| Minimum Salary | Salary Transfer | Early Settlement Fees | Maximum Term | Flat Rate | Reducing Rate | |
|---|---|---|---|---|---|---|
Dubai Islamic Bank - Al Islami Car Finance
|
Minimum Salary: AED 3,000 | Salary Transfer: No | Early Settlement Fees: 1% | Maximum Term: 5 Years | Flat Rate: 2.35% | Reducing Rate: 4.46% |
Features & Benefits:
- Financing Convenience with a minimum salary requirement of AED 3,000 and no salary transfer necessary
- Easy Access with ease of access through our branches and availability of Al Islami Auto Finance Staff
- Simple Documentation
- Auto Finance ILOE Takaful Product
- Coverage up to AED 30,000 *
- Minimum Salary: AED 8000
- Customer Length of Service with the same employer for at least 180 days
- ILOE coverage is valid for the first 36 months of the tenure.
- Valid for Salaried Customers (banking and Non-Banking Customers)
- 3 months bank statements
- Salary certificate / slip
- Passport / Khulasat al Khaid copy
- Valid Visa (Expatriate Customers)
- Emirates ID card
- Dealer evaluation of the vehicle being purchased
** 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
