|Minimum Salary||Salary Transfer||Early Settlement Fees||Maximum Term||Flat Rate||Reducing Rate|
|Arab Bank Auto Loan||Minimum Salary: AED 7,000||Salary Transfer: No||Early Settlement Fees: -||Maximum Term: 5 Years||Flat Rate: 3.99%||Reducing Rate: 2.49%|
Buying the car of your dreams could not be easier and more convenient! With Arab Bank Auto Loan you will be in the driver’s seat faster than you can imagine. It is flexible, easy to arrange and offers you a host of benefits.
Arab Bank Auto Loan Features:
- Competitive interest rates starting 2.49%
- Convenient repayment tenure up to 5 years
- High Loan amount
- Flexible down payments options
- Preferential insurance rates
- Quick loan processing time
- Dedicated Sales Team - ready to serve you at your convenience
- The processing fee is 1% of the loan amount, with minimum AED 500 and maximum AED 2500
- Down payment is 20%
- Convenient repayment tenure up to 5 years, Quick loan processing time, Preferential insurance rates
- Minimum loan amount- AED 20,000
- Maximum loan amount for new cars - AED 250,000
- Maximum loan amount for used cars - AED 250,000
- Minimum Salary should be AED 7000
- Eligibility criteria is minimum 6 months in service
3.99% - New car 4.25% - Used car 4.25% - 4x4 New car 4.5% - 4x4 Used car
Fees and Other Charges:
- Early settlement fees – 1%
- Buyout - 5%
- Rescheduling the loan - AED 250
- Valid national ID and valid passport with valid Resident visa (for residents)Recent utility bill in the name of the client e.g. electricity, telephone or rental contract
- Latest Salary/Income/Employment verification document
- Dealer price quotation
- Bank statement of 6 months
- A certificate stating vehicle status and market price/value issued from an approved Arab Bank evaluator (for used cars only)
** 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.