Based on the bank providing the loan, car loans can start from 30000AED and even go as high as AED 900,000.
For most car loans, the repayment period can range from 12-60 months based on what you find comfortable
If you go in for a flat interest rate then you could end up paying as little as 2.35% per annum. This interest rate is dependent on the banks and may change from one bank to another.
You can choose between flat interest rates or reducing balance interest rates, which tend to be a bit higher.
You can even take a car loan to buy a used car.
80% to 100% of the money needed to but the car can be taken as a loan.
The car loan can be availed by the residents and even expats working the in the UAE.
Most current accounts come with a minimum balance clause which cannot be violated. Many banks will waive that clause if you take car loans from them.
Many of the banks offer credit cards that are free for the first year
These loans can be taken for all types of cars including sedans, saloon, 4X4 vehicles, etc.
Some banks will even provide car insurance at competitive rates along with the loans
SIP (Staggered Investment Plans) allows for easy to afford instalments which increase gradually with the tenure of the loan
Conventional car loan with/without salary transfer
The conventional car loan is the one where customers can apply for a car loans based on the maximum amount that the bank will offer. They can then pay back the loan over a period of up to, or more than, 60 months along with an interest rate. These loans can also be taken with or without a salary transfer to an account held with the bank.
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We help you compare the interest rates on personal loans in Dubai offered by the various banks and help you make an informed decision in opting for the most advantageous offer
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