Car Loan Interest Rate in UAE with relation to various banks  - Trends4tech
Car Loan Interest Rate

Most people want to own a personal vehicle while living in Dubai, especially when they are doing a job in UAE. It is a normal concept related to an auto loan that it is difficult to take a car loan in UAE. There is no such kind of reality in that concept, auto loan is an easy and simple task in UAE. If you want to get a car loan in UAE but don’t know where to go, what to do? So, here you reached the right spot, where you will find out the numerous banks in UAE, that is famous for their Auto loan facility. Banks of Dubai are giving Exclusive offers with auto loans, all these offers are mind-blowing and will facilitate you.  

The next most highlighted question is about car loan interest rates. Most people want to know about the interest rate, is that fixed, reduced, or both? This article will be good for you because you will come to know about the rates of auto loans in several banks.  

Key points Related to Auto Finance 

  • Everyone can get a loan with 4000, 5000, and 8000, whether you are doing a low-level business or you are an owner of a large-scale business.  
  •  If you want to take custody of a car instantly and don’t want to waste much time wandering here and there in search of the car. so the bank is the best solution to get an instant car through the loan service. The bank is the easiest and legal way to get a car quickly, rather than wasting time here and there.  
  • Stop searching for illegal methods to get a car loan in UAE, it is not a good idea because private lending is forbidden.  
  • After getting the loan, it is your responsibility to pay the installments on regular basis it is very beneficial for you. because if you will pay installments on regular basis, your credit history will be improved for future use.  
  •  The banks of UAE provide the facility for all kinds of car loans. whether you want to apply for a new car or want to apply for an old used car. But when we talk about the interest of both cars, both car loan interest rates are slightly different from each other.  
  •  The most important thing while applying the auto Finance is your driving license. if you have a driving license so the bank will give you the Auto loan without much investigation 
  • Other documents include your pay slip, ID, visa/passport copy, residential proof in the form of address/location, etc.  

Rate of interests in different banks  

  • Emirates NBD  

It will give you a loan on a fixed interest rate, which will be up to 1.99% with a car loan amount of 500,000 AED. The required salary range will be 4000 AED.  

  • FAB  

This bank gives a fixed rate of interest for both residents and expats. For residents, it will be up to 1.99% and for expats, it will be up to 2.15% with a car loan of 1.5 Million. The requirement for the minimum salary is up to 8000.  

  • Mashreq  

You will get an auto loan of 500,000 at a fixed rate of 3.45% and a reducing rate of 6.31%. Mashreq will ask for a minimum salary of up to 5000.  

  • Emirates Islamic bank 

It will give you a flat rate of 1.80% and a reducing rate of 2.95% with a loan amount of 1.5 Million. The salary range will be up to 8000 AED, It will give you the lowest interest car loan. 

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