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Minimum Salary Salary Transfer Early Settlement Fees Maximum Term Flat Rate Reducing Rate
Banque Misr- Auto Loans Banque Misr- Auto Loans Minimum Salary: AED 5,000 Salary Transfer: No Early Settlement Fees: 1% Maximum Term: 5 Years Flat Rate: 2.49% Reducing Rate: 4.59%
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Features & Benefits

  • No salary transfer required
  • Maximum Loan Amount of AED 350,000
  • Installment – 1st or 5th of every month

Eligibility  

  • Salaried individuals having valid residence visa
  • Minimum age requirement – 21 years
  • Maximum age requirement at loan maturity – 65 years
  • Length of service – 6 months or confirmed
  • No of employees in company – min 50 

Documents Required   

  • Application Form
  • Driver’s License
  • Salary Certificate
  • Bank Statement
  • Vehicle Quotation
  • Security Cheque
  • Passport and Visa Copy

Fees & Charges

  • Interest Rate – Flat – 2.49% for new car
  • Interest Rate – 3.75% for used car
  • Processing Fee – 1% of Total Loan Amount (Min AED 500 & Max AED 2,500)

** 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 on the product plus fees and other costs. The APR is useful when comparing two or more products with different interest rates and fee structures.
Representative Example Calculator
RAKBANK - RAK Auto Loan
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AED 5,000
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1.99%
Emirates NBD - Feature Packed Auto Loans
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2.49%
HSBC - Car Loan
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ADCB Islamic Banking - Car Finance
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AED 5,000
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2.49%