Emirates Islamic Bank Car Loan
Now, buying a new car has become very easy in UAE with Emirates Islamic Bank’s Car Loan. With Emirates Islamic Bank’s Car Loan, now you can afford to buy your dream car. The bank provides Auto finance which enables you to buy a car of your own choice without facing any financial difficulty. The bank’s vehicle finance scheme is popularly known as Intaleq. It offers you car finance at affordable and flexible rates with easy payment options.
You’re probably eligible for Emirates Islamic Bank Car Loan if you are
Salaried or self-employed with regular income
Earn more than the minimum income required
Your Emirates Islamic Bank Car Loan amount eligibility is based on these factors
Loan capped is AED 500,000 of the Ex-Showroom price of Car value
EMIs of other loans lower your eligibility
Increase your eligible Emirates 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 Emirates Islamic Bank Car Loan
- 1. Salary certificate or documented evidence of income
- 2. 3 months bank statements for your salary account
- 3.Copy of valid passport with valid UAE Residence Visa, the latter is applicable for expatriates only
- 4.Post dated cheques
- 5.Security Cheque
- 6. Comprehensive Islamic vehicle insurance
Benefits & Features:
- You can enjoy finance amount up to AED 500,000.
- Flexible repayment period till 60 months.
- Salary transfer is not compulsory.
- Enjoy a free Emirates Islamic Current Account.
- For comprehensive Islamic vehicle, finance is easily available.
- Hassle free documentation and processing.
Documents Required for Loan Processing:
In order to apply for a car loan in Emirates Islamic Bank, you need to have the following documents.
- Three months bank statement of your salary account ( It is not applicable for those whose salary get credited to Emirates Islamic Bank).
- Evidence of your income proof such as salary certificate.
- Passport with valid UAE Residence Visa (in case you are an expatriate).
- One post-dated cheque (if required).
- A Security Cheque.
- Islamic vehicle insurance (Comprehensive).
- One pro-forma invoice or quotation or from the dealer.
If you are purchasing a used car, you need to have the following documents:
- Valuation certificate issued by an Emirates Islamic approved dealer
- Quotation containing offer to sell the vehicle to the bank by the current vehicle owner.
- Ownership title
Emirates Islamic Bank Car Loan Fees & Charges
The processing fees pertaining to a car loan from the Emirates Islamic Bank can be summarised in the following paragraph.
While 1% of the car’s cost will be charged as processing fees for individuals who are salaried and self-employed and for corporates and rent-a-car schemes, the actual amount will only stay between 500 and 2500 Dirhams. For Light Motor/Heavy Vehicle financing, a similar 1% processing fee will be charged with the exception that the higher limit increases to AED 5,000.
For an overdue instalment, the late payment charges will be 200 dirhams and for an advance payment of instalment, 1% of the advance payment will be charged extra.
One should note that the above mentioned fees and charges had last been modified on March 2015 and are subject to change as per the bank’s discretion.
Emirates Islamic Bank is a subsidiary of UAE’s largest banking group, Emirates NBD. It was launched in 2004 to offer the people of UAE the best banking services combined with the Islamic Sharia’ principles. The bank offers services to individuals along with small and big business corporations. All the products and services offered by the bank are 100% Sharia compliant. The bank has various branches and ATMs spread all over UAE.
History of Emirates Islamic Bank
Emirates Islamic Bank, a subsidiary of Emirates NBD was launched in 2004. The main aim of launching Emirates Islamic Bank was to provide exceptional banking services which are based on the highest standards of Sharia principles. The bank uses Islamic finance tools such as Murabaha, Ijarah and Takaful to offer the right kind of solutions to its customers. The bank started with its head office in Dubai and now has branches all over UAE.
Performance History of Emirates Islamic Bank
Emirates Islamic Bank started out with a mission to be a leading Islamic financial service institution in UAE with a strong hold in retail and commercial banking. The bank has provided standard Islamic services and products over the years and has always been a pioneer when it comes to introducing new innovative Islamic banking solutions in UAE.
Listed below are the awards received by Emirates Islamic Bank.
- Emirates Islamic Bank won the prestigious Euromoney Award for Innovation in Islamic Finance 2015.
- Emirates Islamic Bank won two awards at the prestigious CPI Financial Banker Middle East Product Awards 2015.
Products and Services offered by Emirates Islamic Bank
Listed below are the products and services offered by Emirates Islamic Bank.
