CBD Car Finance in the UAE
Get ready to drive away in your dream car with Commercial Bank of Dubai’s exceptional car loan offers. With competitive interest rates, quick processing time and flexible repayment periods, CBD provides easy car finance to all UAE Nationals. The bank’s car loan covers both used and new cars.
You’re probably eligible for Commercial Bank of Dubai Car Loan if you are
At least 21 years old
Less than 65 years old
Salaried or self-employed with regular income
Earn more than the minimum income required
Your Commercial Bank of Dubai Car Loan amount eligibility is based on these factors
Minimum income required
AED 8,000 per month
Loan capped is AED 500,000 of the Ex-Showroom price of Car value
EMIs of other loans lower your eligibility
Increase your eligible Commercial Bank of Dubai 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 Commercial Bank of Dubai Car Loan
- 1. National ID or valid passport, residence visa and Emirates ID.
- 2. Original 3 months bank statement for new customers.
- 3. Salary Certificate.
- 4.Drivers license.
- 5.Dealers quotation for new or used car.
Commercial Bank of Dubai Car Loan Interest RatesUpdated on 24 Oct 2016
|Interest Rate - Flat||2.75%|
|Processing Fees||1% of the loan amount|
|Part-payment from own sources||1% of the pre-paid amount|
|Part-payment from other bank||1% of the pre-paid amount|
|Early settlement from own source||1% of the pre-paid amount|
|Early settlement from other bank||1% of the pre-paid amount|
|Postponement request||AED 100|
|Re-scheduling of loan||AED 250|
|Loan Cancellation fee||AED 100|
Set up in 1969, the Commercial Bank of Dubai is a public shareholding company with a network of branches around the United Arab Emirates. CBD now offers a wide range of retail and commercial banking products and services with its transformation into a progressive and modern bank. The bank strives to better itself and be at par with the industry leaders, providing its UAE customers better interest rates, new services, easier access and state of the art technology.
Tamweel Car Loan
Generally consumers are confused about which bank to approach for a car loan, what interest rates are they offering, other charges and fees etc., At the Commercial Bank of Dubai, a customer can rest assured that all charges and fees levied are according to market standards with complete transparency. The bank offers compelling interest rates with absolutely no hidden charges for both new and used cars. Avoiding the hassles of long queues and complicated procedures, a customer can avail a car loan with simple documentation and fast processing done by the bank executives. The bank also encourages customers to avail loans that suit their needs by giving flexible repayment options. A customer can choose to extend his loan tenure up to 60 months with a possibility of a payment deferral.
Fees and charge of CBD Car Loan
The following terms regarding fees and charges apply to individual account holders.
- The Commercial Bank of Dubai offers car loans at a processing fee of 1% of loan amount. The loan amount must fall under the bracket of AED 500 to AED 2,500
- The interest on the car loan is as per the Credit policy for car loans
- There will not be any charges levied for any part-payments done either from own sources or from other banks
- For early settlements or pre closure of the loan from own sources, customers have to pay a charge of 1% of the remaining balance
- For early settlements or pre closure of the loan from other banks, customers have to pay a charge of 1% of the remaining balance or AED 10,000 (whichever is lower)
- A sum of AED 100 will be charged for postponement requests
- A sum of AED 250 will be charged for rescheduling the car loan
- If a customer cancels his car loan, a fee of AED 100 will be charged
Documents required to avail a CBD Car Loan
- National ID or valid passport, residence visa and Emirates ID
- Original 3 months bank statement for new customers
- Salary Certificate
- Driver’s license
- Dealer’s quotation for new or used cars
Eligibility Criteria for CBD Car Loan
- UAE Nationals aged between 21 and 65 years (at the time of loan maturity)
- Expatriates aged between 21 and 55 years (at the time of loan maturity)
- Minimum monthly income of minimum AED 10,000 is required.
- Customer should be a confirmed employee or with three months minimum length of service with a CBD approved employer.
Other Products offered by Commercial Bank of Dubai are:
What is the maximum amount I can get through an ADIB Car Loan?
What is Car Ijarah and what benefits does it offer?
Is it okay to sell my vehicle before repayment of the loan?
How are the interest rates calculated?
What kind of coverage is offered under third party liability?
The maximum amount you will be sanctioned will depend on three factors, viz. the cost of the car, the kind of car you wish to purchase (premium or standard), and the percentage of finance the bank is willing to offer you based on your credit history.
Car Ijarah is basically the loan agreement through which you can borrow a sum of money to purchase a car. The benefits of a Car Ijarah include complete comprehensive Takaful cover, zero traffic registration fee and extended warranty.
No, the bank does don’t allow customers to sell the vehicle until all repayments towards the loan have been made as your car will be pledged as security to the bank for the tenure of the loan.
ADIB calculates interest rates on a reducing balance method to offer you the most attractive and competitive prices.
Cover against third party liability is compulsory in the UAE. It covers bodily injuries or death to any third party in addition to damages to property of the third party due to your use of the car.
Definitely. Almost all the top banks in the UAE offer used car loans as their priority product. And there are two ways in which you can finance a used car, the first being the conventional car loan and the second, the concept of Car Ijarah.
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, which car loans have made it to the top list?
You are in luck, if you live in the UAE! There are many financial institutions in the UAE which finance 100% of the loan amount, thus saving you from paying any down payment.
Yes, even expats in the UAE can buy the car of their dreams with a car loan. All the leading banks in the UAE offer car loans for the expats. Although, expats need to provide a little more information about themselves in comparison to an Emirati, but still it is an easy business.
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.
Yes, you can. 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.
News about CBD Car Loans
Profits of the Commercial Bank of Dubai up by 5% in the first half of 2015
The commercial bank of Dubai has announced that its profits in the first half of 2015 have risen to AED 608.9 million as compared to the AED 581.1 million that it earned in the first half of 2014. This is an overall increase of 5% in the net profit made by the bank. Even the bank's operating profit saw an increase of 6.2% which translates to AED 764.3 million. Income from various sources such as fee, commissions and foreign exchange also increased by 34.3% and 18.6% respectively.
Peter Baltussen, the CEO of the bank, said that the bank has grown steadily over the years and in the first half of this year alone the bank has underwritten new loans worth AED 11 billion. He was also confident that the bank's performance will remain robust in light of the increased amount of personal and business banking handled by the bank. The bank has also invested heavily in sales, digital banking and distributions which has led to an increase of 21.1% in their operating expense.
23rd July 2015