Emirates NBD Car Loan

Established in 2007, the Emirates National Bank of Dubai is one of the most-popular banks in the UAE and is listed on the Dubai Financial Market. The bank has recently secured four top titles, including the best retail bank in the UAE and the Middle East region, at the Asian Banker Regional Awards 2021. ...read more

Emirates NBD offers unique banking solutions along with attractive features and benefits to help its customers get the best banking products and services which includes, bank accounts, loans, mortgages, credit cards, fixed deposits, and more.

 

Top Car Loan Plans in Dubai

 

Emirates NBD
Plan Name Auto Loans
Minimum Salary (AED) 5000
Fixed Rate 1.99%
Reducing Rate N/A
Flexible Repayment
Free Bank Account
Minimum Documentation
Abu Dhabi Commercial Bank
Plan Name Car Loan
Minimum Salary (AED) 5000
Fixed Rate 1.99%
Reducing Rate 3.65%
Flexible Repayment
Fast Track Approvals
Minimum Documentation
Emirates NBD
Plan Name Flexi Drive
Minimum Salary (AED) 5000
Fixed Rate 1.92%
Reducing Rate N/A
Fast Track Approvals
Minimum Documentation
Abu Dhabi Islamic Bank
Plan Name Car Finance
Minimum Salary (AED) 5000
Fixed Rate N/A
Reducing Rate N/A
Flexible Repayment
Fast Track Approvals
Minimum Documentation
RAKBANK
Plan Name Car Loans
Minimum Salary (AED) 5000
Fixed Rate N/A
Reducing Rate N/A
Flexible Repayment
No Salary Transfer
Minimum Documentation
Table of Content

Emirates NBD car loans offer numerous features and benefits such as flexible loan tenures, attractive loan rates, high loan amount, quick loan disbursal, easy payment plans, and more for the borrowers. Keep reading to know a lot more about the Emirates NBD car loans and apply for one that fits your financial needs the best.

Features and Benefits of Emirates NBD Car Loans in UAE

Here are a few major features and benefits of Emirates NBD car loans in the UAE.

  • Flexible Tenure - Emirates National Bank of Dubai offers flexible tenure options ranging between one to five years for car loans. You can choose the tenure based on your financial preferences at the time of loan application.
  • Low Interest Rates - The bank offers lower interest rates on car loans in comparison to other banks in the UAE. You can get a reasonable percentage of flat and reducing interest rates if you have a good credit Score and loan repayment history.
  • High Loan Amount - Emirates NBD provides a higher loan amount at a minimal down payment for different types of applicants. You can apply for an Emirates NBD auto loan amount depending upon your needs.
  • Instalment Payment Plan - With Emirates NBD car loans, you get the benefit of instalment payment plans at a zero per cent interest rate. You can use this feature to pay for high-value purchases by converting the amount into easy monthly instalments.
  • Free Bank Account - The bank also offers a free bank account for car loan borrowers. They can use the same bank account to meet the minimum balance criteria of AED 20,000 when applying for the loan.
  • Flexible Payment Options - Emirates National Bank of Dubai offers flexible payment options for the applicants to help them repay their car loan instalments with great ease. You can use this benefit to pay loan instalments on a monthly or yearly basis depending upon your financial preferences.
  • credit card - When you finance a car, Emirates NBD also provides a free first-year credit card. However, from the second year onwards, they need to pay a regular annual fee for using the credit card.
  • Same Day Loan Approval - For hassle free loan processing, Emirates NBD offers a same-day auto loan approval facility for its customers. You can apply for the loan and if everything goes smoothly as per the bank’s criteria ,you get the loan approved on the same day.
  • Quick Loan Disbursal - Emirates National Bank of Dubai provides a quick and easy loan application process. All you need to do is provide your details with necessary supporting documents, make the down payment and get the loan disbursed in your bank account with great ease.
  • Up to 80 Per Cent of Financing - Emirates NBD allows borrowers to get up to 80 per cent of the car value financed. They need to pay the remaining 20 per cent as a down payment themselves.

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Emirates NBD Car Loans Interest Rates

Emirates National Bank of Dubai offers different types of car loans for its customers. The bank can increase or decrease car loan interest rates based on certain factors like the credit report and repayment history of the applicant. You can try negotiating the car loan interest rates with the bank if you have a good credit score with a healthy debt repayment history.

