| Minimum Salary | Salary Transfer | Early Settlement Fees | Maximum Term | Flat Rate | Reducing Rate | |
|---|---|---|---|---|---|---|
ADCB - Car Loan
|
Minimum Salary: AED 5,000 | Salary Transfer: Yes | Early Settlement Fees: 1% | Maximum Term: 5 Years | Flat Rate: 1.99% | Reducing Rate: 4.13% |
Features:
- One-signature application
- Up to AED 1.5 million finance amount
- Up to 60-month repayment tenure
- Finance up to 80% of the car value
- Insurance finance option
- Quick approvals
- Simple documentation
Documents Required:
Salaried
- Completed application form
- Valid Passport, Visa & EIDA Card copy
- Valid Driving License copy
- Salary certificate issued to ADCB, dated 30 days or less from date of loan application
- Last 3 months bank statements copy
- Quotation from Dealer
- Details of existing loans/liabilities
Self-employed
- Completed application form
- Valid Passport, Visa & EIDA Card copy
- Valid Driving License copy
- Valid Trade License copy
- Last 3 months bank statements copy for both personal and company accounts
- Quotation from Dealer
- Valid Power-of-Attorney copy(if applicable)
- Details of existing loans/liabilities
Companies
- Completed application form
- Valid Passport, Visa & EIDA Card copy of company signatory
- Valid Trade License copy
- Last 3 months company bank statements copy
- Quotation from Dealer
- Valid Power-of-Attorney copy(if applicable)
- Details of existing loans/liabilities
** 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.
Representative Example Calculator
