Minimum SalaryAED 3000
Rate of InterestStarting from 3.50%
Max. Term60 Months
Salary TransferYes
IslamicYes
It's easy access to funds when you need it most. Visit your nearest DIB branch with the necessary documents and receive finance for up to 80% of your vehicle value, as sale price and pay financial lease installments over a 60-month period (maximum).
With a minimum salary requirement of AED 3,000 and no salary transfer necessary, the DIB Auto Refinance product is focussed on you, minimising complexity and maximising convenience.
We've kept things easy to accomplish when it comes to auto financing. Our documentation process is simple and easy to put together, but may vary depending on the type of customer and the kind of vehicle being financed.
Documentation includes:
.
Min salary AED8000
Min salary AED5000
Car loans are available for both new and used cars in the UAE. Once you take a loan on a car it is mortgaged to the bank and technically belongs to them until you settle the loan. You will need to contact the bank to get the process started.
To apply for a personal car loan you will need copies of certain documents, including your passport, Emirates ID, labour card, salary certificate, three to six months of bank statements, and your driver license. Your vehicle registration card, a copy of insurance policy and a valuation certificate proving the value of the car will also be required.
The minimum salary requirement to apply for a car loan in the UAE is AED 5000-8000. The figure may vary at some banks, so check with your bank before you proceed.
Rates on car loans can be calculated in two ways - as a Reducing rate or as a Flat rate. With a flat rate, the rate is calculated on the entire principal amount of a loan ( full, original amount borrowed) whereas with a reducing interest rate, interest is charged only on the outstanding amount of the loan on a periodic basis. Flat interest rates are normally lower than the reducing balance rate and therefore considered misleading. When it comes to comparing loans, the best way to compare their true cost is to convert everything into the Reducing Interest Rate equivalent.
This depends on the individual bank but can be up to 60 months
Yes, your chances of getting auto finance are reduced drastically if you have a history of bad repayments. However, if your credit score has been increasing recently your chances may increase as well.
Yes, as a car owner you can sell your car back to your dealer or directly to another buyer. Since your car is kept as a mortgage by your provider/bank, you are supposed to clear out your outstanding loan and only then transfer the car to the new owner.
Fill in your details below and a product advisor will call you back with more details.
AED 0.00