Here are the standard Emirates NBD car loan interest rates starting from 1.99 per cent per annum.

Types of Emirates NBD Car Loans Types of Interest Rates Interest Percentage
New Car Loan for Self Employed Flat Interest Rate 1.99 per cent
Reducing Interest Rate 4.97 per cent
Murabaha New Auto Finance for Self Employed Flat Interest Rate 1.99 per cent
Reducing Interest Rate 4.97 per cent
Packed New Auto Loan Flat Interest Rate 2.49 per cent
Reducing Interest Rate 4.52 per cent
Used Auto Loans for Self Employed Flat Interest Rate 3.15 per cent
Reducing Interest Rate 5.71 per cent
Murabaha Used Auto Finance for Self Employed Flat Interest Rate 3.15 per cent
Reducing Interest Rate 5.71 per cent
New Staggered Instalment Plan Flat Interest Rate 2.49 per cent
Reducing Interest Rate 4.61 per cent
Fixed Deposit New Auto Loan Flat Interest Rate 2.49 per cent
Reducing Interest Rate 4.61 per cent
Used Staggered Instalment Plan Flat Interest Rate 4.90 per cent
Reducing Interest Rate 8.89 per cent
Packed Used Auto Loan Flat Interest Rate 4.90 per cent
Reducing Interest Rate 8.89 per cent
Fixed Deposit Used Auto Loan Flat Interest Rate 4.90 per cent
Reducing Interest Rate 8.89 per cent
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Emirates NBD Car Loan Calculator

Emirates National Bank of Dubai enables potential borrowers to evaluate their car loan amount using a car loan calculator available on their website. To calculate an estimated loan amount, you need to open an Emirates NBD car loan calculator and provide your details like monthly income, required loan amount, preferred duration of tenure, number of active loans, and more, as stated. Once done, you get an estimated loan amount along with the amount you need to pay as your monthly EMI against the car loan. Keep in mind that the amount calculated by the Emirates NBD Auto loan calculator is not the final amount as it does not include the processing fee and other charges applicable. You can get the exact loan amount only after the loan application approval.

Eligibility Criteria to Apply for Emirates NBD Auto Loan

Here is the standard Emirates NBD car loan eligibility criteria that applicants need to meet when applying for car finance in the UAE. You can also check your loan eligibility by simply Face Banking or meeting the bank representatives.

  • Employment Status - You must be a salaried or a self-employed applicant to be eligible for an Emirates NBD auto loan. You need to provide the documents supporting your information at the time of application.
  • Residency - All the UAE nationals and residents can apply for an Emirates NBD car loan in UAE. All they need to do is provide valid UAE residency proof at the time of applying for a car loan.
  • Age - You must be 21 years old or above to apply for an Emirates NBD auto loan. The bank may offer flexibility when it comes to age criteria. Make sure you get in touch with the bank’s helpdesk and enquire about the same.
  • Minimum Income Requirements - The bank has minimum income requirements based on the type of car loan you are applying for. Make sure you check about the same by contacting the helpdesk before applying for an Emirates NBD car loan. 
  • Down Payment - As per the UAE Central Bank’s guidelines, you need to pay 20% of your car’s invoice cost as down payment. The rest 80% cost is borne by the Emirates NBD bank in the form of car finance. You can repay the rest 80% amount in convenient monthly instalments.
  • Minimum Average Balance - You must have a minimum amount of AED 20,000 in your Emirates NBD bank account to apply for a car loan. Here is the amount.
Types of Applicants Down Payment
Individuals Regular Cars 20 per cent
Sports Cars 25 per cent
Companies 10 per cent (the bank also offers a 0 per cent down payment option for companies.)

  • Credit Score - You must have a good credit score and a remarkable repayment history to be eligible for an Emirates NBD auto loan. A decent credit score shows that you are a responsible borrower and, it helps you get your loan approved without any hassle.

Documents Required for Emirates NBD Car Loans

Here are a few essential documents required when applying for an Emirates NBD car loan in the UAE.

