SIB Car Finance

Whether it's a sleek new sports car or a pre-owned car, most of us would love to have our favourite set of wheels. At the same time, if you are not careful, getting a new car can be quite expensive. This holds true even if you possess sufficient funds to finance the car yourself, with high finance costs, compulsory insurance, maintenance, and other factors adding to the costs. In such cases, having the assistance of an option like SIB Car Finance can allow you to buy your dream car minus financial hassles.

Extending beyond low interest rates, SIB Bank has made car loans easier for customers by offering flexible payment options and transparent terms to suit the different needs and financial circumstances of users. This article will provide a detailed description of SIB Car Finance.

Features of SIB Car Finance

Transparent terms, flexible payment options, and easy financing are just a few key features of car loans provided by the SIB Bank in the UAE. SIB car loans offer many more benefits including low interest rates, long-term repayment period, easy approval, and more as described below.

1. High Loan Amount - With this bank, you can get SIB car loans up to AED 750,000. Combined with their outstanding level of customer service in all stages of the process, this amount leads to a seamless car purchasing experience.
2. Group Credit Life Takaful  - To protect your responsibilities, SIB Car Finance provides Group Credit Life Takaful. Such a feature allows the bank to provide financial products fulfilling the needs of their customers while also securing them in case they meet their demise of critical injuries.
3. Flexible Loan Term - Besides the maximum loan tenure of 60 months, SIB Bank is also known for its flexible loan tenure where the user can select any tenure within the specified limit to customise the plan to their requirements and plans. 
4. Quick Application  - SIB Bank allows users to apply for a car loan in a completely digital way, meaning that the applying individual is not required to visit a branch during business hours. You can simply apply on your smartphone at your convenience and receive the approval faster than ever before.
5. 80% Financing - Complying with the guidelines prescribed by the UAE government. SIB Bank provides up to 80% of the car’s cost in the form of financing.  
6. Sharia-compliant  - SIB Bank financing solutions are Sharia-compliant and tailored to meet the needs of the customers at industry-leading rates while following the Sharia laws regarding loans and credit.
7. Low-Interest Rate - With SIB Car Loans providing interest rates that start as low as 2.99% per year, your overall borrowing expenses are substantially cheaper.

SIB Car Finance Interest Rates

SIB Car Finance Document Requirements

If you are prepared to apply for a SIB car loan, it can be useful to check all the specifics of the process beforehand. This will ensure that you have everything required and can submit your application without any errors. 

Here is a list of the main documents any potential borrower needs when applying for a SIB car loan.

• UAE National ID
• Passport
• UAE Residence VISA
• Labour and/or Employment Card
• Recent Salary Payslips or Salary Certificates
• Last 3-month Bank Statements
• Driver’s License
• Security Cheque

SIB Car Finance Eligibility Criteria

When you are applying for a car loan in UAE, it is essential to remember that most banks are stringent regarding loan eligibility requirements. If you apply for a loan with SIB without fulfilling the criteria, your application will most likely be rejected straightway, which will also manifest in your credit Score in the form of a reduction. Thus, it is necessary for an applicant to understand the eligibility criteria to make their loan processing smooth to the greatest possible extent.

• Age: An applicant must be above the age of 21 years to be considered eligible for the car loan by the SIB Bank. 
• Residency: Both UAE Nationals and Ex-pats are eligible for SIB Car Loans. However, as the bank will demand proof of your residency, it is advisable to keep the residency documents ready.
• Salary: Applicants having a minimum income of AED 5,000 per month are eligible for car loans from SIB Bank. 
• Credit Score: Maintaining a good credit score will prove helpful for your loan application, with a bad credit score making it difficult to get your preferred car loan plan with favourable terms and conditions. To be eligible for maximum loan benefits, you must have a good credit score, which can be generally taken as 700 or more. With such a good credit score, you always have the chance of receiving a car loan in UAE at more competitive interest rates.
• Down Payment: As per the guidelines set by the Central Bank of UAE, applicants are needed to pay 20% of the invoice amount as a down payment.

While you can always apply for SIB Car Finance on the SIB website or its nearby branch, an excellent place to view, explore, compare, and buy car loan in UAE is policybazaar.ae. At your comfort, you can do all the mentioned processes (and much more) in a few taps or clicks without taking a single step out of your home.

Continue on our site and explore the ‘car loans’ section for more. 

Major Reasons to Choose SIB Car Finance

SIB Car Finance has steadily gained nationwide popularity due to its high-quality services, entirely tailored to suit one's needs. The bank is engaged in offering car loan in UAE for both nationals and ex-pats. Some of its key features that make its loan option highly valuable are:

• Affordable rates of interest starting from as low as 2.99% per annum
• Long loan terms ranging up to 60 months
• Islamic insurance financing available
• Both new and pre-owned car loans
• Quick Loan Approvals

FAQ's