Emirates Islamic Auto Finance

Emirates Islamic Auto Finance

While purchasing a car is one of the biggest dreams for many people, the aspect of arranging the required finances may prove challenging for some. The need to have a car compels us to seek financial help, with car finance in UAE being an avenue for getting the required funds to own a car.

One of the best options for the same in the country can be found in the form of Emirates Islamic car finance, which provides the necessary assistance at affordable rates and is easy to repay.

Established in 2004, Emirates Islamic Bank (EIB) is a Sharia-compliant banking institution that offers a range of personal and business banking services to suit the needs of its large client base. This article will cover all the relevant aspects of Emirates Islamic Auto Finance.

Features of Emirates Islamic Auto Finance

Obtaining car finance from Emirates Islamic Bank can be helpful if you plan to purchase a car yet remain concerned about the financing costs due to the low profit rates and high finance amount limits of this option.

Here are all the major benefits of Emirates Islamic car finance:

• Finance Amount of Up to AED 1.5 Million - Emirates Islamic Bank can help you finance your dream car as the bank offers finance of up to AED 1.5 million with low profit rates and flexible repayment options. With EIB car finance, you can drive home your dream car without any burden on your budget.
• Low Profit Rates - Emirates Islamic is widely known across the country for providing car finance at low profit rates to both UAE residents and expatriates. For UAE nationals, the rates begin at 2.15% per annum, while the applicable rates for ex-pats are 2.29% per annum. Salaried persons, however, can enjoy extra profit rate savings, with profit rates ranging from 1.80% to 2.95% per annum. 
• Flexible Repayment Tenure - Emirates Islamic Bank offers flexible auto finance terms to its customers, with a maximum limit of 60 months available. The least available vehicle finance term is one year, and you may choose any term you like under 5 years. While longer repayment tenures result in overall higher profit amount payments, you still have the option of going for the maximum tenure if you wish to keep the profit amount low.
• Quick Processing Procedure - Due to the bank’s system application process, it only takes a few hours for your application to be completed, and the whole procedure – from application to disbursement – usually takes only up to 4 hours. 
• 80% Financing - Emirates Islamic car finance can be deployed for financing up to 80% of the price of your car, following the UAE financing laws, with the remaining 20% funded by the borrower's down payment.

Emirates Islamic Auto Finance Documentation Requirements

To ensure that you are completely prepared when submitting an application for Emirates Islamic auto finance, use this checklist for all the relevant documents to be kept ready:

• Passport
• Resident VISA
• Emirates ID
• Comprehensive Islamic Car Insurance
• Dealer quotation or pro forma invoice
• Post-dated Cheques
• Security Cheques
• Recent Payslips or Salary certificates
• Last 3-month Bank Statement

Emirates Islamic Bank Eligibility Criteria

In order to make the auto finance application and processing as smooth as possible, you need to fulfil the following eligibility requirements of the bank when applying for Emirates Islamic car finance.

• Age: Emirates Islamic Bank requires the applicants to be at least 21 years old.
• Residency: Both UAE residents and nationals are eligible to apply for car finance in UAE from the Emirates Islamic Bank. Applicants must, however, bring all essential identity documents as requested by the bank.
• Salary: To avail of Emirates Islamic auto finance, users must have a minimum monthly salary of AED 5,000. However, the income requirements must be verified directly with the bank as they can differ as per other factors related to the applicants.
• credit Score: Emirates Islamic Bank, while not directly specifying the credit score limit, may allow only individuals with a reasonable credit score to apply for its car finance in UAE. So if you have a credit score of, say, 700 or more, you will have a high chance of getting the car finance (at better terms and conditions, too).
• Down Payment: Even if you use Emirates Islamic auto finance to buy a car, a 20% down payment is needed at the moment of purchase.

Minimum Age	21 years
Residency	UAE Residents, Nationals, and Expatriates
Salary Requirement	AED 5,000 or more (per month)
Credit Score	The applicant must have a good credit score
Down Payment	20% of the car value

If you find these features relevant to your car purchase plan, you can easily apply for Emirates Islamic Auto Finance on this website. Here, you can simply check out the section of auto finance to find the best plans available in the UAE on your screen.

The best part of applying for this plan with Policybazaar UAE is that you can extensively compare the best plans from different providers in one place, and get a plan in a few clicks without going out anywhere.

Top Reasons to Choose Emirates Islamic Auto Finance

Whether it is for personal or commercial purposes, acquiring a vehicle through Emirates Islamic car finance has various benefits like:

• Competitive profit rates starting from 2.15% per annum for UAE Nationals
• High finance amounts ranging up to 1.5 million AED
• Flexible auto finance terms ranging up to 60 months
• Optional salary transfer
• Islamic car insurance financing is available
• Easy auto finance application processing

Frequently Asked Questions