Car Loan offered by Standard Chartered Bank in the UAE
Now, you can easily purchase your favourite car in the UAE with the help of attractive car loan schemes offered by Standard Chartered Bank. With competitive rates, fast processing and trustworthy after-sales service offered by the bank, you can certainly have a rewarding experience when you purchase a car with Standard Chartered Bank Car Loan. Standard Chartered Bank provides car loans for both used cars and brand new cars.
Features of Standard Chartered Bank Car Loan
Car loans offered Standard Chartered Bank come with the following features:
- Offers high loan amounts. You can borrow up to AED 1 Million based on your income level.
- The bank offers competitive rates of interest with no hidden charges.
- Get flexible car loan repayment tenure up to 60 months.
- Enjoy fast processing with simple documentation and minimum formalities.
- No minimum balance is required in your car loan account during the loan tenure.
Benefits of Standard Chartered Bank Car Loan
- Get a free pre-approved titanium credit card for the 1st year. By using your Standard Chartered Bank Credit Card, you can easily pay off your car insurance in instalments.
- Enjoy reliable after-sales services.
- The bank offers finance for both used and new cars.
- Get access to the Standard Chartered Bank’s 24/7 banking service at anytime from anywhere to address any queries.
Eligibility Criteria for Standard Chartered Bank Car Loan
Car loan approval by Standard Chartered Bank is subject to its eligibility criteria. You need to fulfil the eligibility conditions determined by the bank to qualify for its car loan. The bank needs to be convinced about your eligibility to grant you a car loan. Car Loans are approved at the sole will of Standard Chartered Bank.
Standard Chartered Car Loan Fees and Charges
Standard Chartered Car Loans are an attractive loan product for customers who are looking to buy their dream car. Following are the various fees and charges that need to be paid at various stages of car loan processing.
- A processing fee of 1% of the entire car loan amount. This is subject to a minimum amount of AED 500 and a maximum of AED 2,500
- Any deferred loan instalment is liable to attract a penalty fee of AED 100 per deferment. This is applicable to borrowers who for any reason wish to get their loan instalment deferred for a future date
- This car loan by Standard Chartered is also not eligible for free prepayment. Any advance payment of instalment is charged at 1% of the amount of the payment made in advance
- A minimum amount of AED 50 and a maximum of AED 200 is applicable as late payment fee in instances when the car loan instalment is paid late. This penalty is equivalent to 2% over the agreed rate of interest of car loan
- Due date for any standing instruction furnished by the bank can be changed by paying a fee of AED 25 to Standard Chartered
- Standard Chartered car loan can be rescheduled by the bank if a rescheduling fee of AED 250 is paid to the bank by the loan borrower
- In case there are insufficient funds in the bank account of a customer who has issued standing instructions, then Standard Chartered is liable to deduct AED 25 as penalty fee from the account holder
- Any cheque that is returned or if bounces back will attract a penalty fee of AED 100
NOTE: All fees and charges are subject to revision and change as per bank’s discretion.
Other products offered by Standard Chartered Bank in the UAE are:
Why choose Standard Chartered Bank Car Loan?
You can enjoy a lot of benefits by opting for car loans offered by Standard Chartered Bank in the UAE. The bank does not charge any hidden fees on car loans and offers car loans at competitive rates of interest. Also, the bank offers finance for both used and new cars. You can apply for a Standard Chartered Bank Car Loan by contacting its customer care, or making an online request to receive a call back from the bank, or physically visiting the nearest branch of Standard Chartered Bank. As per your request, the bank representatives will assist you at your convenience. Also, Standard Chartered Bank car loan representatives are available at leading auto dealerships in the UAE who can assist you on the spot. Being one of the leading international banks, Standard Chartered Bank offers a number of other financial products and services which include different types of loans, credit cards, investment and insurance products etc. Standard Chartered Bank in the UAE specializes in Personal Banking, Priority Banking, Private Banking, Islamic Banking, and Corporate & Institutional Banking. The bank also provides Phone Banking, Breeze Mobile Banking and ATMs at over 100 suitable locations in the UAE. Headquartered in London, Standard Chartered Bank has a strong international presence with a network of over 1,700 branches spread across the country.
Frequently Asked Questions - FAQs
Does Standard Chartered Bank offer after-sales service for car loans?
If I want to purchase a used car, Will Standard Chartered Bank finance me for it?
How much finance can I borrow from Standard Chartered Bank for car purchase?
What are the ways of applying for car loans with Standard Chartered Bank?
How much time do I get to repay my car loan taken from Standard Chartered Bank?
What are the special benefits offered by Standard Chartered Bank Car Loan?
Do I need to maintain minimum balance in my Standard Chartered Bank Car Loan account?
Yes, the bank offers reliable after sales service for car loans.
Yes, Standard Chartered Bank will certainly finance you to purchase a used car.
You can borrow up to AED 1 Million from Standard Chartered Bank to buy a car. However, it is subject to your income level.
You can apply for a car loan with Standard Chartered Bank by contacting its customer care or manually visiting the branch. You can also raise an online request to receive a call back form the bank’s representatives.
The bank offers you flexible loan repayment tenures. You can repay it within 60 months from the date of commencement of your car loan.
Standard Chartered Bank offers free pre-approved credits cards with car loan which you can use to pay for various expenses. Also, the bank offers great car loan after-sales service.
No, minimum balance is not required in your Standard Chartered Bank Car Loan account.