Car Loan in UAE
Are you looking for a car loan in UAE? With Policybazaar.ae, you can easily get a auto loan in just a few steps. We offer you the best car finances at competitive interest rates, flexible loan repayment tenure, and much more. In just a few clicks, you can apply for your favourite loan product and ...read more
Get Car loan at Lowest Interest Rate
What is a Car Loan?
A car loan is a product that allows you to purchase your preferred vehicle without any financial constraints. Upon loan approval, you pay back the amount in monthly instalments over a set period. In the UAE, banks offer attractive and affordable vehicle loan interest rates.
Let’s take a look at the best vehicle loan in UAE and other associated details.
Top Car Loan Plans in Dubai
Key Features of Car Loan in UAE
The primary benefits and features of a auto loan in the UAE include:
| Benefits & Features | Description |
|---|---|
| Quick Application Processing | Half-day approvals to 10 days approval period (depending on the chosen bank) |
| Minimal Documentation | Less paperwork and minimum documents are required |
| Competitive Interest Rate | Low fixed-interest rates starting from 1.89% (depending on the chosen bank) |
| Low Salary Requirement | The minimum monthly salary required is AED 5,000 (depending on the chosen bank) |
| Loan Repayment Tenure | Up to 60-months flexible repayment tenure |
Why Should You Apply for a Car Loan in UAE through Policybazaar.ae?
You can unlock exclusive benefits by applying for a vehicle loan through Policybazaar UAE, our digital portal-
- We offer a wide range of cheap car finance products from multiple providers.
- The loan products on our site are affordable and cater to diverse requirements.
- Our customer-centric approach assures quick responsiveness and 24*7 assistance.
- With us, you can quickly complete the auto loan application process.
Get the Best Auto Loan from the Top UAE's Banks
Car Loan Interest Rates in UAE, Dubai
We have provided you with the interest rate of each vechile loan product in the table below:
| Name of the Loan Product | Interest Rates | Apply |
|---|---|---|
| Emirates Islamic Bank- Green Auto Finance |
|
Apply Now |
| First Abu Dhabi Bank- Islamic Car Finance (Expats) |
|
Apply Now |
| First Abu Dhabi Bank- Islamic Car Finance (UAE Nationals) |
|
Apply Now |
| Abu Dhabi Islamic Bank- Car Finance |
|
Apply Now |
| Abu Dhabi Commercial Bank- Car Loan |
|
Apply Now |
| HSBC- Car Loan |
|
Apply Now |
| Emirates NBD- Auto Loan |
|
Apply Now |
| Emirates NBD- Auto Cash Loan |
|
Apply Now |
| Emirates NBD- Green Auto Loan |
|
Apply Now |
| Emirates NBD- Flexi Drive |
|
Apply Now |
| RAKBANK- Car Loan |
|
Apply Now |
How to Calculate Vechile Loan EMI in UAE, Dubai
Unlike the traditional method, online auto loan calculators allow you to quickly estimate your monthly instalment amount without any error.
Simply provide some details as prompted and get an instant outcome. Car loan calculators are accessible to everyone for free. You can easily locate this tool on our website or that of your respective bank.
Note: The actual amount may vary from what you calculate due to variations in the applicable interest rate.
Example
Let's understand how a auto loan EMI calculator works with an example. Note that we have used Policybazaar.ae’s calculator for the calculation.
Suppose Arbaz wants to buy a new car that costs AED 126,900. He makes a downpayment of 20%, which is AED 25,380. Let's say a bank, called XYZ offers him a loan for the remaining amount with an annual fixed interest rate of 3.2% over a period of 5 years.
With a car loan calculator, Arbaz easily found his monthly instalment amount as AED 1,833. The total amount that he will pay over the years will be around AED 109,990.
To calculate the instalment amount of a car loan in UAE, you can simply follow these steps:
- Step:1 On the homepage of Policybazaar.ae, click on the Banking Products drop-down.
- Step:2 Select Car Loan Calculator.
- Step:3 Locate the calculator on the next page.
- Step:4 Enter the car price, interest rate, down payment amount, and loan tenure.
- Step:5 The result will be instantly displayed at the bottom of the calculator.
Eligibility Criteria to Apply for Car loan in Dubai & the UAE
The common eligibility criteria to apply for a car loan in Dubai or the UAE are as follows -
| Eligibility Factors | Requirements |
|---|---|
| Age | The applicant must be at least 21 years old |
| Nationality | Must be either a UAE national or UAE expatriate |
| Minimum Salary |
|
How to Apply for Auto Loan Via Policybazaar UAE?
At Policybazaar UAE, we offer you the convenience of applying for a car loan from the comfort of your home. All you need to submit your request and we will get you connected with the concerned bank representative without any hassle.
Here's how you can get the best car loan in UAE from our platform -
- Step1- On policybazaar.ae, click on the Banking Products drop-down menu.
- Step2- Select Car Loans fill out the lead form accurately and submit it.
- Step3- You will be directed to the vehicle loan quotes page.
- Step4- Check the listed options for auto loan UAE and choose the most suitable one.
- Step5- Submit your query and await a response.
- Step6- One of our officials will shortly connect with you for the next steps.
Note: In case you face any issues while carrying out the process, reach out to our customer support team by dialling 042472904 or dropping us an email at communication@policybazaar.ae.
Documents Required to Apply for a Car Loan in Dubai & UAE
To process an application for car loan UAE, banks require you to submit a few documents for verification purposes.
Here are the commonly required documents -
| Valid Emirates ID | Valid passport |
| Valid driving license | Car insurance policy documents |
| Past 3-6 months’ bank statements | Car insurance policy documents |
| Car registration documents | Original salary certificate |
Note: Your respective bank may ask you to submit additional documents as per its requirements.
FAQs About Car Loan Dubai
Ans: The minimum age to apply for a vechile loan in UAE is 21 years.
Ans: Banks offer a flexible loan repayment tenure of up to 5 years.
Ans: You must have a minimum monthly salary of AED 5,000.
Ans: As the provision for selling a car on loan varies, make sure to check with your respective bank before proceeding.
Ans: Most banks offer a loan repayment tenure of 60 months.
Ans: The best car loan in your case will depend on your particular financial requirements, monthly income, ideal tenure, and more.
Ans: A loan product that is suitable for you might not be ideal for another borrower. Each bank has different loan benefits — the decision about which loan product is the best for you ultimately depends on your requirements and financial commitment.
Ans: Generally, banks offer interest rates starting from 1.8% per annum (fixed rate).
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