Types of Applicants Documents Required
Salaried Individuals
  • A duly signed AECB form
  • Emirates ID – Original and a copy
  • Passport with a valid residency visa – Original and a copy
  • A valid quotation
  • Driving License – Original and a copy
  • Salary Certificate/Appointment Letter/Salary Slips for the last three months
  • Bank Statement for the last three months showing the salary credit transactions
Self-Employed Individuals
  • A duly signed AECB form
  • Emirates ID – Original and a copy
  • Passport with a valid residency visa – Original and a copy
  • A valid quotation
  • Driving License – Original and a copy
  • A valid Trade License – Original and a copy
  • Bank Statement for the last three months
Organisations
  • A duly signed AECB form
  • Emirates ID – Original and a copy
  • Passport with a valid residency visa – Original and a copy
  • A valid quotation
  • Driving License – Original and a copy
  • A valid Trade License – Original and a copy
  • Bank Statement for the last three months
  • A list of all the authorised signatories
  • Memorandum of Association – Original and a copy

How to Apply for Emirates NBD Car Loans in UAE?

You can go through various Emirates NBD car loan offers on the bank’s website and choose the one that suits your financial needs. Subsequently, you can follow various ways mentioned below to apply for your preferred Emirates NBD car loan with ease.

  • Bank’s Website - You can visit the Emirates National Bank of Dubai’s official website and fill out the online application form to apply for your chosen car loan type.  You need to provide your basic details like name, monthly income, required loan amount, location, and more in the form. After submitting the application form, the bank representatives will contact you and process your loan application after verifying your details. You can choose to submit the essential documents on the portal or request one of the bank’s representatives to collect the same from your doorstep.
  • Online Banking Portal - You can also login to the bank’s online banking portal using your banking credentials and apply for your chosen Emirates NBD car loan. You need to fill out the application form available on the portal by providing your details like name, registered mobile number, required loan amount, monthly income, and more. Later, the bank’s representatives will contact you and process the loan application if everything falls in place. 
  • Mobile Banking Application - Emirates National Bank of Dubai also facilitates you to apply for your preferred car loan using the bank’s mobile banking app. All you need to do is download the application, register using your bank account details, and apply for the car loan in just a few clicks. Make sure you provide correct details in the application form to avoid any delays in the loan approval.
  • Phone Banking - You can also call the Emirates NBD auto loan contact number 600 54 0000 from within the UAE and +971 600 54 0000 from outside the UAE using your registered mobile number to apply for your chosen car loan. The bank representative will verify your details on the call and arrange a meeting for the documents collection. Once the bank verifies all your details and the entire set of supporting documents, they will process your loan application and disburse the loan amount in your Emirates NBD bank account.
  • SMS Banking - Emirates NBD has unique codes for the SMS banking services. You can call the bank’s help and support desk or visit the official portal to get the SMS code for your preferred car loan type. Once you have the same, send it to the bank using your registered mobile number and apply for the car loan in no time. Once done, one of the bank’s representatives will contact you and process the loan application without any delay.
  • Bank’s Branch - This is an offline loan application method provided by the bank. You can visit one of the nearest Emirates NBD branches and apply for your chosen car loan type by filling out the application form and providing all the required documents. Ensure to fill out the form in the presence of the bank’s representatives. This saves you from making any mistakes and the hassle of filling out the form once again.
Emirates NBD Used Car Loan  - Eligibility, Interest Rate & Benefits

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Fees and Charges for Emirates NBD Car & Auto Loans

