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Established in 1975, Sharjah Islamic bank is the world’s first bank to convert from a commercial to an Islamic bank. At present, the bank provides a vast range of Sharia-compliant financial products like retail, corporate, and investment products. The bank is easily accessible across the UAE through a nationwide network and is famous for its innovative products that include individual and business bank accounts, deposit schemes, and credit and loan services.
One of the popular credit products offered by the bank is vehicle financing. With low profit rates, Sharjah Islamic Bank car loans are affordable and provide easy application through online and offline channels. If you want to get more insights into the features, benefits, and various ways to apply for a Sharjah Islamic Bank car loan in the UAE, read the article below.
With a completely Sharia-compliant car financing option, you can enjoy a range of features to manage your finances efficiently. From convenient applications to flexible tenures, the bank helps you purchase your dream car without compromising your budget. Below are the key features of Sharjah Islamic bank car loans in the UAE.
Depending on the type of car you are buying, you can obtain any of the following Sharjah Islamic Bank car loans in the UAE.
Following are the car loan profit rates offered by Sharjah Islamic Bank car loan.
Type of SIB Car Loan |
Flat Rate |
Reducing Rate |
---|---|---|
New Car Loan |
Starting at 2.79% per annum |
Starting at 5.06% per annum |
Used Car Loan |
Starting at 3.89% |
Starting at 7.06% per annum |
A few criteria have to be fulfilled in order to be eligible for applying for a SIB car loan in the UAE. While the criteria may vary as per the applicant, the following are the common eligibility criteria relevant for Sharjah Islamic Bank car loans.
Once you have ensured that you qualify for the car loan, collect all the relevant documents and submit them to the bank during the loan application. Following are the common documents you need during the Sharjah Islamic Bank car loan application.
Whether you select the online or offline method, you can be assured of a convenient experience with Sharjah Islamic Bank vehicle loan applications. You can apply online from the comfort of your home or visit the nearest SIB branch to submit your applications. Following are the ways to apply for Sharjah Islamic Car Loan in the UAE.
Since car loan instalment calculation requires intricate methods involving numerous variables, it can be difficult to determine your monthly repayments. At the same time, you should at least have an estimate of your monthly repayments before the SIB car loan application to avoid any future financial inconvenience.
To help you find your loan cost, the total profit, and the monthly instalments to be paid, you can use the Sharjah Bank Car loan calculator on the official SIB portal. Simply enter the selected amount of loan, the profit rate offered by the bank, and the loan tenure. Once all the details are filled in, the portal will show the details of your SIB car loan and the applicable monthly instalment.
The following is the rundown of Sharjah Islamic Bank car loans in the UAE.
Type of Charges |
Amount in AED |
---|---|
Documentation Fee Salaried Customers |
1.05% (min AED 500 and max AED 2625) |
Documentation Fee Self Employed Customers |
1.31% (min AED 630) |
Rescheduling of liability |
AED 262.50 |
Instalment Deferement Fee |
AED 105 |
Late Payment Fee |
AED 525 |
Early Settlement Fee |
1.05% of the Outstanding amount |
Partial Payment Fee |
1.05% of the partial amount |
Liability/No Liability Letter |
AED 63 |
Following are some of the vital terms and conditions of the Sharjah Islamic Bank car loan in the UAE.
Given below are the contact details for the Sharjah Islamic Bank car loan.
Area |
Contact Number |
---|---|
Within UAE |
+97165999999 |
You can always contact this number to apply for your preferred Sharjah Islamic Bank Car loan or present your queries. However, you can also read below to find answers to most of the questions asked by customers of this type of loan.
Ans. As one may expect, you should be at least 21 years old to apply for a SIB car loan. Similarly, a ceiling is present on the other side, although it should be noted that the upper age limit depends on your financial situation and monthly income. Generally, the upper age limit ranges between 65 and 70 years of age.
Ans. Yes, Sharjah Islamic Bank provides car loans to ex-pats. However, they have to fulfil the eligibility requirements and produce the required documents as sought by the bank.
Ans. You must have a minimum monthly salary of AED 5,000 to apply for the loan. However, the bank grants approval after considering your income, expenses, and other liabilities.
Ans. Yes, you can settle your loan amount with a lump sum payment at once. However, a charge of 1.05% of the outstanding loan amount will be levied.
Ans. If you wish to avoid the hassles of manual calculation, you can access the SIB car loan on the official portal of Sharjah Islamic Bank. Simply locate the car loan calculator in the car loan section of the website, enter a few details related to your loan, and you will see all the details regarding your monthly installments and the total amount to be paid during the loan tenure.
Ans. You can acquire a maximum of AED 750,000 as a car loan from Sharjah Islamic Bank. However, the amount approved also depends on the cost of the car and your financial circumstances. It should be remembered that you can obtain up to 80% of your car’s invoice cost.