FGB Car Finance in the UAE
With FGB’s convenient and flexible Car Loan scheme, your dream car is now at your doorstep.
FGB or First Gulf Bank is the third largest bank in UAE. The bank was established in 1979. It has it’s headquarter in the emirate of Abu Dhabi. In 2014, the bank had rebranded itself as FGB as it was more popular as FGB among its clients and stakeholders. The bank offers a variety services in treasury and consumer banking sector. The bank also provides Islamic banking and Bancassurance (also known as Bank Insurance Model) solutions to its business partners and consumers. FGB has an international presence with its branches in Qatar and Singapore and its representative offices in Hong Kong, South Korea and India. It also has its subsidiary in Libya. The bank organises its business into three main core areas which include -- the Consumer Banking Group, the Wholesale Banking Group and the Treasury & Global Markets Group.
You’re probably eligible for FGB Car Loan if you are
Salaried or self-employed with regular income
Earn more than the minimum income required
Your FGB Car Loan amount eligibility is based on these factors
EMIs of other loans lower your eligibility
Increase your eligible FGB 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 FGB Car Loan
- 1. Signed application form with photograph
- 2. Copy of passport/voter ID card/driving license
- 3. Processing fee cheque
- 4. Last 3 months bank statement/6 months bank passbook
First Gulf Bank Car Loan:
FGB offers First Auto Loan which helps you to get your chosen car in a more convenient and flexible manner. You can also enjoy the advantage of competitive interest rates at your most agreeable terms and conditions.
FGB First Auto Loan Offerings:
- You can have a period up to 5-years for loan repayment
- Minimum documentation is required
- Access Instant approval on your car loan
- Enjoy Competitive interest rates
Things you need to consider before applying for a FGB Car Loan:
A car loan not only helps you get your dream car, it has many added advantages as well. For example, by buying your car with the help of a car finance scheme, you can save your cash for important future requirements. However, before applying for a car loan, there are certain things you need to consider and know which include:
- First decide which car you want to buy and think whether you can afford that car or not.
- If you can afford your chosen car, the next step is to find out which financial organization can provide you the best deals at low and flexible interest rates.
- Once you finalize your financing partner and your down payment amount is calculated by the dealer, you can move ahead with the rest of the procedure.
You can approach your bank directly or you can go through your car dealer. Once you submit your relevant documents to the bank, the bank will verify all your documents. After a detailed verification, the bank will sanction your car loan.
Other Products offered by First Gulf Bank are:
Can I sell my car before all the EMIs are paid?
What kind of coverage is available under third party liability?
Why do I have to take out a 13-month insurance policy instead of a 12-month annual insurance policy?
Can I secure a car loan even if I have bad credit?
What happens if I fail to repay my loan?
No, the bank does not permit customers to sell their vehicles before the loan is settled because the vehicle is used as a security for the loan. You can sell the car after you have made all payments and closed the loan.
Third party liability covers injuries and death of the third party caused by you when driving. It also offers coverage to the damages caused to their property or vehicle due to your driving.
It is compulsory by a law passed by the UAE Traffic Department to take out a 13-month insurance policy because when you purchase your vehicle, registration takes a month and the bank treats this time as grace period. By taking out the 13-month policy, you will essentially receive coverage for a year plus the grace period of one month.
Bad credit can be a daunting factor in your hopes to secure a car loan, but the bank does offer credit to customers who have slightly troubled credit histories. If your recent credit performances have recorded improvements and you have paid off other debts before applying for a car loan, the bank will consider your application. Other factors such as your salary and ability to repay the loan will also be considered before you are gain eligibility to the facility.
If you declare bankruptcy during the tenure of the loan, the bank will decide the manner in which it should close the loan. In most cases the bank will seize your vehicle as it is pledged as security for the loan.
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?
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 as all the leading banks in the UAE offer car loans for the expats. It is an easy business, even though the expats will need to provide a little more information about themselves.
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 FGB Car Loan
FGB Faces Decline in Net Profit due to Falling Demand for Debt
First Gulf Bank, also known as FGB has experienced a decline in its net profit in the first three months of 2016. The first quarter profit of FGB declined by 6.3% due to drop in income fees of the bank. It was also affected by the falling demand for debt. The net income of First Gulf Bank dropped to Dh1.33 billion in the first quarter of 2016 compared to Dh1.41billion in 2015. The Net Interest income and Islamic Financing Income of FGB remain unchanged at Dh1.58 billion. However, commission income and net fees earned by the bank decreased 10% to Dh 365 million on year on year on basis.
11th May 2016
First Gulf Bank cut 70 Jobs in Retail and Commercial Banking Units in UAE in Response to Crunch Faced by Banking Sector
First Gulf Bank, the third largest lender in UAE by assets has confirmed a cut of 70 jobs from the retail and commercial banking units due to the economic slowdown and a reduced income from oil. First Gulf Bank said they have undertaken streamlining measures which has brought about an improvement in efficiency and a reduction of roles across various operations.
FGB said in a statement that they are looking at a robust framework and approach in managing the company’s costs and resources which still remain a strong driver for the company’s financial performance but did not comment on the size of the job cuts.
FGB joins a list of lenders to cut down on costs by reducing staff as the banking sector is set to face a Dh 7 Billion loan default from the Small and Medium enterprises which other banking sources say could very easily cross Dh 8 Billion with many business failures not yet being reported and an overall liquidity crunch.
24th November 2015
First Gulf Bank of Abu Dhabi Expected to Raise a Loan of $1 Billion
Based on assets, the third biggest financial institution in the UAE, First Gulf Bank PJSC, is set to raise a syndicated loan worth $1 billion as it aims to improve lending in a tightened economy. The period of the loan is set for three years and the lender, located in Abu Dhabi, will pay less than one percentage point over the rate offered by the London interbank. The loan is currently in its initial stages where documentation is being administered, and the number of banks forecast to undertake the financing option is about ten.
The economic growth of middle-eastern countries is threatened by the decline in crude prices, and banks in the Gulf Cooperation Council, which constitutes six countries from the region, have shifted their fund-raising endeavours to the loan market and selling of bonds.
04th September 2015
First Gulf Bank profits rise as bad loans fall
First Gulf Bank has reported that their profits in the second quarter of 2015 have risen by 8%. The primary reason for this rise is the increase in new loans and a marked reduction in bad loans. This year, the bank has made a net profit of AED 1.45 billion between April and June 2015, as compared to the AED 1.35 billion that they made last year over the same period. The net profit is slightly higher, 0.01%, than what analysts had predicted it to be.
The reduction in bad loans is being attributed to the provision the bank has made to secure bad loans and also to the fact that the economy has been improving over the past few months. The bank's income has also be supplemented by the funds flowing in from the non interest income. An overall view of the lending in UAE has shown that it stands at an increase of 8.8% this year, which has also been the highest it has stood at, so far, in 2015.
27th July 2015