Tesla Car Loan

Founded in 2003, Tesla is no new name in the automobile industry. The brand is reputed to offer the best-in-class electric vehicles that are easier to operate than conventional fuel-based cars and are vouched for their safety and energy efficiency.

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In the UAE, this automobile brand sells about three car models in the emirates including Dubai, Ras Al Khaimah, Al Ain, and Sharjah. Tesla Model X is one of the most sold models in the UAE with a beginning price of AED 349,125.

With the rising demand for Tesla and other electric vehicles, banks have now started providing green car loans as well as specific Tesla car loans. The following sections will provide various insights into the features and benefits of Tesla car finance, the best Tesla finance deals, and more.

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Features and Benefits of Tesla Car Loan

With Tesla car finance, you get a step closer to purchasing your dream Tesla car. With several banks in the UAE offering Tesla financing, you can effortlessly purchase the vehicle while availing of several benefits.

Discussed below are the major features and benefits that one can expect on taking a Tesla car loan from any of the top providers in the UAE:

  • Low interest rates - Most Tesla car loans are available at competitive interest rates in the UAE, starting from 1.84% per year. Such low rates can help you reduce the total cost of your loan and help you contribute to the environment.
  • Special discounts - If you plan to purchase a Tesla car, you can get Tesla car finance from banks like HSBC, Emirates NBD, and the National Bank of Fujairah as they offer some of the best Tesla finance deals like 50% cashback on the processing charges and a 0.5% discount on the interest rates. HSBC UAE, in particular, offers a fixed rate of interest of 1.84% with a 50% discount on the arrangement fees.
  • High loan amount - You can avail of high loan amounts with lower interest rates when securing a Tesla car finance. The high financing amount can enable you to purchase any Tesla model of your choice in the UAE without worrying much about the costs.
  • Zero salary transfer requirements - To secure a Tesla car loan from any leading bank in the UAE, you won’t need any salary transfer account with that bank. This can provide you with better control over your income and its usage for different expenditures.
  • Flexible duration of the loan – As a special type of green auto loan, Tesla car finance has a flexible repayment period varying from 12 months to 60 months. Moreover, most loan providers give you the choice of deciding the repayment schedule that aligns with your financial plans and conditions. So if you plan to opt for a lower EMI amount, you can opt for a longer tenure for the loan to manage your finances.

Tesla Car Loan Interest Rates

The following are the banks that offer Tesla car finance in the UAE at nominal rates of interest -

HSBC Car Loan 1.84% per annum
National Bank of Fujairah 2.2% per annum
Emirates NBD Car Loan 2.49% per annum

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Tesla Car Loan Eligibility

The following general conditions must be met in order to qualify for Tesla car financing in the UAE. -

  • Age – While the minimum age requirement varies by the organisations that offer auto loans, the majority of banks have a minimum age requirement of 21 years for a Tesla car loan in UAE. Additionally, some banks have a maximum age limit which, based on your employment status, can be of 65 or 70 years.
  • Nationality – While a majority of banks in the UAE provide Tesla car loans to UAE citizens, the availability of loans for people with residence Visas and foreign nationalities may occasionally be limited. As a general rule, most banks only provide auto loans to UAE nationals or residents and guests who have been residing in the country for a considerable amount of time.
  • Income: As an applicant, your income must match the minimum income requirements specified for your selected Tesla car loan in UAE. For most Tesla car loan plans, your monthly income must be at least AED 5,000. Once more, it is essential to emphasise that the bank or financial organisation that is providing you with the loan for a car will have different requirements for your income.
  • Credit Score: Banks and other financial organisations in the UAE check your aecb credit score before giving you a car loan, even if viewing it for secondary consideration. In addition to ensuring a larger loan amount, having good credit also entitles you to preferential interest rates on car loans. On the other hand, if you have a low credit score, your loan application might be refused or approved with much higher interest rates.

How to Apply for Tesla Car Loan?

You can apply for Tesla finance in the UAE without much effort by looking at the plans for the best car loans in UAE online. For this, Policybazaar UAE will be your one-stop solution where you can compare the top Tesla car finance plans and purchase one at the best rates – all done in just a few clicks!

Applying for this car loan in UAE via policybazaar.ae is an effortless task. After filling out the brief form in the ‘Car Loans’ section, you can check the most relevant plans and purchase one of them easily. By applying from our website, you can be assured of getting the best plans in the UAE at affordable rates. And that’s not all, as you also get access to 24x7 customer service as well as insurance and finance experts so that you can receive guidance and have your doubts resolved.

