Car Loan in UAE

What is a Car Loan?

A car loan is a product that allows you to purchase your preferred vehicle without any financial constraints. Upon loan approval, you pay back the amount in monthly instalments over a set period. In the UAE, banks offer attractive and affordable vehicle loan interest rates.

Let’s take a look at the best vehicle loan in UAE and other associated details.

Top Car Loan Plans in Dubai

Key Features of Car Loan in UAE

The primary benefits and features of a auto loan in the UAE include:

Benefits & Features	Description
Quick Application Processing	Half-day approvals to 10 days approval period (depending on the chosen bank)
Minimal Documentation	Less paperwork and minimum documents are required
Competitive Interest Rate	Low fixed-interest rates starting from 1.89% (depending on the chosen bank)
Low Salary Requirement	The minimum monthly salary required is AED 5,000 (depending on the chosen bank)
Loan Repayment Tenure	Up to 60-months flexible repayment tenure

Why Should You Apply for a Car Loan in UAE through Policybazaar.ae?

You can unlock exclusive benefits by applying for a vehicle loan through Policybazaar UAE, our digital portal-

• We offer a wide range of cheap car finance products from multiple providers.
• The loan products on our site are affordable and cater to diverse requirements.
• Our customer-centric approach assures quick responsiveness and 24*7 assistance.
• With us, you can quickly complete the auto loan application process.

Get the Best Auto Loan from the Top UAE's Banks

Car Loan Interest Rates in UAE, Dubai

We have provided you with the interest rate of each vechile loan product in the table below:

How to Calculate Vechile Loan EMI in UAE, Dubai

Unlike the traditional method, online auto loan calculators allow you to quickly estimate your monthly instalment amount without any error.

Simply provide some details as prompted and get an instant outcome. Car loan calculators are accessible to everyone for free. You can easily locate this tool on our website or that of your respective bank.

Note: The actual amount may vary from what you calculate due to variations in the applicable interest rate.

Example

Let's understand how a auto loan EMI calculator works with an example. Note that we have used Policybazaar.ae’s calculator for the calculation.

Suppose Arbaz wants to buy a new car that costs AED 126,900. He makes a downpayment of 20%, which is AED 25,380. Let's say a bank, called XYZ offers him a loan for the remaining amount with an annual fixed interest rate of 3.2% over a period of 5 years.

Eligibility Criteria to Apply for Car loan in Dubai & the UAE

The common eligibility criteria to apply for a car loan in Dubai or the UAE are as follows -

Eligibility Factors	Requirements
Age	The applicant must be at least 21 years old
Nationality	Must be either a UAE national or UAE expatriate
Minimum Salary	AED 4,000 per month Note: The required minimum salary for auto loan in UAE varies for each bank. Make sure to check with your respective bank before applying.

How to Apply for Auto Loan Via Policybazaar UAE?

At Policybazaar UAE, we offer you the convenience of applying for a car loan from the comfort of your home. All you need to submit your request and we will get you connected with the concerned bank representative without any hassle.

Here's how you can get the best car loan in UAE from our platform -

• Step1- On policybazaar.ae, click on the Banking Products drop-down menu.
• Step2- Select Car Loans fill out the lead form accurately and submit it.
• Step3- You will be directed to the vehicle loan quotes page.
• Step4- Check the listed options for auto loan UAE and choose the most suitable one.
• Step5- Submit your query and await a response.
• Step6- One of our officials will shortly connect with you for the next steps.

Note: In case you face any issues while carrying out the process, reach out to our customer support team by dialling 042472904 or dropping us an email at communication@policybazaar.ae.

Documents Required to Apply for a Car Loan in Dubai & UAE

To process an application for car loan UAE, banks require you to submit a few documents for verification purposes.

Here are the commonly required documents -

Valid Emirates ID	Valid passport
Valid driving license	Car insurance policy documents
Past 3-6 months’ bank statements	Car insurance policy documents
Car registration documents	Original salary certificate

Note: Your respective bank may ask you to submit additional documents as per its requirements.

FAQs About Car Loan Dubai

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