Car loan is a type of finance offered by the lender to the borrower in order to purchase a car. The borrower has to pay back the loan with a certain interest over a period of time. The banks in UAE offer car loans and car finance with competitive interest rates and benefits.
Eligibility Criteria for Car Loan
The customer has to fulfil the eligibility criteria to avail the loan. The eligibility criteria depends on various factors. Listed below is the general eligibility criteria to avail a car loan in UAE.
- Age: The applicant needs to be above 21 in order to apply for a car loan. Some banks allow candidates over 18 years to apply for the loan too.
- Employment: The banks require the applicant to be earning in order to be eligible for the loan. The applicant should either be salaried or self-employed in order to be eligible.
- Income: If the applicant intends to avail a car loan from a certain bank, they should fulfil the minimum income criteria of the bank.
- Nationality: The banks in UAE offer car loans to UAE nationals and expats residing in UAE. However, there are some banks which offer the loan only to UAE nationals.
- Salary transfer account: Some banks need the applicant to transfer their salary accounts to the bank in order to avail a loan.