Car Loan by Finance House
Finance House is very well known for its cost effective products that also offer amazing benefits. The bank also offers finance to individuals who want to buy their dream car through their car loan schemes. One can avail car loan from the bank for both new and used cars irrespective of the make and model of the car. The bank offers low rate of interest, free credit card, and long repayment tenures with comprehensive takaful coverage, easy payment methods and various other benefits for the borrower.
About Finance House
Finance House, an 11 year old finance company in UAE was established in July 2004 and operates in areas like investments, commercial and consumer financing. The company has seen sustained growth since then and aims at becoming a leader by providing a bouquet of unique services and products in the financial domain directed at niche customers.
You’re probably eligible for Finance House Car Loan if you are
At least 21 years old
Less than 60 years old
Salaried or self-employed with regular income
Earn more than the minimum income required
Your Finance House Car Loan amount eligibility is based on these factors
Minimum income required
AED 10,000 per month
Loan capped is AED 250,000 of the Ex-Showroom price of Car value
EMIs of other loans lower your eligibility
Increase your eligible Finance House 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 Finance House Car Loan
- 1. Original passport & photocopy thereof (with valid UAE residence visa for expats)
- 2.Copy of the valid driving license
- 3. Latest 3 months’ bank statements of account into which salary is transferred
- 4.Current dated salary certificate from employer /li>
Finance House Car Loan Interest RatesUpdated on 30 May 2017
|Interest Rate (Monthly reducing balance)||7%-8%|
|Partial Pre Payment Charges||20%|
Features of Finance House Car Loan:
- Offers loans for new and used cars.
- The interest rate starts at 7% p.a. for new cars and 8% p.a. for used cars.
- Quick approval.
- Offers road tax renewal.
- Free for life credit card.
- Attractive margin of financing.
- Easy payment through MEPS and Interbank GIRO.
- Financing tenure up to 9 years.
- Grace period of 60 days for the first installment.
- Approval in one day.
- Loan period of up to 60 months.
Documents required for Finance House Car Loan:
- Original passport and photocopy..
- Copy of driving license.
- Copy of business registration.
- Current dated salary certificate from the employer.
- Latest 3 month’s bank statements.
- Valid trade license.
- Latest EPF statement.
- Car dealer’s quotation.
- BE form.
Eligibility Criteria for a Finance House Car Loan:
- Should be above 21 years of age.
- UAE citizens and permanent residents.
Finance House car loan- Fees and Charges
Listed the fees and charges for Finance House Car Loan.
- Processing fee- Finance House charges a processing fee of 1% of the loan amount for the processing of the loan, minimum being AED 500 and maximum being AED 2,500
- Early settlement fee-In case the borrower settles the loan early, a fee of 1% of the outstanding loan amount will be charged as an early settlement fee.
- Delayed payment interest- In case of delayed payments, a fee of 2% of the delayed amount will be charges as a delayed payment fee. The minimum fee is AED 50 while the maximum is AED 200
- Liability letter- Liability letter comes at a fee of AED 100
- Loan rescheduling fee- Loan rescheduling services for Finance House Car Loan will cost the borrower AED 250
Frequently Asked Questions (FAQs):
- Are there any residency requirements?
- What is the age limit for the vehicle owner?
- Is the interest rate fixed or reducing?
- Is 3rd party insurance allowed?
- Should the car be registered under my name?
- Can I take the vehicle out of the country when needed?
- Can the vehicle be registered under the company’s name?
- Can I get finance for a truck?
- Is there a minimum salary amount required to avail the loan?
The person seeking the loan should be a valid resident with UAE visa.
The minimum and maximum age limit is 21 years and 60 years respectively.
The interest rate is fixed.
No, 3rd party insurance isn’t allowed.
The car can be registered under your blood relatives like father, mother, brother and sister.
Yes, but terms and conditions apply.
Yes, the vehicle can be registered under the company’s name if the required documents are provided.
Yes, trucks can be financed under commercial vehicle finance.
The minimum salary amount required to avail the loan is AED 10,000 per month.
Other Products offered by Finance House are:
News about Finance House Car Loan
Finance House Net Profits Down to AED 61.7 Million
The consolidated net profit of the Finance House group fell to AED 61.7 million in 2015 as against AED 73.3 million in 2014. However, Net Interest Income, Income from Islamic Financing & Investing Assets, and Net Income from Perpetual Instruments jumped by 36.3 percent from AED 145.6 million in 2014 to AED 198.4 million.
Total Assets as of 31 December, 2015 were up by 4 percent to AED 5.04 billion, from AED 4.85 billion at the end of 2014. Net Fee and Commission income saw a drop, down by 24.6 percent from AED 59.1 million in the previous year to AED 44.6 million in 2015. This was mainly because of a decline in brokerage commission revenue in its local stock-broking subsidiary.
The group’s insurance business performed strongly in 2015, recording a Net Insurance Income of AED 0.7 million compared to 2014’s Net Insurance Loss of AED 14.2 million. Chairman of Finance House Mohammed Abdulla Alqubaisi said the company was proud to have maintained a profitable position even though the economic conditions were unfavourable.
11th February 2016
Finance House registers a profit of AED 66.2 Million for the first half of 2015!
Finance House, a leading financial institution in UAE registered robust net profit of AED 66.2 million for the first half year 2015 up till 30 June 2015. It has increased by 8.3% since last year from AED 61.2 million to AED 66.2 million. Earnings per share also witnessed an inclination by 23% from 19 files per share to 23 files per share. Net interest income along with income from Islamic financing assets increased by a whooping 46.7% year-on-year to AED 93.4 million during the first half of the year 2015 as compared to AED 63.7 million in the first six months of the previous year. Total operating income also grew by 14.4% from AED 160.3 million of last year to AED 183.4 million of the first six months of this year.
11th August 2015