Introduction to the Union National Bank Car Loans in the UAE
Buying a car of your choice is now not a distant dream. You can easily purchase your dream car with the help of car finance offered by Union National Bank in the UAE. The bank offers attractive rates of interest on car loans along with high loan amounts to purchase your select car.
Features of Union National Bank Car Loan
The Union Bank Car Loans come with the following features:
- Competitive rates of interest on your car loan.
- Minimal documentation and quick processing.
- Both salaried and self-employed individuals can avail car loans offered by Union National Bank.
- The bank offers car loans for both UAE nationals and salaried expatriates.
Benefits of Union National Bank Car Loan
- Receive high amounts to purchase your chosen car.
- Offers 24/7 customer service to address your all queries.
Eligibility Criteria for Union National Bank Car Loan
The Union National Bank may have its own parameters of considering car loan eligibility. You need to fulfil the required eligibility criteria decided by the bank to receive its car loan.
Documents Required for Union National Bank Car Loan
The Union National Bank may ask you to furnish certain documents along with the complete loan application form. Normally, banks in the UAE ask for the following documents:
- Valid ID proof.
- Address proof.
- Copy of passport.
- Copy of UAE driving license.
- Invoice of the vehicle.
- Latest salary slips.
- Bank statements of 6 months
- Vehicle valuation report ( in case of used cars)
Fee & Charges for Union National Bank Car Loan
Mentioned below are the interest rate ranges applicable on different amounts per year:
- From AED 0 to AED 50K - 5.66% - 13.78%.
- From AED 51K to AED 100K - 5.66% - 13.78%.
- From AED 101K to AED 200K - 5.66% - 13.78%
- Above AED 200K - 5.66% - 13.78%
Other products offered by the Union National Bank in the UAE are:
Why choose Union National Bank Car Loan?
Getting a car loan from Union National Bank is very easy and quick. You can apply for it by calling its customer service department which will help carry forward your request. With minimal documentation and less paperwork, you can receive a car loan form the Union National Bank and enjoy a lot of benefits such as high loan amounts and attractive rates of interest. Established in 1982, Union National Bank is one of the major banks in the UAE. The bank is headquartered in Abu Dhabi. The bank offers different financial products and services which include Credit Cards, Accounts, Loans, Savings Schemes and Bancassurance. Union National Bank has its presence in nearly 56 locations across the UAE and offers services to individual as well corporate clients.
Frequently Asked Questions - FAQs
How do I check my eligibility for Union National Bank Car Loan?
Does Union National Bank offer competitive rates of interest on car loans?
What do I do if I have some urgent queries regarding car loan schemes offered by Union National Bank?
If my car loan amount taken from Union National Bank is above AED 200K, how much interest charges do I need to pay?
You need to contact the bank over phone or visit the nearest branch to check your eligibility.
Yes, the bank offers competitive rates of interest on car loans.
You can call the bank’s customer service department which is active 24 hours a day and 7days a week. It will answer all your queries.
You need to pay interest between the ranges of 5.66% to 13.78%, if your car loan amount is above AED 200K.
News about Union National Bank Car Loan in the UAE
UNB’s net profit declines
In the first quarter of 2016, the net profit income of Union National Bank dropped by 27%. The weak economic growth has led the bank to set money aside for bad debt, affecting its net profit. Also, the higher cost involved in maintaining its existing deposits has affected the bank's profit margins. The net income of the bank comes down to Dh450 million compared to Dh615m in 2015 for the same quarter.
The bank also experienced a drop in its net interest income in the aforesaid quarter due to increase in interest paid on deposits. Both Net Income from Islamic Finance and Net Interest Income drop by 12% and come down to Dh623m in the first quarter.
09th May 2016
Limited Loan and Profit Growth Expected By Union National Bank in 2016
The Union National Bank (UNB) is anticipating a slow 2016, and is looking at limited growth in profits as well as lending during the course of the year. However, the chief executive of UNB has stated that the bank could look into tapping the bond market in a bid to raise funds in 2016.
According to the Economy Minister of the UAE, the country is expected to face difficulties in growing its economy by more than 3 per cent over 2013, while officials have estimated a 3 to 3.5 per cent growth for 2015. Due to the low growth rate, some banks in the UAE are seeing profits in 2016 slump as compared to the previous year, with UNB experiencing a profit slump of 55 per cent in comparison with the year before.
01st March 2016
Union National Bank profits up 5% in first 9 months of 2015
The Union National Bank in the UAE has ended the first 9 months of 2015 with a growth of 5% in its profits. The operating profit was recorded at AED 2,092 million which happens to be an increase of 15% over the same period compared to last year. Loans and advances grew to AED 68.6 billion which is 7% more than where the number stood at the end of 2014. Deposits by customers amounted up to AED 73.2 billion, a growth of 17%, and the total assets of the bank grew by 15% to reach AED 101.8 billion. The liquidity of the bank is still ok as the loan deposit ratio was maintained at 93.7%.
26th October 2015
Union National Bank completes $750 million loan
UNB (Union National Bank), one of the largest banks of the UAE, has finally completed a loan of $500 million that had been upped to $750 million. The funds were arranged by banks for Commerzbank, FGB, HSBC, NBAD and Standard Chartered for UNB and the original duration of the loan was 3 years.
08th October 2015