Top 7 Banks to Avail of the Best Car Loan in UAE

Auto loans in UAE have become a necessity as more and more people are choosing to invest in personal vehicles rather than relying on public transport for their daily chores. However, the down payment and huge expenses of buying a car makes it difficult for some people to materialize their dreams.

 

Top Car Loan Plans in Dubai

 

7 Best Bank for Car Loan in UAE, Dubai

We have enlisted 7 best car loans in UAE to help you buy a car in a hassle-free manner, considering several factors like interest rates, loan time and others.

1- Abu Dhabi Commercial Bank - Car Loan

This full-service commercial bank, also one of the best bank for car loans in UAE, deals with a wide range of services and products - private banking, wealth management, investment banking, corporate finance, and more.

With the ADCB car loan, you can get high loan amounts and enjoy other features such as -

Loan Amount	Interest Rates	Loan Tenure	Features and Benefits
Up to AED 1.5 Million	Starting from a 1.99% flat rate p.a.(reducing rate of 3.65% for 12 months)	5 Years	Convenient loan application process Financing of up to 80% of your car value Insurance finance option available Swift approvals

Click Here to Apply Now

2- First Abu Dhabi Bank - Islamic Car Finance (UAE Nationals)

This car loan product is specifically curated for UAE nationals. With this financing option, you can enjoy competitive profit rates and the flexibility of not transferring your salary to an FAB account.

Loan Amount	Interest Rates	Loan Tenure	Features and Benefits
NA	Profit rate — starting from 2.35% per annum (equivalent to reducing rate of 4.72% p.a.)	5 Years	Minimum salary to apply for the loan — AED 7,000 Salary transfer is not mandatory Financing available for new and pre-owned vehicles Minimal documentation

Click Here to Apply Now

3- First Abu Dhabi Bank - Islamic Car Finance (UAE Expatriates)

This Islamic Car Finance product, designed for expats, is available for both salaried and self-employed individuals. You can even enjoy up to AED 7,500 in FAB Islamic rewards.

Tabled below are the primary features of this car loan in UAE:

Loan Amount	Interest Rates	Loan Tenure	Features and Benefits
NA	Profit rate starting from 2.59% per annum (equivalent to 4.9% p.a. in reducing rate)	5 Years	Minimum salary required — AED 7,000 Salary transfer is optional Financing available for new and pre-owned vehicles Easy documentation process

Click Here to Apply Now

4- RAKBANK - Car Loans

Next on the list of the best banks for car loans in UAE is RAKBANK, which offers car loans with minimal documentation. Besides attractive car loan interest rates, a key feature of this product is that it can be used for new and used cars, luxury and sports cars, and light commercial vehicles.

Loan Amount	Interest Rates	Loan Tenure	Features and Benefits
NA	Starting from a 2.55% flat rate per annum	5 Years	Financing options available for new and used cars Financing available in UAE currency Loan available in both Islamic and conventional variants

Click Here to Apply Now

5- Emirates NBD - Auto Cash Car Loan

Emirates NBD auto cash car loan comes with numerous benefits, including a deferment period of up to 120 days, a 0% instalment payment plan, attractive car loan interest rates, and more. 

Let’s explore the other features of this car loan in UAE:

Loan Amount	Interest Rates	Loan Tenure	Features and Benefits
Up to AED 750,000	Starting from 3.75% and up to 9% on reducing balance per annum	5 Years	Get a credit card free for the first year Loan available for both salaried and self-employed individual Easily apply for the loan with a co-borrower Enjoy one deferment in a loan cycle Salary certificate and driving licence not required

Click Here to Apply Now

6- Emirates Islamic Bank - Green Auto Finance

As the name says, this product is an efficient loan solution curated specifically for electric vehicles. Car owners can avail of a plethora of benefits, including low interest rates and zero processing fees.

Loan Amount	Interest Rates	Loan Tenure	Features and Benefits
NA	Profit rate starting from 2.49% per annum (equivalent to reducing rate of 4.72% p.a.)	5 Years	Minimum salary required to apply for the loan — AED 5,000 Optional salary transfer  Financing  available for new and pre-owned vehicles Hassle-free documentation

Click Here to Apply Now

7- HSBC Car Loan

The HSBC car loan, among the best car loans in UAE, comes with a flexible loan repayment option. Moreover, you don’t need to transfer your salary to an HSBC account to get this loan.

Check out the other features of this car loan in UAE -

Loan Amount	Interest Rates	Loan Tenure	Features and Benefits
Up to AED 600,000	Flat rate starting from 1.99% per annum	NA	Salary transfer not mandatory Availability of green car loans for hybrid and electric cars Availability of concierge services

Which Documents are Required to Apply for a Car Loan in UAE?

Given below are the common documents required to apply for a car loan in the UAE:

• Completed application form
• Emirates ID
• Passport
• Visa
• Driving licence copy
• Latest 3 months’ bank statement copies
• Valid quotation from dealer
• Details of existing loan or liability
• Salary certificate (for salaried employees)
• Trade Licence (for self-employed individuals)

Note: The bank may ask you to submit additional documents as per its requirements.

FAQs

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