Features & Benefits
• No salary transfer required
• Maximum Loan Amount of AED 350,000
• Installment – 1st or 5th of every month
• Eligibility
• Salaried individuals having valid residence visa
• Minimum age requirement – 21 years
• Maximum age requirement at loan maturity – 65 years
• Length of service – 6 months or confirmed
• No of employees in company – min 50
• Documents Required
• Application Form
• Driver’s License
• Salary Certificate
• Bank Statement
• Vehicle Quotation
• Security Cheque
• Passport and Visa Copy
• Fees & Charges
• Interest Rate – Flat – 2.49% for new car
• Interest Rate – 3.75% for used car
• Processing Fee – 1% of Total Loan Amount (Min AED 500 & Max AED 2,500)
Business vehicle finance
No
Only for listed companies
No
Down Payment
20%
Heavy vehicle finance
No
Insurance/takaful
No
Max. finance amount
AED 350,000
Maximum Tenure
5 Years
Minimum Salary
AED 5000
Auto type
New Cars
Fixed rate
2.49%
Settlement Fee
1%
Processing Fee
1% (Min AED 500 & Max AED 2,500)
Working Status
Both
Reducing rate
4.59%
Salary Transfer
No
Monthly Payment
AED 1419
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