It was established to enhance customer relations and render personal services to the public. All its users who are in need of any financial need can seek help from the Bank as it provides a well detailed personal loans and car financing loans and more for the customers to make requests for
It has a flexible Loan which means that no matter the amount you want to apply for, it is available and will be disbursed into your account instantly.
Dubai Islamic Bank Car Loan is a banking corporation that works with the intention of providing quality financing for customers who wish to purchase a Car Loan.
It requires little eligibility criteria which enables all who need financing to make use of the corporation bank. This car financing helps you to get a car or vehicle in a Sharia way. It can be either a used car or a new purchase.
Features of Dubiai Islamic Bank Car Loan
This Car Loan offer by Dubai Islamic Bank has many essential features that make it stand out from other online corporation that offers car financing loan and personal loans.
We have a list of many such features which will be out listed in the following few paragraphs below:
- It has sufficient finance that will be needed for getting both new and old cars
- It has flexible payments terms which means you won’t necessarily need to make the transfer from your salary account
- Dubai Islamic Bank Car Loan requires just a minimum monthly income from the borrower either as a salary earner or self-employed.
- Considerable repayment periods range from 3 years up to 5 years depending on the loan amount you apply for.
- It has a very low-interest rate for both old and new car purchases
- For High Loan Amounts it offers up to AED 1.5 million for individuals and up to AED 5 million for Joint personal loans.
- It has a guaranteed low insurance
- There’s no need for a monthly rental payment before the car is delivered
- It has an important feature income clubbing available for use
Check Eligibility For Dubiai Islamic Bank Car Loan
Obtaining a car loan can be very easy for an individual to venture but there seem to be some stepping stones that may hinder access to such loans.
That is why it is important that you try your very best to make sure that you go through the criteria vital for any loan application.
Dubai Islamic Bank Car Loan eligibility criteria are not burdensome as few documents are required from customers.
Check below for eligible requirements:
- A minimum Salary of AED 3000
- You must be 21 years and Above
- You need to be a citizen of Pakistan
- You should provide a personal bank statement of 3-6 months to show you are creditworthy
- Provision of your salary certificate and present a business registration certificate or trade License with the right bodies for self-employed
- Two passport photograph
- A valid means of identification such as the Emirate ID.
- Residential Address and Contact Number
- A well-filled-out loan application form by the self-employed and salaried individuals
More documents may be asked of you depending on the type of loan and loan amount requested by you. Whichever one it is just provide them and get the car financing that you want
Dubai Islamic Bank Car Loan Interest Rates
The loan finance is different for each car purchase you want to make either for a new or old vehicle. It is important to take note of this information to help you get a quick and hassle-free car loan. The interest rate that applies to a car loan varies on whether it is a new or used car, check below:
1. For AI Islamic Used Car Finance you have to meet up with the following needs:
- 1% early settlement fee with a 20% down payment
- AED of 3000 for a minimum income salary and AED of 1500 for a loan amount
- You will get a 5.19 reduction rate with a 2.75% flat rate
- It requires AED 2500 as an arrangement fee
2. Now for a New Car Finance check out the following below:
- 1% early settlement fee with a 20% down payment
- AED of 3k for a minimum income salary and AED of 1500k for a loan amount
- You will get a 4.42 reduction rate with a 2.35% flat rate
- It requires an AED 2500 as an arrangement fee
Application Process for Dubai Islamic Bank Car Loan
You can apply for a car loan with ease as it is linked to other banks to ensure a fast and successful process. Any of your personal details are always secure with this banking corporation.
Know that when you have made an application for a car loan and it is approved, the car is kept in the company of the bank until the loan payment is completed.
The steps below can be followed to get a form application and successfully submit it online:
- Make contact with the bank that can give you a swift and easy loan for new and used cars
- Compare loan rates and other information that may be vital online
- As regards the model of the car and your intended Finance means check for the different loan structures offered by banks
- visit the website dib.ae to get an application portal and submit the form online
Benefits of Dubai Islamic Bank Car Loan
Many things have brought about the growth and impart of Dubia Islamic banks which include the advantages experienced by the customers
We have the following as the advantages and added benefits of using Dubai Islamic Bank for Auto Car Financing and they incude;
- Competitive interest rate
- Flexible repayment period
- No hidden fees or extra charges
- Easy Do-it-yourself application process
- Interest- free Car loans
Repayment Method for Auto Financing
Dubai Islamic Bank Car Loan has a repayment structure of 1 to 5 years. But these terms apply differently depending on the type of car you purchased. For used cars, it has shorter repayment terms of 2 years while new cars have a longer period of 5 years.
The interest rates also apply to car financing through loans. The long repayment period has less amount to pay as interest pay while loans with shorter repayment periods require a high interest rate.
Dubai Islamic Bank Car Loan is among the best banks to choose from when it comes to car financing. It offers competitive interest rates that will help you manage and request low amounts as a loan
You do not need to provide co-signers, just qualify with the few documents listed above and meet up with the basic eligibility criteria.
Make sure you apply for quick and easy loans with Dubai Islamic Bank today to enjoy the many benefits that it has to offer to its borrowers.
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