Auto Loan
Found your dream car already or still working out your budget? When you are figuring out how to pay for it, we can help you on your journey with our fast, easy auto loan.
Apply nowOur quick, easy application and approval process will have you on the road before you know it
*The interest rates for auto loan vary from 3.75% to 4.5% per year
** The interest rate is applicable as of 2021
- Warning: If you do not meet the repayments/payments on your loan/financing, your account will go into arrears. This may affect your credit rating, which may limit your ability to access financing in the future.
- Warning: You may have to pay penalties if you pay off a loan/financing early.
- Warning: Failure to make timely repayments may result in additional fees, increased overall debt, and a negative impact on your credit history. Legal action may be taken to recover outstanding amounts.
- Warning: If you owe money on your Auto Loan, the Bank may use money from your other accounts to cover it.
- Warning: If you do not keep up your repayments, you may lose the ownership of your vehicle. If the vehicle’s value is not enough to cover what you still owe, you will still have to pay the remaining balance.
- Warning: The vehicle will remain mortgaged to the bank until full settlement of the finance.
- Warning: When you re-finance or restructure or reschedule your loan or avail installment deferments, it may take longer to pay off than your previous loan. It may also result in paying more interest.
Required documents:
- Valid passport for UAE Nationals
- Valid passport and UAE resident’s Visa for expatriates
- Valid Emirates ID
- Valid UAE driving license
- Your last three month’s bank statements
- Salary Certificate
- Dealer quotation (new car), or;
- Dealer valuation (used car)
Your approx. monthly repayment would beAED18,385
Ready for the next step? Get in touch with our team.
Interest rates are variable and indicative only, and currently range from 3.5% to 4.5% per annum, depending on the product, balance, tenure, and applicable benchmark reference rate (including EIBOR), plus any applicable margin, and are subject to change at the Bank’s discretion in accordance with the Terms and Conditions and UAE Central Bank regulations. Any future campaigns offering discounted rates will not impact or alter the approved rate range.
DISCLAIMER
The information provided by these tools are for guidance only and do not include all of the details you need to choose a particular product. Use of the Calculators by you is at your risk as to the accuracy or correctness of the conclusions or results derived therefrom. Determination of a conclusion or result by use of the Calculators will not be binding on CBI and figures given by the Calculators do not constitute an offer to lend to you. These Calculators are designed to give you only an indication and should be used as a guide only. You should not make any decisions on the information obtained by using these Calculators. CBI including its officers, employees, personnel or directors shall not be liable for any loss, damage or liability of whatsoever nature, including any direct or indirect loss arising from the use of the Calculators or access of any information that may be displayed herein.
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Auto Loans
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