Standard Chartered Bank Used Car Loan

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SCB Used Car Loan

Minimum Monthly Salary Needed

AED 5,000 per month

Annual Flat Rate 

2.49% onwards

Annual Reducing Rate

4.72% onwards

With a history of 64 years in the UAE, the Standard Chartered Bank (SCB) has provided customers with large spectra of both conventional and Islamic banking facilities. The bank is also a preferred choice for individuals seeking a used car loan in UAE, with the SCB car loan a popular option for both new and used cars. Feasible interest rates, high loan amounts, and more are just some of the reasons making SCB Used Car Finance a popular choice in the country.

Standard Chartered Bank provides flexible and reasonably priced car finance that can equip you to purchase a used car without any major difficulty. Its high-quality customer service ensures that all concerns regarding the SCB car loan for used cars are easily resolved. 

Features & Benefits of SCB Used Car Loan

SCB Used Car Finance is among the most prominent plans in terms of car loan in UAE currently. Given below are the major factors behind the distinguished status of SCB car loan for used cars:

Note: As mentioned earlier, the standard SCB car loan rates given below can be considered for reference for SCB used car loan.

  1. Low-Interest Rate - With interest rates starting as low as 2.49% per annum, you can balance your overall finances better with this Standard Chartered Bank car loan in UAE. Consequently, you can savour the luxury of a personal car without minimising other spending.
  2. Flexible Loan Term - SCB Used Car Finance offers a flexible loan tenure so that users can repay the loan in as much time as they wish. The maximum tenure allowed by the bank goes up to 84 months. However, it should be noted that a long loan tenure comes with a higher overall interest amount yet helps to keep the easy monthly payments low. 
  3. High Loan Amount - Whether you are looking to buy a brand new car or a pre-owned one, Standard Chartered Bank provides you with financing amounts as high as AED 1,000,000 or AED 1 million with the SCB car loan. 
  4. Pre-approved credit card - As mentioned earlier, SCB used car loan interest rates are low, which ensures that users don’t need to reduce other spending. An excellent channel for spending on various things is provided in the form of a pre-approved Titanium Card by the SCB to its car loan customers. This card offers perks to customers such as lifestyle benefits, multiple deals and discounts, and more. 
  5. Bank Support - Whenever facing any difficulties in the loan process or afterwards, SCB Used Car Loan customers can contact the 24/7 Bank support. The staff is always available to answer your queries and resolve any issues for a smooth borrowing experience.
  6. Fast Loan Approvals - Standard Chartered Bank provides a complete digital loan application. This makes the loan application much quicker. 
  7. New and Pre-Owned Car Finance - SCB car loan is available for purchasing both new and pre-owned cars in the UAE. 
  8. Zero Salary Transfer - As Standard Chartered Bank does not require any salary transfer to approve your car loan, applicants can simply focus on fulfilling the eligibility criteria and obtain a car loan in UAE.

SCB Used Car Loan Interest Rates

Listed below are the interest rates for SCB car loan in the UAE.

Car Finance Plan

Fixed Rate of Interest Per Annum

Reducing Rate of Interest Per Annum

SCB Car Finance

Starting from 2.49% 

Starting from 4.72% 

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SCB Used Car Loan - Documents for Submission

Keep the following documents prepared before applying for SCB Used Car Loan: 

For Salaried Applicants

  • Copy of Passport 
  • Copy of Emirates ID
  • Driving License copy
  • Recent Utility Bills
  • Last 6-month Bank account statement
  • Recent Pay Slip or Salary Certificate
  • Car’s proforma Invoice or dealer’s quotation

For Self-Employed Applicants

  • Passport copy
  • Copy of Emirates ID
  • Driving License copy
  • Copy of Trade License 
  • Power of Attorney Papers (if applicable)
  • Company’s Expenses, Revenue, Loans, and Balance Details
  • Last 3-month Individual Bank account statement
  • Last 3-month Corporate Bank account statement
  • Car’s proforma Invoice or dealer’s quotation

Eligibility Criteria for SCB Used Car Loan

Understanding the eligibility requirements set by SCB Bank before applying for a car loan in UAE is crucial to avoid last-minute rejections, which can also slash your credit Score. The major requirements by the Standard Chartered bank are:

  • Age: The minimum age requirement for an SCB car loan is 21 years. The upper age restriction, however, varies as per income, nationality, and other factors. Consequently, it is advisable to verify the upper age limit with the bank. 
  • Credit Score: Even though most banks don’t set a credit score requirement for their auto finance products, a good credit score is always recommended as it indicates a well-managed financial track record to the bank. Generally, a credit score of 700 or above is recommended, as it can get you low-interest rates and several other benefits.
  • Salary: You are eligible for SCB Used Car Finance if your monthly salary is more than AED 5,000.
  • Residency: Standard Chartered Bank offers SCB Used Car Finance to both UAE Nationals and Expatriates, although the document and eligibility requirements have to be fulfilled to receive it.

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Eligibility Criteria for SCB Used Car Loan

  Minimum Age 

21 years


UAE Nationals and Expats

Salary Requirement

At least AED 5,000 per month

Credit Score

A good credit score is required

How to Calculate SCB Used Car Loan Monthly Installments?

While you can always calculate the easy monthly installments for your car loan in UAE, car loan calculators help you evade the tiresome calculations by displaying the estimated instalment in some clicks. All that you have to do with an online car loan calculator is to provide basic information like the loan amount, interest rate, tenure, car's model and year of manufacture, and so on. The calculator will compute the amount and present it on your screen. 

While you can straightaway purchase a car loan plan in the UAE, it is always recommended to undertake a comprehensive comparison of the top plans. It is a quick way to be aware of the benefits and disadvantages of all plans, which can lead you to the best used car loan plan for you. 

Visit to view and measure the best car loan plans against each other and pick out whichever you find the most suitable. You can do more than comparison on our site, though, as we provide the option to buy your chosen plan directly from our site in a few clicks. 


What is the salary requirement for SCB Used Car Loan in UAE?

SCB requires a minimum monthly salary of AED 5,000 to consider the car loan applicant eligible.


What is the age requirement for SCB Used Car Finance?

Applicants above the age of 21 years are eligible for SCB Used Car Finance.

How can I apply for SCB Used Car Loan in UAE?

Applicants can visit a nearby branch of the bank or check out its website to apply for SCB Used Car Loan. Another option, as mentioned previously, is to apply for a car loan on our page.

Can I close my SCB Used Car Loan account before the term of my loan expires?

Yes. Loan pre-settlement is permitted by Standard Chartered Bank, however, you must pay a small early loan settlement cost.

What is SCB Bank's vehicle finance interest rate?

SCB Used Car Finance has interest rates that start at 2.49% per year

What is the maximum loan amount I may get from SCB Used Car Finance?

Standard Chartered Bank provides car loans of up to AED 1,000,000.

How much money do I need to put down as a down payment?

As per the Central Bank of UAE metrics, you must pay 20% of the car's invoice value as a down payment.

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