| Minimum Salary | Salary Transfer | Early Settlement Fees | Maximum Term | Flat Rate | Reducing Rate | |
|---|---|---|---|---|---|---|
Al Masraf Auto loan
|
Minimum Salary: AED 15,000 | Salary Transfer: Yes | Early Settlement Fees: - | Maximum Term: 0 Years | Flat Rate: 2.49% | Reducing Rate: 4.48% |
The Al Masraf Auto Loan is a vehicle financing solution granted to customers (UAE Nationals and Expatriates) for the purchase of new or pre-owned vehicles. The maximum finance amount is AED 650,000, covering up to 80% of the vehicle's value for both UAE Nationals and Expatriates. The loan is intended for the acquisition of private vehicles and is repaid through monthly installments over a flexible tenure of up to 5 years (60 months).
Key Benefits:
- Applicable for UAE Nationals and Expatriates.
- Rates applicable for both New and Used vehicles.
- Available for Salary and Non-Salary transfer customers.
- Conventional and Islamic (Murabaha) options available.
- Minimal documentation for quick processing.
- Up to 2 EMI deferrals per year.
- Free for Life Credit Card available*
- Financing available for salaried, self-employed .
Eligibility & Requirements:
- A minimum salary of AED 15,000
- Min 6 months / Confirmation (minimum 3 salaried credited)
- Rates & Terms:
- Flexible repayment terms up to 60 months (5 years)
- Reducing Rates: Range from 4.56% to 11.99% p.a.
- Max Vehicles: Up to 3 vehicles per application.
Documents Required:
- Valid Passport/Residence Visa/Emirates ID
- Salary Certificate or 3–6 months Bank Statements
- Car Valuation (for used cars) and Proforma Invoice (for new cars).
- Driving License copy
Terms and Conditions:
- Loans are issued at the sole discretion of Al Masraf and are subject to terms and conditions.
- The Bank may amend the features, fees, charges, terms and conditions of the Loan, prior to which, you will be given 60 days notice.
- The Bank may amend the interest rates for the Loan, prior to which, you will be given 30 days notice.
- Make sure you’re settling your loan instalments on time to avoid being charged with Late Payment Fees.
*Monthly installments are calculated based on a representative loan amount of AED 100,000.
** 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.
