Volvo Car Loan

Given the high demand for expensive Volvo cars, several individuals in the UAE seeks Volvo finance deals to conveniently get their desired car without having to spend a fortune. To find out more about all the relevant aspects of Volvo car loans that a potential borrower must be aware of, have a look at the article below.

Features and Benefits of Volvo Car Loans

• Low-Interest Car Loans: Volvo car loans available in the UAE are designed to ensure that you get to finance your choice of a Volvo car without being required to pay hefty interest on the financing amounts. Banks offer highly competitive interest rates on their Volvo car finance products with an aim of optimising your purchasing and financing experience.
• High Car Loan Amount: Banks and financial institutions offer optimum car loan amounts to help you finance your Volvo cars conveniently, with up to 80% of the vehicle’s value generally being covered by the loan amount. The remaining 20%, however, is to be covered by the vehicle owners as a down payment. Borrowers are free to choose a higher down payment amount as they see fit. Moreover, the loan amounts are approved as per the salary and repayment capabilities of the borrowers.
• Easy Application & Processing: The process of submitting your Volvo car loan application is quite straightforward, as you can simply fill out the form and attach a few required documents. You can also submit the application form using platforms like policybazaar.ae, the bank’s website, or at a nearby branch of the bank. The processing of the application generally takes only a few hours.
• Convenient Repayment Options: Most banks in the UAE offer multiple repayment options for their car loan products, with the most common repayment options including equal monthly instalments, reducing monthly instalments, and balloon payment schedules. Whichever option you select, paying the instalment amount every month is fairly easy. One can use options like net banking portals, debit/credit cards, AutoPay setup, and cheque/cash deposits for the same.
• Flexible Tenure: Volvo car finance comes with flexible repayment tenures so that you can select a loan duration that you find the most convenient. The minimum available tenure with most banks is 12 months, while the maximum available tenure is usually 60 months. Borrowers can, thus, choose any loan tenure between 12 and 60 months to repay their Volvo car loan.

Top Banks Offering Volvo Car Loan Interest Rates

All the leading banks in the UAE offer Volvo car loan options to UAE nationals and residents at competitive interest rates. To can choose the perfect Volvo finance deal for your new or used Volvo car, you can simply compare all the available top products and select one out of them. 

To kick start your research, given below is a list of some of the top banks that provide Volvo finance in the UAE along with all key features of their loans:

1- Abu Dhabi Islamic Bank Volvo Car Finance

ADIB Volvo Car Loan Particulars	Details
Available loan amount	Up to AED 1 million
Maximum loan tenure	60 months
Interest rate (per annum)	1.99% onwards
Maximum finance ratio	80%
Minimum monthly income	AED 5,000
Additional benefits	Up to 90 days of grace period for first instalment payment One instalment deferment allowed every year

Click Here to Apply Now

2- First Abu Dhabi Bank Volvo Car Loan

FAB Volvo Car Loan Particulars	Details
Available loan amount	Up to AED 1.5 million
Maximum loan tenure	60 months
Interest rate	Starting from 2.49% per annum
Maximum finance ratio	80%
Minimum monthly salary	AED 7,000
Additional benefits	Grace period of up to 180 days for the payment of the first loan instalment

Click Here to Apply Now

3- ADCB Volvo Car Loan

ADCB Volvo Car Loan Particulars	Details
Available loan amount	Up to AED 1.5 million
Maximum loan tenure	60 months
Annual interest rate	1.99% onwards
Maximum finance ratio	80%
Additional benefits	Earn 50 TouchPoints for every AED 1,000 of your loan amount

Click Here to Apply Now

4- HSBC Volvo Car Loan

HSBC Volvo Car Loan Particulars	Details
Available loan amount	Up to AED 600,000
Maximum loan tenure	60 months
Interest rate	Starting at 2.59% per annum
Maximum finance ratio	80%
Minimum monthly salary	AED 10,000
Additional benefits	Discounted interest rates for fully electric and hybrid cars Special interest rates for Tesla new models

