| Minimum Salary | Salary Transfer | Early Settlement Fees | Maximum Term | Flat Rate | Reducing Rate | |
|---|---|---|---|---|---|---|
HSBC - New Cars
|
Minimum Salary: AED 7,500 | Salary Transfer: No | Early Settlement Fees: 1% | Maximum Term: 5 Years | Flat Rate: 2.49% | Reducing Rate: 4.6% |
Features:
- No mandatory salary transfer to HSBC is required
- Loan amounts up to AED 918,000 depending on your eligibility
- Competitive motor insurance rate for saloons and four-wheel drive
- Dedicated Sales Specialists at your service
- Available for all types of saloons, four-wheel drive vehicles and motorcycles
- No account opening required
- Repayment period from 12 to 60 months
- Down payment 20%
- Interest rates start from 2.49% p.a.
Eligibility:
- 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
Documents Required:
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
