At Excellence Financing Broker (EFB), we make owning your dream car in the UAE easy and hassle-free. Our Auto Loan solutions offer competitive interest rates, flexible repayment terms, and quick approvals, helping individuals secure financing for both new and used vehicles, including electric and hybrid cars.
What is the minimum salary requirement to apply for a car loan in the UAE?
The minimum salary requirement varies by bank. Generally, it ranges from AED 3,000 to AED 5,000. For instance, Dubai Islamic Bank offers car loans with a minimum salary requirement of AED 3,000, while Emirates NBD requires a minimum of AED 4,000.
What documents are required to apply for an auto loan?
Commonly required documents include:
• Copy of a valid passport with UAE Residence Visa (for expatriates)
• Emirates ID
• Salary certificate or documented evidence of income
• Bank statements for the last 3 to 6 months
• Driver's license
• Vehicle registration card (for used cars)
• Comprehensive vehicle insurance
What is the typical interest rate for car loans in the UAE?
Interest rates vary depending on the bank and whether the car is new or used. Typically, rates range from 2.25% to 6% per annum. For example, Emirates NBD offers interest rates starting from 2.69% per annum, with the first payment deferment for up to 120 days.
What is the maximum loan amount I can obtain?
The maximum loan amount usually depends on the car's value and the bank's policies. Some banks offer loans up to AED 1.5 million or up to 80% of the car's value.
What is the typical loan tenure for car loans?
Loan tenures vary by bank but generally range from 12 to 60 months. However, for super-premium vehicles or older cars, the tenure might be limited to 36 months.
Is a down payment required for a car loan?
Yes, a minimum down payment of 20% of the car's value is typically required.
