| Minimum Salary | Salary Transfer | Early Settlement Fees | Maximum Term | Flat Rate | Reducing Rate | |
|---|---|---|---|---|---|---|
ADIB - New Car Finance - Murabaha
|
Minimum Salary: AED 5,000 | Salary Transfer: No | Early Settlement Fees: 1% | Maximum Term: 5 Years | Flat Rate: 2.59% | Reducing Rate: 4.7% |
Whether you are looking for low value or high-value car at competitive rates, Abu Dhabi Islamic Bank offers car financing with up to 60 months payment options.
Features and benefits:
- Repayment period is up to 60 months
- Interest rate for the given finance is 2.59%
- Minimum salary requirement is AED 5,000
- The reducing rate and the flat rate is 4.7% and 2.59%. This denotes that the computation done was a division of the reduction rate by 1.814
- No salary transfer is required
- Maximum loan amount is AED 1,000,000 that ADCB bank can provide
- Early settlement fee is 1% of the finance amount
- Processing fee is AED 1000
- About 20% down payment is required for this finance
Benefits:
- High finance amount and low minimum salary requirement is there for given finance
- The given finance is Sharia-compliant
- Long repayment period for this loan
- Convenient features like one signature application
- As low as 2.59% rates on new cars
- Approval is quick
- Documentation is simple
- Finance up to 80% of the car price
- For the first year you can get free ADIB Visa Cashback Card
- Salary transfer is not required
- Vehicle from Abu Dhabi National Takaful get low contribution amount
- Original and copy of valid passport (with valid residence visa for expatriates)
- Original and copy of valid Emirates ID
- Bank account statement (last 3 months)
** Calculator Definitions
Amount:
The total amount of money borrowed, also referred to as the principal amount.
Rate (%):
This is the annual interest rate on the product which is equivalent to APR, which is going to be calculated in this example.
Years:
This is the original term or length of the product, stated in years.
Effective Monthly Payment:
This is the effective monthly payment, which takes into consideration fees and other costs associated with this product. The effective monthly payment is the basis for the APR calculation.
Calculated Annual Percentage Rate (%):
The Calculated Annual Percentage Rate (APR) is determined using the annual interest rate of the product plus fees and other costs. This rate may differ from bank to bank. APR is useful when comparing two or more products with different interest rates and fee structures.
