Noor Bank Car Loan
Noor Bank has grown considerably in a short period of time. It now provides a comprehensive range of products and services. Noor Bank offers a wide range of creative, innovative and responsible products and services which are tailored to suit the specific personal and business needs.
You’re probably eligible for Noor Bank 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 Noor Bank Car Loan amount eligibility is based on these factors
AED 5000 for Salaried,
Average turnover of AED 50,000 for self employed
Loan capped is AED 500,000 of the Ex-Showroom price of Car value
EMIs of other loans lower your eligibility
Increase your eligible Noor Bank Car Loan amount by these steps
Pay off your credit card bills
Choose longer tenure loan up to 5 years
Noor Bank Car Loan Interest RatesUpdated on 24 Oct 2016
|Interest Rate (Monthly reducing balance)||2.49%-2.99%|
Types of Noor Bank Car Loan
Noor Bank offers two types of Auto financing, they are:
New Vehicle Finance:
The vehicles that are brand new and purchased directly from showrooms will be financed by the bank.
Used Vehicle Finance:
Noor Bank will finance the great deals you get on used cars or from dealers or previous owners.
Commercial Vehicle Finance:
Vehicle finance is offered to you if you have a business that is engaged in transportation services. Easy finance solution is offered for single or a fleet of cars.
Benefits of Noor Bank Car Loan
The following are the benefits of Noor Bank Car Loan:
- The maximum tenure for the loan is 5 years.
- The profit rate is as low as 2.49% per annum for used and new car financing.
- The service is personalised.
- Wide range of vehicles are financed.
- You get 24 hour pre approval for the loan.
- You get financing up to AED 500,000.
Benefits of Commercial Vehicle Finance are as follows:
- Heavy commercial vehicles are also financed.
- On selected commercial vehicle loan, you have zero down payments.
- The maximum tenure for Commercial Vehicle financing is 48 months.
- The profit rate for commercial vehicle financing starts from 3.99% per annum.
- To manage your fleet requirement, company will limit the base.
Eligibility Criteria to Avail Noor Bank Car Loan
The following is the eligibility criteria to avail Noor Bank Car Loan:
- UAE Nationals and Expatriates can get Car Loan from Noor Bank.
- Noor Bank Car Loan is available to salaries, self-employed and those who have their own business.
- The minimum age requirement is 21 years.
- The maximum age requirement is 65 years.
- Minimum monthly income for salaried individual is AED 5,000.
- The minimum average turnover requirement for self-employed and those who have a business is AED 60,000.
- The salaried individual must be a confirmed employee.
- Self-employed individual and those having a business must be in business and for 12 months in the UAE.
Documents Required for Noor Bank Car Loan
The following documents have to be submitted:
- Duly filled application form.
- 3 or 6 or 12 months bank statement depending on the vehicle being financed.
- Attested constitution documents.
- Passport copies.
Why choose Noor Bank Car Loan?
- Wide range of vehicles can be financed.
- 1-day pre-approval.
- 24/7 banking facilities available at select branches.
Noor Bank, the erstwhile Noor Islamic Bank, is an award-winning bank established in 2008. It is headquartered in Dubai and has presence in other cities including Sharjah, Al Ain, and Abu Dhabi. It also operates an overseas branch in Tunisia. The bank holds the distinction of operating the first 24/7 bank in Dubai, in Sheikh Zayed Road. Noor Bank provides services in the fields of finance, banking, and risk management for individuals, corporates and governments.
How long does it take to get approval for Noor Bank Car Loan?
Noor Bank Car Loan is approved within 24 hours.
How many types of car loans does Noor Bank offer?
Noor Bank finances new and used cars as well as commercial vehicles.
What is the amount financed by Noor Bank?
Noor bank approves vehicle financing of up to AED 500,000.
What is the minimum age requirement to avail Noor Bank Car Loan?
The minimum age requirement is 21 years.
What is the maximum age requirement to avail Noor Bank Car Loan?
The maximum age requirement is 65 years.
Does Noor Bank offer Car Loan to Expatriates?
Yes, Noor Bank offers Car Loan to Expatriates who are employed or self-employed.
What is the profit rate offered for the Car Loan?
The profit rate for commercial vehicle financing starts from 3.99% per annum. The profit rate for used and new car financing is as low as 2.49% per annum.
In case I move to another Emirate, is there any method to transfer funds to the bank I availed the auto loan from?
Yes you can pay your loan amount through UAEFTS. UAE Fund Transfer System of the Central Bank of the UAE which facilitates the transfer of funds within the UAE
What benefits can I get from availing auto finance from Noor Bank?
Car loans from Noor Bank are not just a financial instrument that get you the car you always wanted. The bank also offers a lot of benefits to customers some of which can include things like:
- In case you have a current account with a minimum balance clause which cannot be violated, Noor Bank may waive that clause if you take auto loans from them.
- Credit cards that are free for the first year
- Noor Bank’s auto finance can be availed for all types of cars including sedans, saloon, 4X4 vehicles, etc.
- The bank also provides car insurance at competitive rates along with the loans
I intend to buy a used car. What documentation will be required?
Apart from your bank statement of 6 months, you will be required to provide the dealer price quotation. Since you are going to purchase a pre-owned car, you will have to produce a certificate stating the vehicle’s status and market value. The value and quotation should be issued from an authorised evaluator.
Can I avail Noor Bank’s commercial auto finance for used vehicles?
No you cannot avail commercial loan for pre-owned vehicles. With a range of vehicles financed, and quick loan approvals, you can easily buy a new vehicle.
I am an expatriate, having my business in the UAE. What is the eligibility criteria to avail auto finance?
In case you are self-employed or own a business, the average turnover should be around AED 50,000 for a month. The business must have been established for almost 12 months in order to qualify for the loan.
How much is the early settlement for the auto finance?
The bank charges 1% of the outstanding amount as the early settlement fee for this finance is 1% of the outstanding amount. However, Noor Bank has the discretion to waive any or all of the total outstanding profit.
What is the amount financed by the bank?
Financing of the car loan is up to AED 500,000. Finance is provided at sole discretion of Noor Bank based on eligibility criteria, and terms & conditions. You can talk to any bank representative for further information.
How long does it take to get approval for the auto loan?
Once the bank is satisfied regarding the documents provided, it takes around 24 hours for pre-approval of 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 Noor Bank Car Loan in the UAE
Noor Bank holds discussion with students of Paris Dauphine University
Noor Bank held discussion on Islamic Banking with the students from Paris Dauphine University. Various challenges and prospects of the Islamic Banking Industry was discussed. Students were keen on learning about the bank’s innovative Shariah compliant services. The bank hosted the students of Paris Dauphine University for the 3rd year in a row. The bank presented the history of Islamic banking, latest challenges faced by them and the diverse and basic regulations that the bank must adhere to achieve Shariah compliance. Students were keen on understanding bank’s strategy, industry challenges and objectives.
09th May 2016