| Minimum Salary | Salary Transfer | Early Settlement Fees | Maximum Term | Flat Rate | Reducing Rate | |
|---|---|---|---|---|---|---|
HSBC - Car Loan
|
Minimum Salary: AED 10,000 | Salary Transfer: Yes | Early Settlement Fees: 1% | Maximum Term: 5 Years | Flat Rate: 2.49% | Reducing Rate: 4.6% |
*Product terms and conditions, fees and charges apply
Features & Benefits:
- Enjoy rates starting from 4.19% annual percentage rate if you're a Premier customer applying for a new car.1
- Special rate and discount on arrangement fees applicable to Electric and Plug-in Hybrid Vehicles
- Balloon repayment option with reduced monthly payments if you like to change your car every 2-3 years
- No mandatory salary transfer to HSBC is required
- No account opening required
- Apply for a car loan online and get a call back from our dedicated sales specialists2
- You are a UAE national or expatriate resident aged between 21 and 65 years
- You earn a minimum monthly salary of AED 10,000 per month
- Application fee: 1% of loan amount: Min AED 500, Max AED 2,500.
- Early Settlement: 1% of remaining balance
- Advance payment: 1 % of advance payment
- Valid Emirates ID
- Valid passport copy (valid UAE visa for expatriates)
- Valid UAE driving licence copy
- Copy of the last three months' salary or income transfer bank statements (a longer period may be required if cheque returns are identified)
- Proof of income – salary certificate/salary transfer letter if salary is not assigned to HSBC Bank or other banks under narration salary
- Repayment mechanism – standing instruction plus an undated security cheque from salary-assigned account
- HSBC Middle East Finance Company Limited application form and agreement fully completed in block letters and signed in the presence of a Sales Specialist
- Valid Emirates ID
- Valid passport copy (valid UAE visa for expatriates)
- Valid UAE driving licence copy
- Copy of the last six months' personal and business bank statements
- Audited financials for the last two years
- Repayment mechanism – standing instruction plus an undated security cheque from main operating account
- HSBC Middle East Finance Company Limited application form and agreement fully completed in block letters and signed in the presence of a Sales Specialist
- Valid documents in support of business/partnership, ie trade licence copy, memorandum/articles of association, passport copies of owners/partners and additional documents can be requested based on individual requirements.
** 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