Types of Emirates NBD Car Loans Types of Charges Amount
New Car Loan for Self Employed Repayment Period 60 months
Minimum Income AED 25,000
Early Settlement Fee 1.05 per cent of Principal Outstanding amount
Arrangement Fee 1 per cent
Processing Fee 1.05 per cent of the loan amount (Minimum AED 525 and Maximum AED 2,625)
Late Payment Fee AED 52.50
Deferment AED 105 
Partial Settlement (amount equivalent to 3 instalments and above) 1.05 per cent of the payment made (Max AED 10,500)
Rescheduling Fee AED 262.5
Liability / No Liability Letter AED 52.5
Cheque Returned Charges AED 105
Murabaha New Auto Finance for Self Employed Repayment Period 60 months
Minimum Income AED 25,000
Early Settlement Fee 1.05 per cent of Principal Outstanding amount
Arrangement Fee 1 per cent
Processing Fee 1.05 per cent of the loan amount (Minimum AED 525 and Maximum AED 2,625)
Late Payment Fee AED 52.50
Deferment AED 105 
Partial Settlement (amount equivalent to 3 instalments and above) 1.05 per cent of the payment made (Max AED 10,500)
Rescheduling Fee AED 262.5
Liability / No Liability Letter AED 52.5
Cheque Returned Charges AED 105
Packed New Auto Loan Repayment Period 72 months
Minimum Income AED 5,000
Early Settlement Fee 1.05 per cent of Principal Outstanding amount
Arrangement Fee AED 500
Processing Fee 1.05 per cent of the loan amount (Minimum AED 525 and Maximum AED 2,625)
Late Payment Fee AED 52.50
Deferment AED 105 
Partial Settlement (amount equivalent to 3 instalments and above) 1.05 per cent of the payment made (Max AED 10,500)
Rescheduling Fee AED 262.5
Liability / No Liability Letter AED 52.5
Cheque Returned Charges AED 105
Used Auto Loans for Self Employed Repayment Period 60 months
Minimum Income AED 25,000
Early Settlement Fee 1.05 per cent of Principal Outstanding amount
Arrangement Fee 1 per cent
Processing Fee 1.05 per cent of the loan amount (Minimum AED 525 and Maximum AED 2,625)
Late Payment Fee AED 52.50
Deferment AED 105 
Partial Settlement (amount equivalent to 3 instalments and above) 1.05 per cent of the payment made (Max AED 10,500)
Rescheduling Fee AED 262.5
Liability / No Liability Letter AED 52.5
Cheque Returned Charges AED 105
Murabaha Used Auto Finance for Self Employed Repayment Period 60 months
Minimum Income AED 25,000
Early Settlement Fee 1.05 per cent of Principal Outstanding amount
Arrangement Fee 1 per cent
Processing Fee 1.05 per cent of the loan amount (Minimum AED 525 and Maximum AED 2,625)
Late Payment Fee AED 52.50
Deferment AED 105 
Partial Settlement (amount equivalent to 3 instalments and above) 1.05 per cent of the payment made (Max AED 10,500)
Rescheduling Fee AED 262.5
Liability / No Liability Letter AED 52.5
Cheque Returned Charges AED 105
New Staggered Instalment Plan Repayment Period 72 months
Minimum Income AED 5,000
Early Settlement Fee 1.05 per cent of Principal Outstanding amount
Arrangement Fee AED 500
Processing Fee 1.05 per cent of the loan amount (Minimum AED 525 and Maximum AED 2,625)
Late Payment Fee AED 52.50
Deferment AED 105 
Partial Settlement (amount equivalent to 3 instalments and above) 1.05 per cent of the payment made (Max AED 10,500)
Rescheduling Fee AED 262.5
Liability / No Liability Letter AED 52.5
Cheque Returned Charges AED 105
Fixed Deposit New Auto Loan Repayment Period 60 months
Minimum Income AED 18,000
Early Settlement Fee 1.05 per cent of Principal Outstanding amount
Arrangement Fee AED 500
Processing Fee 1.05 per cent of the loan amount (Minimum AED 525 and Maximum AED 2,625)
Late Payment Fee AED 52.50
Deferment AED 105 
Partial Settlement (amount equivalent to 3 instalments and above) 1.05 per cent of the payment made (Max AED 10,500)
Rescheduling Fee AED 262.5
Liability / No Liability Letter AED 52.5
Cheque Returned Charges AED 105
Used Staggered Instalment Plan Repayment Period 60 months
Minimum Income AED 18,000
Early Settlement Fee 1.05 per cent of Principal Outstanding amount
Arrangement Fee 1 per cent
Processing Fee 1.05 per cent of the loan amount (Minimum AED 525 and Maximum AED 2,625)
Late Payment Fee AED 52.50
Deferment AED 105 
Partial Settlement (amount equivalent to 3 instalments and above) 1.05 per cnt of the payment made (Max AED 10,500)
Rescheduling Fee AED 262.5
Liability / No Liability Letter AED 52.5
Cheque Returned Charges AED 105
Packed Used Auto Loan Repayment Period 60 months
Minimum Income AED 5,000
Early Settlement Fee 1.05 per cent of Principal Outstanding amount
Arrangement Fee 1 per cent
Processing Fee 1.05 per cent of the loan amount (Minimum AED 525 and Maximum AED 2,625)
Late Payment Fee AED 52.50
Deferment AED 105 
Partial Settlement (amount equivalent to 3 instalments and above) 1.05 per cent of the payment made (Max AED 10,500)
Rescheduling Fee AED 262.5
Liability / No Liability Letter AED 52.5
Cheque Returned Charges AED 105
Fixed Deposit Used Auto Loan Repayment Period 60 months
Minimum Income AED 18,000
Early Settlement Fee 1.05 per cent of Principal Outstanding amount
Arrangement Fee 1 per cent
Processing Fee 1.05 per cent of the loan amount (Minimum AED 525 and Maximum AED 2,625)
Late Payment Fee AED 52.50
Deferment AED 105 
Partial Settlement (amount equivalent to 3 instalments and above) 1.05% of the payment made (Max AED 10,500)
Rescheduling Fee AED 262.5
Liability / No Liability Letter AED 52.5
Cheque Returned Charges AED 105
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Terms and Conditions for Emirates NBD Auto Loans in UAE

