Mitsubishi Car Loan

You can now easily get a Mitsubishi car in the UAE, thanks to the car financing solutions offered by various banks and financial institutions. With competitive interest rates and a hassle-free application process, getting your dream car with a Mitsubishi auto loan in the UAE is a straightforward option.

In this article, we have discussed Mitsubishi car loans in detail.

Features and Benefits of Mitsubishi Car Loan

Let’s first cover the key features and benefits of this car loan in the UAE -

• Affordability - Car loans make purchasing a vehicle more affordable by spreading the cost over time. This allows you to get a vehicle without paying the full amount upfront.
• Flexibility - With various Mitsubishi car loan options available, you can easily choose terms that suit your financial situation — this includes both repayment periods and down payment options.
• Competitive Interest Rates - UAE banks offer attractive interest rates on car loans. However, keep in mind that the actual Mitsubishi finance rates will depend on your profile.
• Credit Building - Timely repayment of car loans can improve your credit Score. This is a great option if you want better terms on future loans or financial products.

Mitsubishi Auto Finance Interest Rates

Check out the major factors that affect car loan interest rates in the UAE -

• Salary - A higher salary often correlates with lower interest rates as it reflects a borrower's ability to repay the loan comfortably.
• Debt-to-Income Ratio - A lower ratio indicates manageable debt levels relative to income, leading to lower interest rates as it suggests lower risk for lenders.
• Loan Tenure - Longer loan tenures usually result in higher interest rates since they pose a greater risk to lenders over an extended period.
• Credit Score - A higher credit score typically translates to lower interest rates, indicating a borrower's reliability in repaying debts.
• Loan Amount - Larger loan amounts may attract higher interest rates. This is because such amounts usually translate into higher risk for lenders due to the higher principal amount.

Top Banks Offering Mitsubishi Car Loan

Given below are the top banks offering Mitsubishi car loans in the UAE -

1- Emirates Islamic Bank - Green Auto Finance

Car Loan Specification	Details
Minimum Salary Required	AED 5,000
Car Loan Profit Rate	Fixed Rate: Starting from 1.89% per annum Reducing Rate: Starting from 3.61% per annum
Repayment Tenure	60 Months
Loan Benefits	No salary transfer required Minimal documentation Enjoy a loan deferment period of up to 120 days before the first payment

Click Here to Apply Now

2- Abu Dhabi Islamic Bank - Car Finance

Car Loan Specification	Details
Minimum Salary Required	AED 5,000
Car Loan Profit Rate	NA
Repayment Tenure	60 Months
Loan Benefits	Get a finance amount of up to 80% of the car value Financing options available for new and used cars Get one yearly instalment deferment

Click Here to Apply Now

3- Abu Dhabi Commercial Bank - Car Loan

Car Loan Specification	Details
Minimum Salary Required	AED 5,000
Car Loan Interest Rate	Fixed Rate - Starting from 1.99% per annum Reducing Rate - Starting from 3.65% per annum
Repayment Tenure	60 Months
Loan Benefits	Finance amount - Up to AED 1.5 million Enjoy a convenient one-signature application Get quick loan approvals Availability of insurance finance option

Click Here to Apply Now

4- HSBC - Car Loan

Car Loan Specification	Details
Minimum Salary Required	AED 10,000
Car Loan Interest Rate	Flat Rate: Starting from 1.99% per annum
Repayment Tenure	NA
Loan Benefits	Salary transfer is not mandatory No need to open an account Get special flat interest rates for electric vehicles and TESLA Financing solutions available for four-wheel drive vehicles, motorcycles, and saloon cars Availability of concierge services

Click Here to Apply Now

5- Emirates NBD - Auto Loans

Car Loan Specification	Details
Minimum Salary Required	AED 5,000
Car Loan Interest Rate	Flat Rate: Starting from 1.99% per annum
Repayment Tenure	NA
Loan Benefits	Get a free credit card for the first year Loan approvals as fast as half a day Swift and convenient loan documentation Open a bank account for free

Click Here to Apply Now

Eligibility of Mitsubishi Car Finance in the UAE

It is crucial to adhere to some of the criteria to be eligible for a Mitsubishi car loan -

Criteria	Requirements
Age	You must be at least 21 years old
Nationality	Both UAE nationals and UAE expats are eligible
Employment Status	You must be either salaried or self-employed
Income	Your monthly salary must be AED 5,000 or above
Credit Score	As specified by the bank

How to Apply for Mitsubishi Auto Finance via Policybazaar UAE?

With Policybazaar.ae, the car loan application process is just a matter of some clicks. Here are the steps for the same -

• Visit policybazaar.ae.
• Click on the ‘Banking Products’ menu and select ‘Car Loans’.
• Fill in the required details in the lead form.
• Submit to view the car loan quotes page.
• Go through the list of banks and their loan products.
• Select and apply for your preferred product.
• Complete the necessary documentation as prompted.

Note: Once applied, one of our officials will get in touch with you to guide you through the further steps.

Documents Required to Apply for Mitsubishi Car Loan

Check out the list of documents necessary for the processing of Mitsubishi auto finance in the UAE -

• Emirates ID
• Passport
• Driving licence
• Original salary certificate
• Past 3-6 months’ bank statements
• Car insurance policy documents
• Car registration documents

Note that all documents, original or otherwise, must be valid.

How to Calculate Mitsubishi Auto Loan Monthly Instalments

You can easily locate the car loan calculator on the digital platform of Policybazaar.ae. Here are the steps -

• On policybazaar.ae, click on the ‘Banking Products’ drop-down and select ‘Car Loan Calculator’.
• Locate the calculator and provide the relevant details — car price, loan tenure, down payment amount, and interest rate.
• The result will be generated instantly and displayed at the bottom of the calculator.

Mitsubishi Car Loan: Fees and Charges

Given below are the key charges associated with Mitsubishi car finance in the UAE -

Type of Fee	Charges
Processing Fee	1.05% of the loan amount
Early Settlement Fee	1.05% of the loan amount
Down Payment	Varies for each bank
Late Payment Fee	Variable

Mitsubishi Auto Finance Repayment Option

Here’s how you can pay off your Mitsubishi car loan’s monthly instalments -

Via Online Banking

• Head to the official website of your bank.
• Navigate to the loans section.
• Locate the relevant option for making existing Mitsubishi car loan payments.
• Follow the on-screen prompts to successfully pay the required amount.

Via Mobile App Banking

• Complete the installation of the bank’s app.
• Register and sign into your account.
• Move to the loans section.
• Proceed with the given instructions to complete the process.

Let’s now see what loan seekers have to ask regarding the Mitsubishi car loan in the UAE!

Frequently Asked Questions