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Headquartered in Sharjah, the United Arab Bank is renowned for providing customisable and innovative banking products and services across its 6 branches throughout the UAE. Besides personal bank accounts, UAB also offers financial services to growing commerce and industrial bases across all the emirates. From a comprehensive range of corporate and retail banking to trading finances, SME banking, and treasury services, the bank offers world-class financial services.
While you will find plenty of options regarding cars, buying a car in the UAE requires considerable investment on your part. If you are under further financial constraints, car financing will be the most suitable option for you. One of the best places to seek such assistance is the United Arab Bank, which provides affordable car loans with low-interest rates, flexible tenures, convenient loan applications, and lenient criteria.
The article below details various features, benefits, charges, and ways to apply for UAB car loans.
United Arab Bank car loans are affordable and offer numerous advantages for easy financial management. The low-interest rates and flexible tenures further help you keep your expenses under your budget. The following are the key features of the United Arab Bank Car Loan in the UAE.
Depending on the type of car you are financing, United Arab Bank provides two types of loans as mentioned below.
Following are the interest rates for the UAB car loan in the UAE.
UAB Car Loan Type |
Flat Rate |
Reducing Rate |
---|---|---|
New Car Loan |
Starting at 2.99% per annum |
Starting at 5.38% per annum |
Used Car Loan |
Starting at 2.99% per annum |
Starting at 5.38% per annum |
During the UAB car loan application, you are required to satisfy a few eligibility criteria concerning your nationality, age, income, and finances. While the criteria may vary depending on the type of applicant, the following are a few eligibility criteria to apply for a UAB car loan in the UAE.
To prove your eligibility and financial situation, you have to submit supporting documents and your national identification card. Following is the list of documents required during the UAB car loan application process.
Note: - Apart from the documents mentioned above, the bank may ask for additional documents at its discretion.
As mentioned previously, UAB offers convenient and quick car loan applications through online and offline channels. You can log in to the official website of United Arab Bank or visit the bank in person to apply for a car loan. Following are the ways to apply for a UAB car loan in the UAE.
Calculating your monthly repayment can prove challenging as it requires intricate calculations and numerous variables. However, you can use the UAB car loan calculator to conveniently find your repayments per month including the total interest applicable during the tenure.
To use the car loan calculator, check out the car loan section on the UAB bank's official website. You will find the car loan calculator on that page. Enter the details like your principal loan amount, the interest rate, and loan tenure. Once you have entered all the details, the portal displays the total number of repayments and the amount you have to pay every month to repay your UAB vehicle loan.
Following are the details of the Fees and Charges for a United Arab Bank car loan in the UAE.
Type of Fees and Charges |
Amount in AED |
---|---|
Car Loan Processing Fee |
1.05% of the total loan amount and a maximum of AED 2,625 |
Instalment Advanced Payment Fee |
1.05% of the advance payment sum |
Early Settlement Fee |
1.05% of the total outstanding amount |
Change of Due Date on Standing Instruction |
AED 26.25 |
While applying for a United Arab Car loan, it is recommended that to go through the terms and conditions first to understand the car loan better. You will also have to comply with every clause under the loan contract, as the bank may undertake the legal route in case of any defaults or failure regarding repayments.
Following are the contact details for the United Arab Bank car loan in the UAE.
Details |
Contact Number |
---|---|
Toll-Free |
800 474 |
Outside the UAE |
971 6 5987332 |
Sadara Toll-Free |
800 72 32 72 |
Sadara Outside the UAE |
971 6 5987333 |
UAB Head Office |
971 6 5075222 |
Personal Banking Email |
The details mentioned in the previous sections are sufficient to check your eligibility and apply for a UAB car loan in the UAE. However, in case you wish to know more, the following are some of the questions pondered upon by users.
Ans. United Arab Bank provides a high financing amount for your car purchase. Depending on your income and financial situation, you can opt for a loan amount of up to AED 500,000. However, as the bank finances up to 80% cost of your vehicle, the approved amount also depends on the cost of your vehicle.
Ans. To apply for a UAB car loan, you must have a minimum salary of AED 7,500 (if you are a salaried individual). However, self-employed individuals don’t need to worry as the bank has set criteria in such cases as per the type of profession and the stability of the business. The bank may also ask to deposit a security amount in certain cases.
Ans. You should be at least 21 years old in order to apply for a car loan in the United Arab Bank.
Ans. Yes, United Arab Bank provides an option to close your car loan account prematurely. However, you might be required to pay an early settlement charge for closing your loan account.
Ans. Yes, you can conveniently apply for a United Arab Bank car loan as an ex-pat. However, you will be asked to submit all the required documents and satisfy the eligibility requirements for expatriates in the UAE.
Ans. The upper age limit to apply for a UAB car loan is around 65-70 years. In case you are above the age of 70 years, you should first contact the bank as it may consider your financial situation and income before offering you the loan.