Car Loan by Abu Dhabi Islamic Bank
Looking to buy your favourite car? You will love the ease and speed of the car finance approval process of the Abu Dhabi Islamic Bank (ADIB). ADIB brings you a host of exciting car finance options with low profit rates and easy repayment. Invest in a car with ADIB car loans and drive home a bundle of benefits.
You’re probably eligible for Abu Dhabi Islamic Bank Car Loan if you are
At least 21 years old
Salaried or self-employed with regular income
Earn more than the minimum income required
Your Abu Dhabi Islamic Bank Car Loan amount eligibility is based on these factors
Minimum income required
AED 5000 per month
Loan capped No Info
EMIs of other loans lower your eligibility
Increase your eligible Abu Dhabi Islamic Bank Car Loan amount by these steps
Pay off your credit card bills
Choose longer tenure loan up to 5 years
Documentation needed to apply for an Abu Dhabi Islamic Bank Car Loan
- 1. Original passport
- 2. Salary certificate
- 3. Bank statement for last three months
- 4. Quotation addressed to ADIB
Abu Dhabi Islamic Bank Car Loan Interest RatesUpdated on 25 Oct 2016
|Partial Pre Payment Charges||20%|
ADIB Car Loan: Table of Charges
|Loan Amount Availed||Transfer for Salaried Applicants||Transfer for Non-salaried Applicants|
|Between 5000 to 50,000||Between 2.49% to 3.25%||Between 2.49% to 4.99%|
|Between 51,000 to 100,000||Between 2.49% to 3.25%||Between 2.49% to 4.99%|
|Between 101,000 to 200,000||Between 2.49% to 3.25%||Between 2.49% to 4.99%|
|Above 200,000||Between 2.49% to 3.25%||Between 2.49% to 4.99%|
Profit rates for Car Finance are based on the flat rate method
|Type of Charge||Amount|
|Processing fees for Car Finance||1% of the financing amount availed subject to a minimum of AED 500 and Maximum of AED 1,500|
|Late Payment Charges||100 AED|
|Changing Post Dated Cheques||Free of Charge|
|Instalment Postponement||Free of Charge|
About Abu Dhabi Islamic Bank
Abu Dhabi Islamic Bank was established in 1997 with an aim to provide Islamic financial solutions to the global community. ADIB has launched new initiatives and a wide range of products and services to UAE customers, expanding the bank’s network to 70 branches and 460 ATMs. In 2011, ADIB was named the number one bank in the UAE for customer service. ADIB strives to achieve excellence by delivering the right financial services to suit UAE Nationals. Abu Dhabi Islamic Bank is an industry leader in the Emiratisation initiative and has been recognized for its continued commitment to Emiratization. Guided by the principles of Shari’a, the Abu Dhabi Islamic Bank works to provide better solutions every day.
ADIB Car Finance
An ADIB car loan has excellent benefits for customers with highly competitive profit rates and repayment period up to 60 months. Additionally, customers can get their car loans sanctioned easily with ADIB’s quick approval process. A down payment of only 20% of the loan amount is required while availing the loan. ADIB does not charge on an EMI deferment and as an add-on customers will get a free ADIB VISA Cashback Card. ADIB also provides car finance for high-value cars at compelling rates.
Eligibility Criteria for ADIB Car Loan:
- The following prerequisites are needed to be eligible for an ADIB car loan.
- Individuals must draw a minimum salary of AED 5,000.
- The individual has to 21 years or above
- Professionals should be employed in their current organisation for at least 6 months and should be a confirmed employee
Documents required to avail an ADIB Car Loan:
- Original passport is required for UAE Nationals
- For Non - UAE nationals original passport with a valid residence visa is required
- The salary certificate provided should not be more that 30 days old
- A copy of the bank statement is required. There is an exemption for customers transferring their salary to the bank
- A quotation is to be filled and submitted to the Abu Dhabi Islamic Bank
- Used vehicles require an evaluation certificate
ADIB Car Ijarah
Abu Dhabi Islamic Bank offers Car Ijarah (finance) with complete Sharia compliance. The features of the ADIB Car Ijarah are as follows:
- You don’t need to make a down payment.
- You get a full Takaful insurance cover on your vehicle.
- You don’t have to pay any traffic registration fees.
- You get extended warranty cover on your automobile, for the full tenure of your loan.
- Once you make the monthly Ijarah payments for the fixed period of the financing, your car is yours at an additional payment of AED 1,000.
The eligibility criteria and the documents required for obtaining an ADIB Car Ijarah is the same as for the conventional loan offered by the bank.
Customers can also apply for ADIB Motor Takaful Protection - a comprehensive coverage plan with Shari’a compliance. UAE Nationals availing an ADIB car loan, can reduce their contribution amount on their vehicle Takaful Protection from Abu Dhabi National Takaful.
Takaful Coverage Details
Car damage up to the Takaful value of the vehicle is covered along with third party damage up to AED 250,000. The plan also covers damages due to fire, theft, and accidents up to AED 150,000 per person. Abu Dhabi Islamic Bank offers Car loans with comprehensive coverage for your vehicle. It offers cover for both private and commercial vehicles with incentives for clean driving records.
