Mashreq Car Loan

Mashreq Car Loan

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Whether you are looking for a new or a pre-owned vehicle, buying from a dealer or a private seller or refinancing your existing car Mashreq offers quick financing solutions with competitive rates and streamlined approval processes. Mashreq Car Loan features:
• Competitive interest rates starting at 2.35% p.a. flat, reducing Rate Starting at 4.31% p.a.
• Choice of Islamic or conventional car financing
• High loan amount Maximum Loan of up to AED 500,000
• Flexible repayment options 12-60 month repayment periods on new and used cars
• Funding for new & pre-owned cars
• Refinancing of an existing car
• Repayment tenure of up to 60 months
• Loan to value for up to 80% of car value
• No salary transfer required
• Processing fee is 1% of the loan amount, with minimum AED 500 and maximum AED 2500 Additional Benefits:
• Quick & easy processing
• Special rates on vehicle insurance
• Free current account with no minimum balance
• Free for first year overdraft facility of up to AED 100,000
• Free for first year platinum elite credit card
• 45,000 Salam points per AED 100,000 worth of loan Eligibility:
• Minimum Income of AED 5,000
• For Salaried Customers - Minimum Age 21 years - Maximum Age 60 years on the maturity of the loan for Expatriates & 65 years for UAE locals
• For Self Employed Customers - Minimum Age 21 years -Maximum Age 65 years on maturity of loan Documents Required: Salaried:
• Application form
• Valid Passport with residence visa page for Expatriates
• Driving License
• Salary Certificate / Salary Transfer letter (Issued in last 30 days)
• Latest 3 months bank statement (Mashreq a/c not required)
• Ownership Document & Evaluation certificate for used cars purchased from Non approved dealership or Individual Self Employed:
• Application form
• Valid Passport with residence visa page for expatriates
• Driving license
• Trade license copy
• Power of attorney (POA), in case of LLC – Memorandum of Association (MOA) or Article of Association, Partnership agreement
• Latest 3 months bank statement (Mashreq a/c not required)
• Ownership Document & Evaluation certificate for used cars purchased from Non approved dealership or Individual Companies:
• Application form
• All partners valid passport with residence visa page for expatriates
• Trade license copy
• Power of attorney (POA), In case of LLC – Memorandum of Association (MOA) or Article of Association, Partnership agreement
• Latest 3 months bank statement (Mashreq a/c not required)
• Ownership Document & Evaluation certificate for used cars purchased from Non approved dealership or Individual

  • Business vehicle finance: Yes
  • Only for listed companies: No
  • Down Payment: 20%
  • Heavy vehicle finance: No

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