| Minimum Salary | Salary Transfer | Early Settlement Fees | Maximum Term | Flat Rate | Reducing Rate | |
|---|---|---|---|---|---|---|
Commercial Bank of Dubai - Tamweel Car Loan
|
Minimum Salary: AED 8,000 | Salary Transfer: Yes | Early Settlement Fees: - | Maximum Term: 5 Years | Flat Rate: 2.18% | Reducing Rate: 5.0% |
Features:
- Competitive interest rate starting from 2.18% flat
- Flexible repayment period of up to 60 months
- Finance available for new and used cars
- Deferment facility
- Easy documentation and fast processing
- National ID or valid passport, residence visa and Emirates ID
- Original 3 months bank statement for new customers
- Salary Certificate
- Drivers license
- Dealers quotation for new or used car
- If you are UAE National aged between 21 and 65 years (at the loan maturity) or if you are an Expatriate aged between 21 and 60 years (at the loan maturity).
- If your total monthly income is minimum AED 8,000.
** 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.
Representative Example Calculator