Here are a few major terms and conditions set by the Emirates National Bank of Dubai that the borrowers need to keep in mind when applying for a car loan.

  • If you fail to pay the car loan instalment on time, the bank has the right to add the late payment charges in the next instalment.
  • If you want to close your Emirates NBD car loan before the loan tenure, you need to pay an early settlement fee. The amount of the fee is based on the type of car loan.
  • If you default on your loan instalment payments for a specific time, the bank has the right to seize your vehicle since the vehicle acts as a collateral to secure your car loan.
  • Loan approval is subject to the terms and conditions of the Emirates National Bank of Dubai. The bank can change the terms and conditions without a prior notice.
  • The car loan interest rates may vary based on various parameters like the applicant’s credit report, number of active loans, location, loan repayment history, and more.
  • Establishing a good relationship with the bank can help benefit the borrower in lowering the Emirates NBD car loan interest rates.

Frequently Asked Questions

Q1. How can I apply for an Emirates NBD car loan online?

Ans. Yes, you can use the online or mobile banking portal of the bank to apply for your chosen Emirates NBD car loan. All you need to do is register on your preferred online portal, fill out the application form and submit it along with all the essential documents. Once done, the bank representatives will contact you, verify your details, and process your loan application. Additionally, you can also go to the bank’s website to fill out the application form and apply for your chosen Emirates NBD car loan in just a few clicks.

Q2. Do I need to pay flat or reducing interest rates on an Emirates NBD car loan?

Ans. Emirates NBD offers both flat and reducing interest rates on all car loan types. You can choose the suitable type of interest rate to apply on your car loan based on your financial requirements.

Q3. How much down payment do I need to pay if I want to finance a car?

Ans. With Emirates NBD, you need to pay a minimum of 20 per cent invoice cost of the car as down payment to finance your car purchase.

Q4. How can I apply for an Emirates NBD car loan through phone banking?

Ans. You need to call the Emirates NBD car loan contact number 600 54 0000 from within the UAE and +971 600 54 0000 from outside the UAE using your registered mobile number to apply for your chosen car loan.

Q5. How do I know if I am eligible for an Emirates NBD car loan?

Ans. You can call the Emirates NBD customer support number and check your eligibility for your chosen car loan type. You can also check the same on our website in the car loans section.

Q6. What will happen if I miss out on my loan instalments?

Ans. Late payment charges will be applicable on the loan instalments paid after the due date. In case you default your Emirates NBD car loan instalments, the bank may seize your vehicle as loan security.

Q7. Can I apply for a car loan without having an Emirates NBD bank account?

Ans. You need to have an Emirates NBD bank account to meet the minimum balance requirement when applying for a car loan. However, you can also check the same with the bank as certain factors such as a good credit report or a good relationship with the bank may help you get an exception.

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