Toyota Car Loan

However, by opting for a car loan, you can make it pretty convenient to make the purchase without breaking the bank. If you are planning to buy a Toyota model, read the article below to apply for a Toyota car loan in the UAE.

Features and Benefits of Toyota Car Loan

Some of the top benefits and features of Toyota auto finance include -

• Competitive Interest Rates
• Convenient Application Process
• Flexible Repayment Option
• Attractive Loan Amounts

Toyota Car Loan Interest Rates

Let’s check certain aspects that highly influence the applicable interest rates on your Toyota car loan -

• Income - Having a high salary indicates your capability to pay off your monthly instalments timely. Thus, banks offer low interest rates with higher salaries.
• Loan Tenure - Opting for a longer loan tenure increases your loan interest rates, and vice versa.
• credit Score - Credit score plays a crucial role in deciding your loan interest rate. The higher your credit score, the lower your interest rate. This is because a good credit score represents your consistency in making loan and credit card payments timely.
• Debt-to-Income Ratio - A high debt-to-income ratio means that a major portion of your income goes into repaying existing debts, which eventually leaves you with less income available for new loans. As a result,  you can expect high-interest applicable rates with a high debt-to-income ratio. 

Top Banks Offering Toyota Car Loans in the UAE

Refer to the tables below to know the top banks providing Toyota auto finance -

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 Involvement of minimal documentation Get a loan deferment period of up to 120 days before making 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	Avail of a finance amount of up to 80% of the car value Financing options available for both 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 Profit Rate	Fixed Rate - Starting from 1.99% per annum Reducing Rate - Starting from 3.65% per annum
Repayment Tenure	60 Months
Loan Benefits	Avail of up to AED 1.5 million finance amount 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 Profit 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 Profit Rate	Flat Rate: Starting from 1.99% per annum
Repayment Tenure	NA
Loan Benefits	Enjoy a free credit card for the first year Get loan approvals in half a day Swift and convenient loan documentation Open a bank account for free

Click Here to Apply Now

Toyota Car Loan Eligibility

When applying for Toyota auto finance, you must adhere to the following eligibility criteria -

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 more
Credit Score	Varies as per the bank

How to Apply for a Toyota Car Loan via Policybazaar UAE?

The process to apply for Toyota car finance through Policybazaar.ae is as follows -

• Click ‘Banking Products’ on the homepage of Policybazaar.ae’s website.
• Select ‘Car Loan’ and accurately fill out the lead form.
• Go through the list of banks displayed on the car loan quotes page.
• Select a suitable product and follow the prompts. 

Note: One of our officials will review your application and guide you through the further steps.

Documents Required to Apply for a Toyota Car Loan in the UAE

The following documents are required to successfully process a Toyota auto finance application -

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

Note that all the documents - originals and copies - must be valid

How to Calculate Toyota Auto Loan Monthly Instalments?

With the online car loan calculator of Policybazaar.ae, you can swiftly calculate your Toyota car loan monthly instalments. Here’s how -

• Head to the official website of Policybazaar UAE.
• Click on the ‘Banking Products’ menu.
• Hit the ‘Car Loan Calculator’ option.
• Locate the calculator and provide details of your car value, down payment amount, loan tenure, and interest rate.
• The result will be instantly generated and displayed at the bottom of the calculator.

Toyota Auto Finance: Fees and Charges

The table below enlists the common fees and charges related to the Toyota car loan 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

Note: The details provided in the table are for reference only. Actual values may vary as per the bank.

We have answered some of the most frequently asked questions regarding Toyota auto finance.

Frequently Asked Questions