Introduction to the Arab Bank Car Loan in the UAE
With Arab Bank Car Loan schemes, you can certainly fulfil your dream of purchasing your favourite car. The bank offers car loans at attractive rates of interest so that you easily afford your chosen car. Also, you can enjoy a host of flexibilities and benefits by opting for a car loan offered by Arab bank. Arab Bank provides auto loans at highly competitive repayment interest rates. This makes this product, well regarded among its category. They also have various other features and benefits which make this product a hot-favourite among the other options. The features combined along with all the advantages make this a very simple and effective car loan. Regardless, your profession or your salary in UAE, this bank provides loans that can be comfortably applied for and repaid for.
Features of Arab Bank Car Loan
The car loans offered by Arab Bank come with the below mentioned features:
- The bank offers attractive rates of interest that starts from 2.49%.
- Enjoy flexible and convenient repayment term up to 5 years.
- Enjoy preferential car insurance rates on your car loan.
Benefits of Arab Bank Car Loan
A car loan offered by Arab Bank can ensure you the following benefits:
- Get high amounts for your car loan.
- Enjoy flexibility in terms of down payment. You can choose your down payment amount as per your convenience.
- Fast loan processing procedure.
- Dedicated sales team to support you as an when you need any help.
Eligibility Criteria for Arab Bank Car Loan
To qualify for car loans offered by Arab Bank, you need to fulfil the particular eligibility norms required by the bank. An expat may be required to fulfil additional eligibility criteria for the same.
Documents required for Arab Bank Car Loan
You need to submit the following documents:
- Valid identity proof.
- Copy of passport.
- Latest salary slips or employee verification certificate.
- Quotation containing the price of vehicle.
- Bank statements of last 6 months.
- A certificate stating the market price of the vehicle issued by an approved Arab Bank evaluator. This is applicable for used cars.
Apart from the above mentioned documents, the bank may request you to produce additional documents.
Fees & Charges for Arab Bank Car Loan
The following are the charges levied by Arab Bank for their car loans:
- The processing fees are charged at 1 percent of the loan amount. This amount should be a minimum of AED 500 and a maximum of AED 2500.
- For an early settlement fee for the car loans, one is required to pay 1% of the remaining balance to be paid.
- Charges are waived off for the following:
- NOC to the traffic department
- Replacement of the existed post-dated cheques with the new post-dated cheques.
- Charges for Loan Rescheduling is AED 250.
- Late payment fee is chargeable at: 2% of the agreed rate which is a minimum of AED 50 and a maximum of AED 200.
Other products offered by the Arab Bank in the UAE are:
Why choose Arab Bank Car Loan?
Car loans offered by the Arab Bank enables you to enjoy a host of attractive features and benefits that really make your life comfortable and easy. Also, the bank accepts online applications for car loans. Headquartered in Amman, Arab Bank is one of the major financial institutions in the Middle East. The bank was established in 1930 and since its inception the bank serves as the major economic organization throughout the entire Middle East. Arab Bank offers a wide variety of financial products and services apart from offering loans and cards. The bank’s other products include Personal Banking, Corporate Banking, Elite banking etc.
Frequently Asked Questions - FAQs
Do I have a choice in terms of making down payment for my car, if I take a car loan from Arab Bank?
What is the minimum interest rate charged by Arab Bank on car loans?
Does Arab Bank offer flexibility in terms of repayment?
Does Arab Bank accept online application for car loans?
How to apply for a car loan with Arab Bank?
How many months of bank statement do I need to produce, if I want to apply for a car loan offered by Arab Bank?
Does Arab Bank charge fee for bank account statement release?
Yes, the bank offers a number of down payment options out of which you can choose a one based on your suitability.
The minimum rate of interest charged by Arab Bank on car loans is 2.49%.
Yes, the bank offers a time period of 5 years within which you need to repay your car loan EMIs.
Yes, Arab Bank accepts online application for car loans.
You can apply for a car loan with Arab Bank by using its online application option or contacting the branch manually.
You need to produce bank statements of 6 months, if you apply for a car loan offered by Arab Bank.
Yes, the bank charges JD 0.25 for account statements below 1 year and JD0.5 for account statements above 1 year.