Features of Motor Takaful Protection
- The comprehensive coverage consists of two sections:
- Loss or damage to insured vehicle- This section provides indemnity for loss of vehicle or damage incurred to the vehicle by accident of collision, theft, fire or any malicious act by a third party.
- Third Party Liability- This plan provides compensation towards the insured’s legal liability to the third parties arising from the use of insured vehicles in case of death or injury to any passenger involved in the accident excluding the insured and also in case of any damage of materials except for those owned by the insured.
- Coverage for 13 months with no additional premium.
- Free roadside assistance.
- Free fuel delivery.
- Off road cover for 4X4 vehicles at nominal cost.
- Coverage is extended to riots, civil commotions
- Free car registration.
- Cover against marine hull and machinery.
- Protection for Natural Perils.
- Oman extension covers.
Apart from car loans ADIB also offers the following in UAE:
- Does third party liability cover the policyholder too?
- What does Takaful Protection cover?
- What kind of damages will be covered by the Takaful Protection?
- How do I claim Takaful Protection if I have met with an accident?
- What are the documents needed to claim Takaful Protection?
No, third party liability only covers bodily injuries or death of third parties in addition to damages incurred by third parties when you were using the car. It does not cover loss or damage to the policyholder’s vehicle.
Takaful Protection is a comprehensive car insurance policy that offers coverage against damage and loss to your vehicle. It includes third party liability.
Takaful Protection is designed to offer comprehensive coverage against damages arising from fire, self-ignition, external explosion, overturning, accidental collisions, malicious acts and thefts.
In case of the unfortunate event of an accident, customers are required to submit a copy of their driving license along with the original police report and a copy of their registration card to claim Takaful Protection.
In case of an accident, the bank will need a copy of your registration card, a copy of your driving license, and the original police report to help you start the claims process.
All the top banks in the UAE offer car loans with lots of attractive features and a wide range of benefits. But out of so many, only a few have made it to the top.
There are many financial institutions in the UAE which finance 100% of the loan amount, and you do not need to pay any down-payment while buying the car.
Even the expats in the UAE can buy the car of their dreams with a car loan. Although, expats need to provide a little more information about themselves in comparison to an Emirati, but still it is an easy business as all the leading banks in the UAE offer car loans for the expats. .
The banks in the UAE offer NRIs staying there to apply for a car loan, especially designed for them, in India for their family or for their personal use. The car loans are modified to make it easier for the NRIs to avail the loans.
The banks in the UAE provide car loans even for buying commercial vehicle(s). Even these offer a wide range of benefits like high range of financing, flexibility of down-payments and longer tenures.
Car Ijarah is another term for Islamic Car Financing in the UAE. It differs a lot from the conventional banking mode and is based on the Sharia principles of the Islamic law.
News about ADIB Car Loan
Abu Dhabi Islamic Bank (ADIB) has a 16.6% profit rise in the 4th quarter of 2015
On Sunday, the Abu Dhabi Islamic Bank (ADIB) announced that they has a net profit rise of 16.6%, and therefore have marginally increased their dividend for the year 2015. ADIB is the biggest sharia-compliant bank in Abu Dhabi, which made a net profit of $130 million in the last 3 months of 2015. The net profit of the bank was Dh 1.93 billion which is a higher by 10.5% from the previous year of 2014. The bank has proposed a cash dividend of 24.27% for the last year, which will be equivalent to Dh 0.2427 per share.
15th February 2016
ADIB sees 5.5% increase in profits
UAE’s Abu Dhabi Islamic Bank (ADIB) posted a 5.5% rise in the net profit for the third quarter. The country’s largest sharia-compliant bank recorded a net profit of around 503.2 million Dirhams ($137 million) in the quarter that ended on Sept. 30. This was more than the previous year’s net profit during the same quarter, which was 476.8 million Dirhams.
In spite of increasing competition among banks and a challenging operating environment, ADIB also recorded a continued growth in the number of customers. According to a statement released by the bank, the number of active customers grew by 100,000 year-on-year to 855,468.
Beltone Financial and EFG Hermes analysts have forecast a net profit of 480 million Dirhams and 498.5 million Dirhams respectively.
01st Novenber 2015
ADIB Reports Higher Quarterly Profits
Abu Dhabi Islamic Bank (ADIB) along with two other UAE-based banks Commercial Bank of Dubai (CBD) and Union National Bank (UNB) announced rise in their quarterly profits on Wednesday with a 10.5% rise in second-quarter net profit, beating analysts' estimates.
ADIB is said to be Abu Dhabi's largest Shariah-compliant bank, reported net profit of Dh 502.6 million in the quarter that ended in June 30, 2015. The bank made Dh 454.8 million in the same period in 2014 according the statement made by the bank.
Earlier in July, Three analysts polled by Reuters predicted an average net profit of Dh 484.23 million.
"We are firmly embracing digital technology and will soon be redefining our branches and augmenting our delivery systems to meet the developing needs of our customers. We are also launching an equity capital raising programme which follows a period of expansion for the bank and will support us as we continue on our strong growth trajectory," said Tirad Al Mahmoud, CEO of ADIB.
The bank’s equity stood at Dh 13.7 billion at the half year, with 5.9% year-on-year along with a 3-year compounded 16.8% growth rate.
23rd July 2015