| Minimum Salary | Salary Transfer | Early Settlement Fees | Maximum Term | Flat Rate | Reducing Rate | |
|---|---|---|---|---|---|---|
HSBC - Green Car Loans
|
Minimum Salary: AED 7,500 | Salary Transfer: No | Early Settlement Fees: 1% | Maximum Term: 0 Years | Flat Rate: - | Reducing Rate: - |
Need a new car but concerned about climate change? Don't worry. As part of our sustainability initiative and the UAE Government's 2021 vision, we at HSBC are proud to offer Green Car Loans.
A Green Car Loan will not only suit your needs and budget but also contribute to clean energy and a green future.
- 50% discount on the applicable arrangement fee
- Up to 0.25% discount on the applicable interest rate
An electric vehicle can be powered, partially or fully by a battery that can be plugged into a power source. Electric vehicles are considered zero-emission vehicles because their motors do not produce any exhaust or emissions.
A hybrid vehicle is one that is propelled by more than one power source brought together to work in conjunction.
What are the benefits of driving an electric or a hybrid vehicle?
- Reduced fuel consumption and emissions
- Cleaner electric energy
- Optimized fuel efficiency and performance
- Recovered energy from regenerative braking
- You are a UAE national or expatriate resident aged between 21 and 65 years
- You earn a minimum monthly salary of AED 7,500 per month
Required Documents:
- Employed individuals buying new/used vehicles from authorised dealers:
- 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 updated security cheque from a salary-assigned account
- HSBC Bank Middle East Limited application form and agreement fully completed in block letters and signed in the presence of a Sales Specialist
- Self-employed individuals buying new/used vehicles from authorised dealers:
- 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 updated security cheque from the main operating account
- HSBC Bank Middle East Limited application form and agreement fully completed in block letters and signed in the presence of a Sales Specialist
- Valid documents in support of the 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
