Emirates Islamic Green Auto Finance in UAE

Introducing Emirates Islamic Green Auto Finance - an accessible financial option designed for electric vehicles. The product offers numerous advantages, such as competitive interest rates and reduced processing fees. By embracing this option, you can not only cut down on your monthly expenses but also contribute to environmental conservation.

Let's dive into the essential details encompassing the Emirates Islamic Bank Green Auto Finance.

Features and Benefits of Emirates Islamic Bank Auto Finance

• Low Processing Fee: The standard processing fee of EIB Green Auto Finance is 1.05% of the financed sum (minimum AED 525 and maximum AED 2,625).
• Attractive Profit Rates: Available at highly competitive profit rates, Emirates Islamic Green Auto Finance is among the most affordable car loans in UAE. Its base profit rates start as low as 2.49% for UAE nationals with a minimum salary of AED 50,000 per month.
• High Finance Amount:  With Emirates Islamic Green Auto Finance’s high loan amounts of up to AED 1.5 million, you can easily finance your dream car without any apprehension. However, keep affordability in mind and choose a loan amount that maintains a low debt-to-income ratio.
• No Salary Transfer Required: As salary transfer is not mandatory for Emirates Islamic Green Auto Finance, anyone who wants to reap its benefits doesn’t need to worry about transferring their salaries to the bank.
• Flexible Tenure: Emirates Islamic Bank auto finance provides the option of a flexible loan tenure to customers, with the bank offering tenures between the minimum and maximum limits of 1 year and 5 years, respectively. Any time between 12 and 60 months can be chosen as your Emirates Islamic Bank car finance tenure as per your requirement.
• Varied Payment Methods: Users can easily pay off their auto finance via any of the following channels available — online banking, phone banking, mobile banking, or any other option by discussing with the bank officials.
• Pre-Owned Car Financing: With Emirates Islamic Green Auto Finance, people exploring options to finance pre-owned cars can stop their search.

However, keep in mind that the profit rates for pre-owned cars may be different from Emirates Islamic Bank Green Auto Finance for new cars.

Emirates Islamic Green Auto Finance Profit Rates

Category	Profit Rate for UAE Nationals
New Car Finance	Flat Rate from 2.49% onwards

Eligibility Criteria of Emirates Islamic Bank Car & Auto Loan

• Nationality: Both UAE nationals and residents are eligible to apply for an Emirates Islamic Bank Green Auto Finance in the UAE. However, applicants must carry all the required identification documents as requested by the bank. UAE nationals can utilise Emirates ID as their sole form of identification. On the other hand, residents will require a passport as well as a resident’s visa for identification. Nevertheless, a passport may be required for nationals as well.
• credit Score: While there are no set criteria for a minimum credit score to apply for an Emirates Islamic Green Auto Finance, every applicant must maintain a fair score, to begin with. A credit score of 580 is usually categorised as ‘fair’ in terms laid out by AECB. Credit scores higher than 700 are considered ‘good’, and give the applicant a higher chance of finance approvals.
• Car Insurance: Any vehicle to be financed by Emirates Islamic Bank must be insured by comprehensive Islamic car insurance in the UAE. Consequently, if a used car is to be financed, it has to be evaluated by an Emirates Islamic Bank-approved dealer first.

Criteria	Salaried Individuals	Self-Employed Individuals
Nationality	Both UAE nationals and residents can apply
Minimum age	21 years
Minimum Salary	AED 15,000
Minimum Down Payment	20% of the vehicle’s value

Documents Required for EIB Green Auto Finance in the UAE

Category of Document	Required Documents
Identification Documents	Emirates ID Passport - original and a copy Resident's visa - original and a copy
Vehicle-Related Documents	Quotation on vehicle price or a pro forma invoice for the car Comprehensive Islamic insurance for the vehicle
Salary/Income-Related Documents	Security cheques Post-dated cheques Documented evidence for income of the applicant or Salary certificates for salaried individuals Bank statements of the past 3 months for your salary account (not required if your salary is being transferred to Emirates Islamic Bank)
Documents for Used Cars	A certificate of valuation for the car – only from an Emirates Islamic Bank-approved dealer A quotation of an offer to the bank from the current owner Ownership title of the vehicle

How to Apply for Emirates Islamic Green Auto Finance in the UAE?

• Online: Visit policybazaar.ae or the official website of Emirates Islamic Bank to apply for Green Auto Finance online. Visit the auto finance section on the website and open the lead form. Fill out the lead form with your basic personal details like name, phone, address, etc. On submitting this form, you will get a list of suitable auto finance options to finance your vehicle. Select one and apply for it — once you submit your online Emirates Islamic Bank Green Auto Finance application, the bank will evaluate it and get back to you to complete the further steps.
• Offline: To apply for Emirates Islamic Green Auto Finance offline, visit one of the nearby branches of the bank and head to the authorised auto finance counter. Connect with an executive there and ask them for an application form. Submit this form along with the required documents, pay the processing fees, and sit tight for approval.

Once you receive approval for your finance application, you can proceed further with the remaining steps.

Emirates Islamic Bank Auto Finance Calculator

To avoid the complex calculations of loan repayments, you can always use the Emirates Islamic Bank auto finance calculator. With this tool, you can easily calculate the equal monthly payments for your Emirates Islamic Bank auto finance.

Emirates Islamic Bank Auto Finance calculator is rather easy to use, as all you need are a few particulars to get an estimate of the equal monthly payments that you will have to make.

Determine the finance amount required, the tenure of the finance, and the plausible profit rate. Once you fill out these particulars, the calculator will automatically present the instalment amount at the bottom.

By sliding the cursor, you can also change your finance amount, tenure, or the profit rate which will automatically reflect in the estimated installment amount.

Emirates Islamic Bank Green Auto Finance Fees and Charges

Categories	Applicable Fees and Charges
Processing Fee	1.05%
Liability Letter Issuance	AED 63
Late Payment Fee	AED 210 (per instalment)
Early Settlement Fee	1.05% of the total outstanding balance (per request)
Change of Payment Due Date Fee	AED 26.25 (per request)
Advance Payment Fee	1.05% of the payment amount due for the month
Deferment Charges	AED 105 (per request)

All charges and fees are inclusive of VAT.

Important Terms and Conditions for Emirates Islamic Green Auto Finance

• The processing fee amounts to 1.05% of the financed sum (minimum AED 525 and maximum AED 2,625)
• The grace period to make the first monthly payment of your Emirates Islamic Bank Car Green Auto Finance is 60 days.
• Deferred payments are allowed for Emirates Islamic Bank auto finance, although a fee of AED 105 will be levied on each deferred payment.
• Early settlement of Emirates Islamic Bank auto finance is available. A fee of 1.05% calculated on the total due amount will be applicable.
• Rates of profit given by Emirates Islamic Bank are subject to change at the bank’s discretion and are indicative. This means that the actual rate of profit you will get may be different, being influenced by factors like credit score, credit history, income level, etc.

Emirates Islamic Green Auto Finance Contact Number and Details

Category	Contact Details
Phone	600 599995
Email	Customercareunit@emiratesislamic.ae
Fax	+971 (4) 358 2659
Business Banking	+971 (4) 3160080
International Call Support	+971 600599995