Accounts - The bank offers various kinds of accounts and deposits to the customer to help manage their finances better. The savings account offered by the bank helps generate profit and provides access to the funds when needed.
Cards - Emirates Islamic Bank offers Islamic Credit Cards designed based on the Sharia principles. The bank offers credit cards, debit cards and prepaid credit cards. The cards come with a wide range of offers and benefits spread across different categories.
Takaful - Emirates Islamic Bank ensures that its customers stay protected with its Takaful products. The takaful products offer financial security and helps the customers build on their wealth simultaneously. The bank offers a wide range of takaful products such as Auto Takaful Car Insurance and Life Insurance to cater to different needs.
Wealth Solutions - The bank offers wealth solutions in the form of Gold certificates and lets you build on your wealth.
Banking Packages - The bank offers customized banking packages designed to suit the various different needs of its customers. The bank has something for everyone with its banking packages.
Along with consumer banking services, the bank also offers corporate, business and priority banking services. It offers a wide range of products in each category.
Emirates Islamic Bank offers products that are designed based on the Sharia principle. Every product offered by the bank is 100% Sharia compliant and hence, the customer seeking Islamic banking products need not worry. The bank not only offers personal banking service but it also offers Business and corporate services along with private banking.
Does really poor credit affect my chances of securing a loan?
Yes. If you have a history of defaults on loans, your chances of securing a car loan from Emirates Islamic Bank can be relatively low. However, if you have had a poor credit history for a long time but your credit score has been increasing in the recent past, your application may be considered by the bank.
Is there any effect on my credit rating if I apply for a car loan?
Yes. Each loan application that you make to a bank will result in the bank checking your credit report. The higher the number of times your credit report is pulled out, the worse it is for your credit rating.
Can the insurance policy be transferred to the new owner when I decide to sell my car?
No, it is not possible for you to transfer your insurance policy to the new owner as it is designed especially for you. When you sell your car, the new owner will have to take out a new insurance policy in his/her name.
Can the interest rates on car loans be negotiated?
The bank computes the interest rate for each customer based on an assessment of certain factors. However, customers who have been loyal to Emirates Islamic Bank and have maintained a good credit history can try and negotiate for a better deal. There is no guarantee that the bank will give you a discount because the interest rates are calculated using an exact technique, but a strong relationship with the bank coupled with a good history will give a small chance.
Does the bank offer insurance?
Yes, the bank offers Takaful which offers protection.
What are the different ways through which one can bank with EIB?
Online banking, phone banking, mobile banking are some of the ways through which one can communicate with the bank and carry out transactions.
Are all products offered based on Sharia principles?
Yes, all the products are 100% Sharia compliant.
What wealth solution does the bank offer?
The bank offers gold certificates under wealth solutions.
What are the banking packages offered by the bank?
The bank offers Salary transfer package, student bundle package and job offer package.
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?
Yes, 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 expats in the UAE can buy the car of their dreams with a car loan. It is an easy business. All the leading banks in the UAE offer car loans for the expats.
Whether for their family or for their personal use, the banks in the UAE offer NRIs staying there to apply for a car loan, especially designed for them. The NRI 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.
Islamic Car Loan or Car Leasing or Car Ijarah these all are just another terms 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. Best thing, its interest free!
News about EIB Car Loan in the UAE
Emirates Islamic Bank contributes AED 300,000 towards charitable activities in the UAE
Emirates Islamic Bank hands over AED 300,000 to Saud Bin Rashid Al Mualla Charitable & Humanitarian Establishment as its contribution towards charitable activities. The contribution is made from the bank’s charity fund. The move is taken as a part of the bank’s strategy to support and encourage humanitarian initiatives in the UAE. The Saud Bin Rashid Al Mualla Charitable & Humanitarian Establishment specializes in providing support to underprivileged families by paying for their medical expenses and tuition fees. The charity organization would use this fund to support charitable activities carried out by the organization within the UAE.
10th May 2016
Profitable growth in loan expected by Emirates Islamic
Emirates Islamic, a Sharia-compliant bank based in Dubai, is expecting 11% growth the loan sector in 2016.
The lender which is the Islamic financing arm of Emirates NBD, in a statement said it was relying on an increase in trade finance, retail lending and loans to small and medium-sized businesses, in order to expand its balance sheet. The economy has started to show signs of strain that may dampen the GDP growth this year.
The UAE’s Central Bank Governor, Mubarak Al Mansoori, this week said that economic growth may slow down to 3% this year from 2014’s 4% as weaker energy prices hit government spending.
20th November 2015