Car Loan in UAE Without Salary Transfer
To own assets such as a car or home can require a major portion of your income or savings, and may still exceed them in some cases. With a car loan in UAE, however, you won’t have to face such a situation. Numerous banks and loan providers in the country offer financing solutions that make our money ...read more
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Although multiple banks provide auto loans in UAE, it is crucial to understand which product is suitable for you as per their features. In this article, we will specifically discuss car loans in UAE without salary transfers for those of you who wish to avail of the loans without transferring your salaries to the provider.
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Top Car Loans in UAE Without Salary Transfer
Without further ado, let’s take a look at the leading financial institutions that offer a car loan in UAE without salary transfer –
HSBC Car Loan Without Salary Transfer
HSBC is one of the largest financial and banking service organisations globally. It serves almost 40 million customers in 63 countries and territories, including the UAE. As a resident of the UAE, you can avail of a car loan with HSBC and enjoy various benefits offered by the financial institution.
Key Features and Benefits of the HSBC car loan in the UAE without salary transfer –
- You must have a salary of at least AED 10,000 to apply for an HSBC car loan
- HSBC offers this loan at an interest rate of 1.99% per annum
- You can borrow an amount of up to AED 600,000 depending on your profile
- As a borrower, you won’t be required to open a separate account with the bank
- The application process for an HSBC car loan involves minimal documentation – you can conveniently apply online and receive a call back from one of the representatives
- HSBC car loan is available for motorcycles, four-wheelers, and saloon cars
- HSBC offers green car loans for hybrid and electric cars
- Hybrid car loan borrowers get a 0.15% discount on their applicable interest rates
- 240-point detailed electrical and mechanical inspection of vehicles is available
- HSBC car loan borrowers can avail of concierge services
- New TESLA models car loan borrowers get a special flat rate of 1.74% with a 50% arrangement fee discount
- If you wish to change your car after every 2-3 years, the bank offers a balloon repayment option with reduced monthly payments
Documents Required for HSBC Car Loan
| For Salary Employee | For Self Employed |
|---|---|
| Emirates ID | A copy of your passport |
| A copy of your passport | Previous 6 months’ personal or business bank statements |
| A copy of your driving licence | Audited financials for the previous 2 years |
| Valid proof of income such as a salary certificate | Trade licence |
| Previous 3 months’ bank statements | Memorandum/Articles of association |
RAKBANK Car Loan Without Salary Transfer
RAKBANK is a Public Joint Stock company and is among one of the oldest and most dynamic UAE-based financial institutions. With a shift from corporate banking to business and personal banking, the bank now offers numerous financial services to its customers.
Key Features and Benefits of the RAKBANK car loan in the UAE without salary transfer –
- A minimum salary of AED 5,000 is required to apply for a RAKBANK car loan
- The bank offers an interest rate starting from 1.99% for salaried individuals
- You can have a grace period of 60 days before paying your first instalments
- RAKBANK allows a flexible repayment option of up to 60 months to repay the entire loan amount
- The financial institution provides car loans for both new and used cars and sports and luxury cars
- RAKBANK car loan is available for companies with 2 years or more length of business
- RAKBANK auto loan in UAE is available for car insurance, service and maintenance contracts, rustproofing, and GAP, if required
- Zero hidden charges involved
- RAKBANK customer care is available 24*7 to assist you at any time you want
Documents Required for RAKBANK Car Loan
- Copies of your passport and visa
- Salary certificate
- Bank statement
- Driving licence
- Security cheque
- Vehicle quotation
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