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Whether it's a sleek new sports car or a pre-owned car, most of us would love to have our favourite set of wheels. At the same time, if you are not careful, getting a new car can be quite expensive. This holds true even if you possess sufficient funds to finance the car yourself, with high finance costs, compulsory insurance, maintenance, and other factors adding to the costs. In such cases, having the assistance of an option like SIB Car Finance can allow you to buy your dream car minus financial hassles.
Extending beyond low interest rates, SIB Bank has made car loans easier for customers by offering flexible payment options and transparent terms to suit the different needs and financial circumstances of users. This article will provide a detailed description of SIB Car Finance.
Transparent terms, flexible payment options, and easy financing are just a few key features of car loans provided by the SIB Bank in the UAE. SIB car loans offer many more benefits including low interest rates, long-term repayment period, easy approval, and more as described below.
High Loan Amount - With this bank, you can get SIB car loans up to AED 750,000. Combined with their outstanding level of customer service in all stages of the process, this amount leads to a seamless car purchasing experience.
Group Credit Life Takaful - To protect your responsibilities, SIB Car Finance provides Group Credit Life Takaful. Such a feature allows the bank to provide financial products fulfilling the needs of their customers while also securing them in case they meet their demise of critical injuries.
Flexible Loan Term - Besides the maximum loan tenure of 60 months, SIB Bank is also known for its flexible loan tenure where the user can select any tenure within the specified limit to customise the plan to their requirements and plans.
Quick Application - SIB Bank allows users to apply for a car loan in a completely digital way, meaning that the applying individual is not required to visit a branch during business hours. You can simply apply on your smartphone at your convenience and receive the approval faster than ever before.
80% Financing - Complying with the guidelines prescribed by the UAE government. SIB Bank provides up to 80% of the car’s cost in the form of financing.
Sharia-compliant - SIB Bank financing solutions are Sharia-compliant and tailored to meet the needs of the customers at industry-leading rates while following the Sharia laws regarding loans and credit.
Low-Interest Rate - With SIB Car Loans providing interest rates that start as low as 2.99% per year, your overall borrowing expenses are substantially cheaper.
SIB Car Finance Interest Rates
Car Finance Plan
Fixed Rate of Interest
Reducing Rate of Interest
SIB Car Finance
Starting from 2.99% per annum
Starting from 5.38% per annum
SIB Car Finance Document Requirements
If you are prepared to apply for a SIB car loan, it can be useful to check all the specifics of the process beforehand. This will ensure that you have everything required and can submit your application without any errors.
Here is a list of the main documents any potential borrower needs when applying for a SIB car loan.
UAE National ID
UAE Residence VISA
Labour and/or Employment Card
Recent Salary Payslips or Salary Certificates
Last 3-month Bank Statements
SIB Car Finance Eligibility Criteria
When you are applying for a car loan in UAE, it is essential to remember that most banks are stringent regarding loan eligibility requirements. If you apply for a loan with SIB without fulfilling the criteria, your application will most likely be rejected straightway, which will also manifest in your credit score in the form of a reduction. Thus, it is necessary for an applicant to understand the eligibility criteria to make their loan processing smooth to the greatest possible extent.
Age: An applicant must be above the age of 21 years to be considered eligible for the car loan by the SIB Bank.
Residency: Both UAE Nationals and Ex-pats are eligible for SIB Car Loans. However, as the bank will demand proof of your residency, it is advisable to keep the residency documents ready.
Salary: Applicants having a minimum income of AED 5,000 per month are eligible for car loans from SIB Bank.
Credit Score: Maintaining a good credit score will prove helpful for your loan application, with a bad credit score making it difficult to get your preferred car loan plan with favourable terms and conditions. To be eligible for maximum loan benefits, you must have a good credit score, which can be generally taken as 700 or more. With such a good credit score, you always have the chance of receiving a car loan in UAE at more competitive interest rates.
Down Payment: As per the guidelines set by the Central Bank of UAE, applicants are needed to pay 20% of the invoice amount as a down payment.
UAE Nationals and Expats
Good credit score is necessary
20% of the Car Value
While you can always apply for SIB Car Finance on the SIB website or its nearby branch, an excellent place to view, explore, compare, and buy car loan in UAE is policybazaar.ae. At your comfort, you can do all the mentioned processes (and much more) in a few taps or clicks without taking a single step out of your home.
Continue on our site and explore the ‘car loans’ section for more.
Major Reasons to Choose SIB Car Finance
SIB Car Finance has steadily gained nationwide popularity due to its high-quality services, entirely tailored to suit one's needs. The bank is engaged in offering car loan in UAE for both nationals and ex-pats. Some of its key features that make its loan option highly valuable are:
Affordable rates of interest starting from as low as 2.99% per annum
Long loan terms ranging up to 60 months
Islamic insurance financing available
Both new and pre-owned car loans
Quick Loan Approvals
How old do I need to be to qualify for a SIB car loan?
To be eligible for the SIB car loan in UAE, applicants must be at least 21 years of age.
Can I pre-settle my SIB car loan before the loan term ends?
SIB Bank offers the option to pre-settle your car loan albeit with an early loan settlement fee.
How to get a SIB car loan in UAE?
Visit the SIB Bank's website and follow the application instructions to apply for a car loan. You can apply for a car loan here as well. Simply fill out the application form related to your loan and submit it with the required documents to proceed with your application. In case your application is accepted, you will be notified by the bank regarding the same and further procedure.
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A pre-owned car loan is a type of car loan that, as the name indicates, helps you purchase a used car. The loan amount is generally based on the market value of the car, and you are required to make monthly payments with interest until the loan is fully repaid.
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