Emirates Islamic Used Car Loan in UAE

Buying a car, even if a used one, can be an expensive affair due to the several costs involved. However, you will discover plenty of ways to drive away with the car of your choice without worrying about the charges in the form of a used car loan in UAE.

With Emirates Islamic Used Car Finance, buyers in the UAE enjoy attractive discounts and finance deals that help them buy their cars comfortably.

Emirates Islamic Bank is among the most trusted banks in the UAE. Known for its prompt customer service and high transaction security, the bank caters to individuals and small businesses as well as large corporations. It is also renowned for its car loan plans for both new and used ones.

So if you are looking for a used car loan in UAE, check out the key features of Emirates Islamic used car loan below.

Emirates Islamic Pre-Owned Car Loan Plan

With the bank prioritising accessibility and convenience for customers, bringing a car into your home is now pretty straightforward with the Emirates Islamic Used Car Finance. Widely counted among the best pre-owned car finance plans available in the UAE, this plan provides a flexible tenure and quick processing to users.

Moreover, you can secure a high loan amount of up to AED 1,500,000 at affordable interest rates with the Emirates Islamic Used Car Loan.

Plan Name	Emirates Islamic Car Loan
Minimum Salary Requirement	AED 4,000 per month
Flat Rate	Starting from 3.19% per annum

Features & Benefits of Emirates Islamic Pre-Owned Car Loan

Here’s a detailed description of the key features of Emirates Islamic Used Car Loan plans -

• Flexible Loan Tenure - Emirates Islamic used car loan is available for a tenure of between 1 and 5 years. Such a wide range of tenure allows you to pick one as per your requirements. So whether you want to go for shorter tenure with higher instalments or longer tenure with lower instalments but higher interest, you can find the right loan tenure for yourself.
• Large Loan Amount - With loan amounts going as high as AED 1.5 million, you can easily finance your dream car without any worries. 

Note: It is recommended to keep your budget in mind and select a loan amount that keeps your debt-to-income proportion reasonable. 

• Modest Interest Rates - On used vehicle loans, Emirates Islamic Bank provides excellent interest rates in the UAE. For pre-owned cars, the base annual interest rate is 3.19%. Even if you plan to purchase a regular car, the rate remains affordable as it then starts at 2.49% per annum. 
• Quick Loan Processing - With the Emirates Islamic used car loan, you can turn your dream of owning a car into reality in just a few hours. This is because the bank has greatly simplified its car loan application process, which makes it easy to get a car with minimal hassles. 
• Pre-owned Auto Financing - Buying a used car is easy with Emirates Islamic Bank. The bank offers used car loans with attractive interest rates, which are even better if you go for certified pre-owned cars.
• High Financing Ratio - Emirates Islamic Bank auto loan adheres to the UAE financing guidelines and provides the option to receive financing of up to 80% of the value of your car. You can pay the rest 20% payment as a down payment.

Emirates Islamic Used Car Loan Interest Rate

Emirates Islamic Used Car Finance Type	Rate of Interest for UAE Nationals Beginning at	Rate of Interest for Expatriates Beginning at
Pre-owned Car Loan	3.19% per annum.	3.19% per annum
Certified Pre-owned Car Loan	3.19% per annum	3.19% per annum

Documents Required for Emirates Islamic Used Car Loan

Although document requirements may vary as per the applicant’s profile, you can refer to the handy list of required documents below for a smooth application experience -

• Driving Licence
• Emirates ID
• Resident’s Visa (for expatriates)
• Passport ID
• Security Cheque
• Post-dated Cheque
• Last 3-month Bank Statement
• Recent Payslip
• Dealer Quotation or Car’s Proforma Invoice
• Insurance Details
• Car Registration Documents (if applicable)

Eligibility Criteria to Apply for Emirates Islamic Used Car Loan

Certain criteria have to be satisfied to apply for a used car loan with the Emirates Islamic Bank -

Age Requirement	21-65 years
Residency	UAE and Expatriates
Salary Requirement per Month	AED 4,000 or more for salaried Applicants AED 20,000 or more for Self-employed Applicants
credit Score	A good credit score is a must
Down Payment	20% of the car value

How to Calculate Emirates Islamic Used Car Loan Equal Monthly Payments in UAE?

The Auto Finance Calculator is a useful tool by the Emirates Islamic Bank to determine the approximate amount that you will have to make available for your monthly payment on your car loan. All you need to do is enter the model and the year of manufacturing of the car along with other necessary details to have the result on your screen.

If you find the Emirates Islamic Used Car Loan suitable for your financial conditions and plans, you can instantly apply for it with policybazaar.ae. Besides ease of purchasing, the most significant aspect of our website is that you can make all the comparisons in one place with minimal effort. 

Check out our website’s ‘car loans’ section to proceed.

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