Minimum Salary Salary Transfer Early Settlement Fees Maximum Term Flat Rate Reducing Rate
Al Hilal Bank Vehicle Finance Al Hilal Bank Vehicle Finance Minimum Salary: AED 5,000 Salary Transfer: Yes Early Settlement Fees: - Maximum Term: 5 Years Flat Rate: 2.35% Reducing Rate: 4.26%
Features
  • Shariah compliant
  • Fast and simple approval process
  • Competitive profit rates
  • High finance amount
  • Flexible tenure of up to 5 years
  • No hidden documentation and study fee
  • No salary transfer required
  • Joint income possibility (with blood relatives only)
  • Vehicle registration on 3rd party name (with blood relatives only)

New vehicle financing eligibility
  • Minimum salary requirement of AED 5,000
  • Down payment requirement of 20%
  • A valid passport
  • Residence visa page (as applicable)
  • Latest 3 months bank statements
  • Quotation addressed to Al Hilal Bank
  • Any other additional documentation which may be required thereafter according to the Al Hilal Bank policies and procedures
** Calculator Definitions
Amount: The total amount of money borrowed, also referred to as the principal amount.
Rate (%): This is the annual interest flat rate on the product. This is not the 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
Mashreq Car Loan
Minimum Salary
AED 5,000
Flat Rate
3.45%
HSBC - Car Loan
Minimum Salary
AED 10,000
Flat Rate
2.49%
ADCB Islamic Banking - Car Finance
Minimum Salary
AED 5,000
Flat Rate
2.49%
RAKBANK - RAK Auto Loan
Minimum Salary
AED 5,000
Flat Rate
2.35%