. A maximum age limit may apply as well which usually ranges between 65 and 70 years. Applicants beyond this age might not be able to apply for Peugeot Car Loans.
Employment Type - Peugeot car loans are usually offered to both salaried and self-employed individuals. Occupation may make a difference with your Car loan interest rates but does not bear any effect on eligibility to get the loan. Some eligibility criteria may differ for salaried and self-employed individuals.
Income - The minimum income for most Peugeot car loans starts from AED 5000. The minimum income criterion may differ for each lender and loan product though. Some lenders might have a higher limit of AED 7500 or AED 10,000. In addition to that, self-employed individuals may also have a higher minimum income criterion.
Nationality - Peugeot car loans are available for UAE citizens as well as expatriates. You will be required to prove your residency status or nationality when you apply for the loan. That is why a valid Emirates ID, Visa copy and a copy of your passport are usually required by lenders as identity proofs.
Credit Score - A credit score of 650 and above might be required by lenders. Most lenders prefer candidates with at least a medium credit score. However, candidates with low or very low credit scores may also get auto loans in the UAE depending on the risk appetite of the lending bank.
How to Apply for Peugeot Car Loan?
You can swiftly submit your Peugeot car loan applications using our official website Policybazaar.ae. Simple head to the car loan section and fill out the given lead form. Submit it to get redirected to the quotes page of car loans. Compare and choose a Peugeot car loan that meets all your requirements. Open the application form, fill it up, add documents and submit. Your application will be forwarded to the bank immediately. An executive from the bank will connect to you after that and take the loan disbursal process further.
Documents Required for Peugeot Car Loans
A few documents will be required to successfully submit your Peugeot car loan application. Let’s take a look at the most common documents that you would have to submit with your loan application form:
If you are self-employed
The loan application form, filled and signed
Copy of your passport
Your driving license
Copy of your resident’s Visa
Last 3 to 6 months’ bank statement
Trade license of your business
If you are a Limited Liability Company (LLC), copy of your company’s Memorandum of Association and Articles of Association
Power of attorney
Partnership agreement if you are a Limited Liability Company (LLC)
If you are a salaried borrower
The loan application form, filled and signed
Copy of your passport
Your driving license
Copy of your resident’s Visa
Last 3 to 6 months’ bank statement
Salary certificate (the certificate is not required if your salary is credited to the account of the lending bank)
Additional documents (salaried and self-employed)
Quotation from the car’s dealer stating the price of the new car
Evaluation certificate from the dealer for used cars
Proof of income – salary slip for salaried borrowers and financial statements for self-employed individuals
Why Apply with Policybazaar.ae?
Thanks to our partnership with top banks and finance houses in the UAE, we offer you the best Peugeot car loan solutions at the best interest rates.
The algorithm of our website is designed to be customer-centric. The lead form helps us in cultivating customised solutions for your car loan requirements and the integrated interface helps with proper comparison. You can easily research, compare and purchase – all from a singular optimised platform.
Our in-house team of experts guides you during the complete process of choosing your loan product and getting the amount disbursed. Our goal is to help you make sound financial decisions at every point.
The 24x7 customer support cell is ever-ready to troubleshot every car loan related issue you face, any time of the day.
Our infinite expert knowledge base can be used to conduct proper research about every loan and insurance product that you wish to purchase.
What are The Advantages of Having Peugeot Car Finance in the UAE?
Financing your Peugeot car instead of paying for it upfront can be beneficial in many ways. Listed below are some of the top advantages of getting a Peugeot car loan:
Peugeot car loans are collateral-free loans wherein you don’t have to pledge any security to avail of the fund. Your car acts as the collateral for the loan which allows you the flexibility of getting a loan without first arranging for separate collateral.
The short processing and disbursal time of the banks allows you to bring home your new car in no time. It is as easy and swift as buying your Peugeot with upfront payment.
Financing your new car allows you to keep your life’s savings safe. You get the liberty to invest your saved money into return-yielding ventures or keep it aside to use in emergencies.
How to Calculate The EMI for Peugeot Car Finance?
There are a few mathematical formulas that can be used for calculating instalment amounts for Peugeot finance. However, these calculations can be quite complex. You can instead use the online car loan EMI calculators to find the estimated equal monthly payment amount of your Peugeot car loan. Policybazaar offers an online Car Loan EMI calculator, free of cost that you can use. The process is as follows:
Add The Required Details - The first step to calculating the equal monthly payment amount is to enter the required details in the calculator tool you have chosen. These details will include the loan amount you require, the loan tenure and the interest rate. Some calculators come with pre-set interest rates as per the policies of the lenders. Add your chosen down payment amount if required.
Calculate the Estimates Payment Amount - Click on calculate to get the estimated monthly payment amount. You can also change the variables in the calculators to adjust your monthly payment amount. Note that this will only be an estimate. The actual amount might differ as per the final terms of your Peugeot car loan plan.
Peugeot Car Finance Repayment Options
As mentioned earlier, there are different types of repayment options for Peugeot car loans. These options are as follows:
Fixed Monthly Instalments - This is the most common form of repayment wherein you pay the equal monthly instalments spread over the repayment tenure that you have selected. The instalment amount is calculated using flat rates of interest and remains the same throughout the tenure of the loan.
Balloon Payment Plan - Banks allow the borrowers to make lump sum payments for their loans at the end of the repayment period. The borrower can choose to pay a part of the loan using a fixed monthly instalment plan as well.
Reducing Monthly Instalments - Reducing monthly payments are calculated using reducing rates of interest on the remaining due balance of the loan amount. The payment amount keeps decreasing as the tenure of the loan moves.
Borrowers can use several online and offline methods to make their monthly instalment payments for Peugeot car loans. Online methods include net banking and mobile banking using debit/credit cards and e-wallets. Offline methods include cash or cheque deposits at a branch office of the lender.
Most Popular Peugeot Cars in UAE
Here are a list of the popular Peugeot models that are in demand in the UAE:
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