Click Here to Apply Now

5- Emirates NBD Volvo Car Loans

Emirates NBD Volvo Car Loan Particulars	Details
Available loan amount	Up to AED 3.5 million as per the type of vehicle loan you choose
Maximum loan tenure	60 months
Interest rate (per annum)	1.99% onwards
Maximum finance ratio	90% as per the type of loan
Additional benefits	RTA fine payments Salik recharge services Roadside assistance Free credit card for the first year Free bank account

Click Here to Apply Now

Eligibility Criteria for Volvo Car Loan

Defining common eligibility criteria can be tricky when it comes to best car loans in UAE, with most banks having a slightly different set of eligibility rules for their loan products. Nevertheless, you can find below some common eligibility criteria for Volvo car loans as observed by most banks: 

• Nationality: Volvo car finance products are generally offered to both UAE nationals and residents. While most banks offer the same auto loan products to both nationals and residents, some providers may have separate loan options for UAE residents and nationals.
• Age: Individuals above the age of 21 years are eligible to apply for a Volvo car loan in the UAE. 21 is the minimum age required to get any kind of loan in the Emirates. However, it should be kept in mind that some banks may impose a higher minimum age limit for their loan products.
• Employment: Both salaried and self-employed individuals are eligible for all Volvo car loans in the UAE. So while you may occasionally find a few specific loan products available only for either salaried or self-employed individuals, most Volvo car loan products are available for both these employment categories.
• Monthly Income: The minimum monthly income criteria vary as per the provider as well as the type of Volvo car finance product that you apply for. Generally, the minimum monthly salary requirements range between AED 4,000 to AED 20,000 as per your chosen bank or loan product.

Note: Volvo car loans for self-employed individuals often have a higher minimum income requirement.

How to Apply for Volvo Car Loan in UAE?

Volvo car loan applications can be filed using a few easily accessible online and offline platforms. Applying online, however, is highly convenient as you can complete the overall process while just sitting in one place! This is made even better when you apply for a Volvo car loan in UAE from Policybazaar UAE, as you can check the best plans from the top providers at affordable rates here. You can follow the steps mentioned below to submit your loan application form successfully using our website:

Via Policybazaar.ae

• Locate the ‘car loans’ page on policybazaar.ae, our website, and head to the dedicated page for car loans.
• Once you find the lead form on this page, fill it out using personal details like your name, phone number, email address, salary, and so on
• Submit the lead form to get redirected to the quotes page of the website
• Here, you will find the most relevant Volvo car finance plans for you
• Compare the benefits and features of all of them
• Once you choose a particular loan plan, click on the apply button
• Provide the required information, if any, and submit it

You will soon receive a call from Policybazaar UAE after your application is received. You can then discuss your queries and concerns and complete the remaining procedure after getting the required information.

Documentation Required for Volvo Car Loans

A certain set of documents is required when you send in your applications for Volvo car loans. Some documents are common across all banks and categories of customers, while others are more specific in nature.

Given below is the complete list of all major documents you may require when applying for a Volvo car loan in the UAE:

Common Documents Required for Volvo Car Finance

• Completed and signed Volvo car loan application form
• Emirates ID of the applicant(s)
• Passport and Resident Visa of the applicant(s)
• A valid UAE driving licence
• Documents related to the insurance policy of the vehicle
• Post-dated cheques
• Valuation certificate of the car (for used cars only)
• Price quotation of the car from the dealership

Specific Documents for Salaried Individuals

• Salary certificate of the applicant drawn by the employer addressing the bank
• Bank statements of the applicant for the past 3-6 months

Specific Documents for Self-Employed Individuals

• Bank statements for the previous 3 to 6 months as per the bank’s requirements
• Trade licence of the applicant’s company

Specific Documents for Companies

• Memorandum of Association (MoA)
• Trade licence
• List of all authorised signatories of the company
• Bank statements of the company for the past 3 to 6 months
• Passports and emirates IDs of all co-signatories on the loan

What Are the Advantages of Having Volvo Car Finance in UAE?

