Arab Bank Auto Loan
Minimum Salary
AED 0
Monthly Payment
AED 0
Down Payment
20%
Flat Rate
3.99%

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Features:

  • Interest Rates: Competitive rates starting at 2.49%.
  • Repayment Tenure: Convenient options up to 5 years.
  • Loan Amount: High financing available.
  • Down Payments: Flexible options.
  • Insurance Rates: Preferential rates.
  • Processing Time: Quick loan processing.
  • Sales Team: Dedicated team available for assistance.

Required Documents:

  • ID Proof: Valid national ID and passport with valid resident visa (for residents).
  • Utility Bill: Recent utility bill in the client’s name (e.g., electricity, telephone) or rental contract.
  • Income Verification: Latest salary/income/employment verification document.
  • Dealer Quotation: Price quotation from the dealer.
  • Bank Statement: Last 6 months.
  • Vehicle Evaluation: Certificate from an approved evaluator stating the vehicle’s status and market value (for used cars only).
Calculator Terminology

Principal Amount: The initial amount of money borrowed.

Annual Interest Rate (%): The yearly interest rate applied to the loan or credit product, also known as APR in this context.

Loan Term (Years): The original duration of the loan or credit agreement, stated in years.

Effective Monthly Payment: The total monthly payment that accounts for all fees and associated costs related to the product.

Calculated Annual Percentage Rate (APR): The APR is computed using the annual interest rate along with fees and other expenses. It serves as a standardized measure for comparing the overall cost of different products with varying interest rates and fee structures across different financial institutions.

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