| Minimum Salary | Salary Transfer | Early Settlement Fees | Maximum Term | Flat Rate | Reducing Rate | |
|---|---|---|---|---|---|---|
FAB - Car Loans for Self Employed Individuals
|
Minimum Salary: AED 25,000 | Salary Transfer: No | Early Settlement Fees: 1% | Maximum Term: 5 Years | Flat Rate: 3.19% | Reducing Rate: 5.98% |
Features
Rates starting 3.44% (equivalent to 6.43% reducing rate per year)
Finance available for new and pre-owned vehicles
Loan amount of up to AED 1.5 million or 80% of the car value
A minimum average balance of AED 25,000 for the last three months
Required Documents
- Vehicle quotation
- UAE driving license
- Bank statements (where applicable)
- Trade license (where applicable)
- Documents to show your company ownership structure
- Auto-loan application completed and signed by the customer
- Copy of a valid passport/resident visa/Emirates ID(Originals must also be presented)
** 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