Documentation Required for Tesla Car Loan

The following are the documents necessary to avail of the Tesla car loan in the UAE -

Documentation for the Self-employed Individuals Documentation for the Salaried Individuals
  • Filled out car loan application form
  • Emirates ID
  • Copy of the Passport
  • Residential Visa
  • Driving licence
  • Bank statements for the last three months
  • Power of attorney
  • Trade license of the business
  • Memorandum of Association
  • Partnership agreement in case of an LLC
  • Completed car loan application form
  • Passport copy
  • Resident Visa (if you are an ex-pat)
  • Driving licence
  • Emirates ID
  • Bank statements for the last three months
  • Salary certificate (not required if you have a salary transfer account with the provider bank)

Note: For UAE nationals, the proof of residence could be a utility bill, property tax bill, lease agreement, medical benefit statement, homeowner’s insurance policy, and mortgage statement.

Other required documents may be the quotation of a new car dealer or the appraisal of a used car dealer, as per the case.

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What are the Advantages of Having Tesla Car Finance in UAE?

A car loan in Dubai is an excellent choice for citizens who stay there or for expats who work there. Moreover, if you plan to have a Tesla car, purchasing it via  a Tesla car loan would prove to be an excellent best option owing to the following benefits provided by the loan plans:

  • You can obtain an auto loan officially without putting up any security or collateral - the car that you purchase with the loan itself serves as collateral here
  • Paying off your auto loan could raise your credit score provided that you complete your repayments on schedule
  • With flexible payment plans offered by banks, you can repay your loans easily and prevent the depletion of your savings
  • If you have a good credit score and history, you can also negotiate the car loan amounts provided the amount doesn’t breach the 80-20 ratio (20% minimum down payment)

How to Calculate EMI for Tesla Car Loan?

You can always use a car loan calculator to calculate the EMI for your Tesla car finance in the UAE and add other fees and charges to the amount. Discussed below are the steps to follow to compute the EMI amount -

  • Provide personal details to the calculator - Enter details like your monthly wages, interest rate, car’s model number, and the cost of the Tesla along with the loan amount that you want in the specified spaces of the calculator. You should also select the duration of the loan as per your financial commitments.
  • Know the processing fee - Banks in the UAE levy a processing fee on different types of loans. Once you have selected a bank and the loan plan, check its processing fees and other charges and include them in the EMI amount as per the tenure. This can help you compute your final EMI amount more accurately.
  • Hit the ‘Calculate’ Button - Once you provide all the details to the car loan calculator, you can select the option to submit the details and have your car loan instalment reflected by the calculator. To this estimated amount, you can add the charges calculated earlier (fees related to processing and others) to compute your final Tesla car loan EMI in the UAE.

Charges and Fees Applicable for Tesla Car Loan and Finance

Annual Percentage Rate 1.8% per annum to 3.79% per annum
Processing Fee 1% (1.05% inclusive of VAT) of the total amount with a minimum amount of AED 500 and a maximum amount of AED 2,500
Advance Payment of the Instalment 1% of the amount paid in advance
Early Settlement for Car Loan 1% of the outstanding loan amount
Changing the Due Date of the Standing Instructions AED 25
Late Payment Fee 2% of the delayed amount with a minimum amount being AED 50 and the maximum being AED 145
Liability Letter AED 50
Courier Charges (Elective) AED 30

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Tesla Car Finance Repayment Options

You can repay your Tesla car loan either online or offline. The offline repayment modes include -

The online payment modes include -

  • Mobile banking
  • Net banking 
Model Y Long Range AED 174,990
Model 3 AED 174,990
Model 3 Performance AED 224,990
Model S AED 429,990
Model S Plaid AED 539,990
Model X AED 459,990
Model X Plaid AED 449, 990

*Actual prices may vary

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Frequently Asked Questions

Q1. What are the best banks to avail of the Tesla Car Finance in the UAE?

Ans: Some of the leading banks that provide Tesla car finance options in the UAE are Emirates NBD, HSBC UAE, the National Bank of Fujairah, and so on.

Q2. How can you settle the Tesla car finance in the UAE?

Ans: You can settle a Tesla car loan before the end of the scheduled tenure by repaying the remaining balance along with an early settlement fee.

Q3. How do you calculate EMI on your Tesla car finance?

Ans: The principle and interest components of the EMI, also known as the Equated Monthly Instalment, are computed based on the loan amount and the loan term. You can use an online car loan calculator and calculate your monthly instalments without any difficulty.

Q4. What is the minimum wage necessary for a Tesla car loan?

Ans: In the UAE, an income of AED 3,000-5,000 can be sufficient to clear the car loan eligibility requirements. However, it is recommended to verify the same with your loan provider first.

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