UAB Car Finance in the UAE
For many people, owning a car is more of a sense of pride than a means of transport. For others a car is a necessity that allows them to commute to and fro from the workplace and for others it is a long term goal of owning a particular make or model of a car. The reasons may be numerous and the fact remains that owning a car can be a rather expensive affair and not many people can afford to purchase a car completely funding it out of their pockets.
You’re probably eligible for United Arab Bank Car Loan if you are
At least 21 years old
Salaried or self-employed with regular income
Earn more than the minimum income required
Your United Arab Bank Car Loan amount eligibility is based on these factors
Minimum income required
AED 6,000 per month
Loan capped minimum 500,000 or 80% of Car Value
EMIs of other loans lower your eligibility
Increase your eligible United Arab Bank Car Loan amount by these steps
Pay off your credit card bills
Choose longer tenure loan up to 5 years
United Arab Bank Car Loan Interest RatesUpdated on 21 Oct 2016
|Interest Rate (Flat rate)||2.99%|
|Interest Rate (on reducing balance)||5.38%|
The auto loan from United Arab Bank offers a convenient mode for securing the additional finances required and is packed with features that cater to the various needs of the customer. UAB with its headquarters in Sharjah and with over 31 offices and branches across UAE has its car loans among the more sought after products in its long list of comprehensive banking services and solutions.
Features of UAB Auto Loan
The features of the UAB Auto loans are as follows:
- The loan is provided at an interest rate of 2.99% per annum and is a flat interest rate. Loans can also be availed with reducing interest rates of 5.38% per annum.
- The maximum loan amount availed can go as high as AED 500,000.
- The tenures of the loan can go as high as 60 months or 5 years.
- The loan can be repaid without the need for a mandatory salary transfer.
- The loan can be used to finance up to 80% of the value of the vehicle and requires the borrower to make a downpayment of at least 20% of the value of the vehicle.
Eligibility Criteria for UAB Auto Loan
- The applicant must earn a minimum income of at least AED 6,000.
- The minimum age of the applicant must be 21 years as at last birthday.
- The applicant must have been employed for a period of at least 6 months in the current workplace before availing the loan.
United Arab Bank is a public bank headquartered in Sharjah, with about 30 branches located around UAE. It was first incorporated by a collection of UAE businessmen along with the French banking giant, Societe Generale Group, in the year 1975. Currently it is in the process of acquiring more funds in order to expand its general operations. United Arab Bank is involved in both retail and corporate banking.
UAB has won many laurels during recent years for its over-the-top offerings. It was listed in 2013 Forbes Fortune 500 companies list, and was also awarded as the "Best Trade Finance Bank" in 2014, which was handed out by UK's International Finance Magazine.
United Arab Bank posted operating profit of $732 million during the 3rd quarter of 2014, on an overall revenue exceeding $1 billion. It is constantly releasing new products and offers for prospective and existing customers, which has kept the bank updated about customer preferences.
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 get the dealer price quotation. Since you are buying a pre-owned car, you will have to produce a certificate stating the vehicle’s status and market value. The value should be issued from an authorised Arab Bank evaluator.
How do I apply for the auto loan from United Arab Bank (UAB)?
If you wish to avail UAB’s car loan, you can do it online or by visiting the branch nearest to you.
How is the interest charged on the car loan by the bank?
The bank offers competitive rates of interest starting from 2.49% on a high loan amount. The insurance rates for the vehicle are also preferential based on the customer’s choice.
I have just started working at a company. Am I eligible for a UAB car loan?
Yes, you can, depending on the tenure you are working at your company. You can avail the car loan offered by United Arab Bank, given that you have completed at least 6 months in the company. Your employer should issue a letter addressed to UAB confirming your employment status and assignment of salary with the bank.
Do I get any special benefits of availing the UAB car loan?
In case you are a UAE National, 65 years or retirement age, whichever is earlier on loan maturity. For expatriates, it is 60 years or retirement age, whichever is earlier on loan maturity.
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 United Arab Bank Car Loan
UAB’s financial results for the last 9 months are now out
The net profit reported by the United Arab Bank (UAB), was an amount of AED 72 million for the first 9 months of the year 2015, the amount last year was recorded to be AED 498 million. The net profit has been impacted by provisioning of funds of up to AED 466 million due to the increase in loan defaults in UAB’s high risk commercial loan portfolio.
15th October 2015
United Arab Bank gets $125 million for a 3 years loan
The Arab Banking Corp with support from the State Bank of India, National Bank of Bahrain, Abu Dhabi Commercial Bank, Doha Bank and Oberbank, have provided finance for the United Arab Bank (UAB) with a loan of $125 million. This loan is provided for a tenure of 3 years. United Arab Bank is a Sharjah based bank which is a part of one of the 7 emirates in the United Arab Emirates. United Arab Bank worked on this deal since August 2015, this amount is said to be used for basic business needs of the bank.
30th September 2015
United Arab Bank marketing $125 million, 3 year business loan!
United Arab Bank, one of the best banks in UAE is marketing a $125 million, 3 year general business loan. The transaction is being arranged by the Arab Banking Corp and is expected to close during September. United Arab Bank which is based in Sharjah recently announced an operating profit of AED 246m.
21st August 2015