Taking a loan for a car in UAE will make your dream come true. In UAE, you can apply for an auto loan without facing any problems regarding a bank loan. You just have to read all the rules and regulations decided by the banks or financial institutions. Getting a loan for a car is not a very tricky task for the residents of the UAE, especially in the state of Dubai. UAE is considered the advance region of the world with many variations. Even people living here are from different regions of the world. Finding a car loan in Dubai is the best means of getting a new car. There are many banks here, that are executing their auto loan well-managed plan for the people of Dubai. Let’s check out what kind of privileges are connecting with auto loan services in UAE.
Characteristics related to Auto loans in UAE
- An easy and simple method
Getting a car with a loan is an easy and simple method with many benefits. The next thing that you should remember is taking a loan from the bank is the best method. Because it is a legal way to take an auto loan rather than taking a loan from Any illegal or unregistered private financial institution. Bank will offer you flexible interest rates, it will not impose any strict instructions on you.
- Flexible Duration
The duration of repayments is also very good and flexible, it will be almost 50 to 60 months. You will not feel any kind of burden related to the reimbursement duration of your auto loan in the UAE.
- Good previous record
If you pay the installment amount within the prescribed limit, so it will create a good record or good credit achievement of the installment. It will be beneficial for your future, the bank will give you the statement or document related to good credit history.
Prominent Banks for Auto Loans in Dubai with a minimum salary range
In UAE, there are many prominent banks, that are lending the facility of auto loans with minimal interest rates. Following are the major banks:-
- Emirates NBD is the most popular and well-known bank for assisting the Auto loan facility. It will facilitate their consumers through auto loans, the range of loan is almost up to 500,000 AED with a fixed minimum interest rate. Bank will give you a favorable monthly installment period, which can be up to 55 to 60 months. The requirement for salary is about 5000 AED, which is quite reasonable.
- Furthermore, there are many other banks like FAB, Mashreq, RAKbank, ADIB, etc. It all depends on you, which bank you will prefer for a car loan in Dubai. The minimum salary will also depend on the bank, some banks set the range of 4000. On the other hand, the majority of banks will make you qualify with a minimum 5000 salary AED.
How to apply and what are the necessary papers?
- You can apply through the proper old existing method of branch visiting, you should bring all your relevant documents. The second advanced method is through the online form filling method, which is very common nowadays, it can be done through the bank’s website.
- Bring fundamental papers while applying for new and old car loans in UAE. papers contain recent Emirate ID, authorization of driving, previous bank declarations, copies of passport and visa, receipt of salary, trade approval receipt, etc. All these documents should be affixed with a form of application, whether you are applying through online procedure or with a traditional ordinary visit.