• Volvo finance deals are ideal to save your liquid funds as you can easily buy the car of your interest without spending a big chunk of your savings in an instant
• Being unsecured loans, Volvo finance deals don’t require the borrowers to arrange for collateral as the car that you finance acts like the collateral itself
• With high financing amounts available, you can easily purchase any Volvo vehicle that you desire and pay off the loan comfortably at low interest rates
• Your credit Score improves significantly when you choose to finance your vehicles instead of paying up front. If the repayment of monthly instalments is done properly, you can maintain and even increase your credit score.

How to Calculate EMI for Volvo Car Finance?

It is crucial to calculate the monthly payment amounts of your Volvo car loan before opting for Volvo finance deals for effective budget planning. However, the calculations that go into estimating this amount can be quite tricky. Online tools like car loan calculators, however, can come in handy here. These free tools can be used to get an estimate of your monthly loan repayment amount in a matter of seconds.

You will need only a handful of information to use most online car loan calculators, with the required details relating to the car loan amount, loan tenure, down payment ratio, and interest rate (some platforms offer pre-set base interest rates for calculators). Simply fill out the required details and get an estimated amount for your monthly loan repayment.

It should be remembered that since online calculators use estimate or base interest rates, the resulting instalment amount is also an estimated amount. For this reason, it is always recommended to keep room for adjustments and expect slight variations in actual results.

Charges & Fees Applicable for Volvo Car Loan & Finance

Particulars	Details of the Fee
Processing Fee	1% of the total loan amount mentioned in your loan application
Advance Payment of Monthly Instalment	1% of the amount being paid in advance
Early Settlement Fee	1% of the outstanding loan amount
Late Payment Charges	As per your bank’s standard charges
Partial Settlement Fee
Instalment Deferment Charges
Loan Rescheduling Fee
Liability Letter Fee
Issuance of Liability Letter

Note: A 5% VAT is applicable on all Volvo car loan fees and charges applied by the banks.

Volvo Car Finance Repayment Options in UAE

• Reducing Monthly Instalments: Reducing monthly instalments are prepared using reducing rates of interest for Volvo car loans, with the interest being calculated on the remaining due loan amount. These instalment amounts reduce gradually over time as you pay off the loan bit-by-bit. The reducing instalment schedule is drawn by the bank at the time of loan disbursal. Here, you can benefit from facilities like pre-payment of instalments or partial early settlement of the loan.
• Equal Monthly Instalments: The interest amount of equal monthly instalments is calculated on the total loan amount obtained through your Volvo finance deals. The monthly payment amount remains equal for each month and so does the interest rate, with flat rates of interest being used to prepare this type of repayment option. This option is an ideal choice if you wish to pay off your loan slowly while utilising the complete repayment period.
• Balloon Payments: Balloon payments allow individuals to make one large payment for their Volvo car loans at the end of the loan tenure. You can make your regular monthly payments during the rest of the tenure as per the schedule drawn by the bank. The amount of the balloon payment is decided beforehand to draw up a proper payment schedule for the loan. Balloon payments are ideal for users who wish to switch their cars every 3-4 years.

Methods to Pay Volvo Car Finance Monthly Instalment Amount

• Net banking portal of your bank
• Mobile banking portal of your bank
• AutoPay using a debit card account 
• Cash or cheque deposit at the bank

Most Popular Volvo Cars in UAE

Car Model	Ex-Showroom Price
Volvo S60	AED 165,000 onwards
Volvo XC90	AED 260,000 onwards
Volvo S90	AED 190,000 onwards
Volvo XC40	AED 170,000 onwards
Volvo C40	AED 250,000 onwards

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