Minimum Salary Salary Transfer Early Settlement Fees Maximum Term Flat Rate Reducing Rate
Commercial Bank International -  Used Car Loan Commercial Bank International - Used Car Loan Minimum Salary: AED 5,000 Salary Transfer: No Early Settlement Fees: 1% Maximum Term: 4 Years Flat Rate: 3.0% Reducing Rate: 5.44%
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Benefits:
  • Repayment period is up to 48 months
  • The interest rate for the given finance is 3%
  • Minimum salary requirement is AED 5,000
  • The reducing rate and the flat rate is 5.44% and 3%. This denotes that the computation done was a division of the reduction rate by 1.815
  • No salary transfer is required
  • The maximum loan amount is AED 500,000 that CBI bank can provide
  • Early settlement fee is 1% of the finance amount
  • The processing fee is AED 2500
  • About 20% down payment is required for this finance
  • High finance amount and low minimum salary requirement is there for given finance
  • Finance can be provided for new as well as used cars
  • Maximum repayment period is of 48 months
  • Approval is quick
  • Documentation is simple
Required Documents:
  • A Valid passport for UAE Nationals
  • A valid passport and UAE resident’s Visa for expatriates
  • Valid Emirates ID
  • Valid UAE driving license
  • Your last three month’s bank statements
  • Salary Certificate
  • Dealer quotation (new car)
  • Dealer valuation (used car)
** 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.
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