Get 0% Interest Car Loan in UAE [List of Banks]

Many banks in UAE offer a 0% interest car loan to the customers. If you are looking for a car loan at zero or low interest rate in UAE then this latest auto finance guide is for you.

Who Can Get a Car Loan in UAE?

All Emirati Nationals and Expatriates can get a car loan in UAE. However, the approval or rejection of a car loan application is in the hands of respective banks. So, a UAE citizen or resident should check necessary eligibility criteria for a car loan before applying for the same.

Eligibility Criteria for a Car Loan in UAE

• Must be a UAE Resident: An Emirati Citizen or GCC Citizen or Expatriate living in the UAE
• Minimum Age: 21 Years
• Maximum Age: 65 Years for UAE Citizens
• Maximum Age: 60 Years for Expatriates
• A Positive Credit History: No Late Payments in the Past
• High Credit Score: Minimum 600 or Higher
• Minimum Salary: AED 5000 or AED 8000 or Higher as Required by the Bank

Documents Required for a Car Loan in UAE

• Proof of Identity: Original Emirates ID Card
• Proof of Income: Salary Certificate/Slip or Letter
• Proof of Residency: A Valid Passport with a UAE Visa Page
• A Valid Driving License
• Bank Statements of Last 3/6 Months
• Vehicle Insurance
• Security Cheque and Post-dated Cheques
• A Quotation or Proforma Invoice from the Car Dealer
• Valuation Certificate and Ownership Title (If Buying a Used Car)

List of Banks that Offer 0% Interest Car Loans in UAE

There are several banks in UAE that offer car loans at 0% interest for some specific car brands or car models. In case you want to buy any other car, the bank won’t give a zero interest loan but it would be a low interest car loan. Here is the list of such banks;

1. Abu Dhabi Commercial Bank [ADCB]
2. First Abu Dhabi Bank [FAB]
3. Emirates NBD Bank
4. Emirates Islamic Bank
5. Al Hilal Bank
6. Dubai Islamic Bank [DIB]
7. Ajman Bank

Abu Dhabi Commercial Bank [ADCB]:

Abu Dhabi Commercial Bank provides zero percent auto loans for selected models of some car brands. You can start your first installment after 120 days of getting the car loan.

The ADCB offers a car loan from AED 50,000 to AED 200,000 depending upon the value of the car. The loan tenure is up to 5 years, so you can repay the loan amount in 120 small installments.

To know more, Contact ADCB Bank at;

• ADCB Loan Helpline: 600 50 2030
• SMS CAR and send it to 2626
• Visit Your Nearest ADCB Bank Branch
• Log on to ADCB Website @www.adcb.com

First Abu Dhabi Bank [FAB]:

First Abu Dhabi Bank has launched a new car loan offer at 0% interest rate for a limited period. The FAB car loan is available for new cars of selected brands only, the loan amount is up to 150,000.

The required minimum salary is AED 7000 or higher to apply for a car loan at FAB in United Arab Emirates. You have to pay the down payment worth 20% of the car value to buy your desired car with FAB car loan option from Al Futtaim Motors in UAE.

To know more, Contact FAB Bank at;

• Send an SMS as ALFUTTAIM to 2121
• Visit Your Nearest FAB Bank Branch
• FAB Customer Care Number: 600 52 5500
• Go to FAB Bank Website @www.bankfab.com

Emirates NBD Bank:

Emirates NBD Bank offers 0% car loans with free bank account and free credit card for the customers. The loan tenure is up to 5 years and the customers have to pay minimum 20% of the car value in the form of down payment.

You can choose to pay your first installment after 90/120 days from the loan approval date. The Emirates NBD Car Loan is available for salaried and self-employed people who want to buy a new or used car in 2024.

To know more, Contact Emirates NBD Bank at;

• Call on 600 54 0000 and Say “Apply for a Loan”.
• Go to Your Nearest Emirates NBD Bank Branch
• Send an Email to customersupport@emiratesnbd.com

Emirates Islamic Bank:

Emirates Islamic Bank provides a hassle-free car loan (auto finance) service with Murabaha Structure as per Shariah Principles. The EIB car loan is available for buying a new car as well as a used car. You can choose your desired car brand & model.

The bank does not charge any interest on auto finance, so it is an interest-free loan offer for people who want to buy a car. The processing fee is 1.05% with minimum amount of AED 525 and maximum AED 2625.

The Emirates Islamic Bank offers a 0% interest car loan for a tenure of up to 5 years. The customers also get a grace period of 60 days to pay the first installment after getting the loan.

The salary transfer is voluntary for all customers. For a new auto finance, the bank takes annual profit of 2.49% flat from Emirati Citizens and 2.65% flat from expatriate customers. The annual profit rate (APR) is 3.19% for pre-owned and used auto finance.

To know more, Contact Emirates Islamic Bank at;

• Call up EIB Customer Care Number 600 599995
• Send an Email to Customercareunit@emiratesislamic.ae
• Visit Your Nearest Emirates Islamic Bank Branch

Al Hilal Bank:

Al Hilal Bank offers a zero interest car loan with fast-track auto finance solutions. It provides instant car loans with a flexible tenure of up to 5 years.

The profit rate is only 2.35% per annum without any hidden documentation or study fee. It does not demand salary transfer and offers a high amount loan based on individual and joint income with blood relatives.

The customers have to pay 20% down payment and the Al Hilal Bank will finance remaining 80% under its auto finance scheme.

To know more, Contact Al Hilal Bank at;

• Go to an Al Hilal Bank Branch Near Your Location
• Call up Al Hilal Bank Customer Care 600 522 229
• Request a Call Back from Al Hilal Bank

Dubai Islamic Bank [DIB]:

Dubai Islamic Bank has a variety of auto finance options for the customers. Whether you are a salaried person or a self-employed individual, you can apply for a car loan at Dubai Islamic Bank.

The DIB 0% interest car loan is available for all new & used electric and fuel cars. The bank offers easy access, simple documentation and a flexible loan tenure up to 5 years.

The DIB bank provides 80% of the car value as a loan and the customer has to pay the rest 20% as down payment. The customer must have the minimum salary but there is no requirement of salary transfer to get the loan.

To know more, Contact Dubai Islamic Bank at;

• Dial DIB Customer Care Number +971-4-609-2222
• Go to Your Nearest Dubai Islamic Bank Branch
• Send an Email to DIB Customer Support Contactus@dib.ae

Ajman Bank:

Ajman Bank offers six types of auto finance for individuals and business enterprises.

• Standard Auto Finance
• 50-50 Auto Finance
• Self-Employed Auto Finance
• Exotic Car Finance
• Secured Auto Finance
• Rent a Car or Fleet Finance

The Ajman Bank provides an interest-free car loan up to AED 500,000 with a tenure up to 5 years. The customers are required to pay 20% down payment during the loan application process.

The Ajman Bank has a tie-up with all leading auto dealers in the UAE. So, the customers can choose a car of their choice and get it financed by Ajman Bank.

The salary transfer is not required and the car loan is available for new cars and used cars. The Ajman Bank provides a pre-approved credit card to each auto finance customer soon after the loan is approved and processed.

To know more, Contact Ajman Bank at;

• Call Ajman Bank Customer Helpline Number 800 22
• Go to Your Nearest Ajman Bank Branch

Wrapping Up:

Buying your dream car is very easy with an expert’s guidance and finance offer from a bank. I have mentioned 7 banks that offer car loans at 0% interest with an easy process and quick approval system.

The banks do not charge any interest and offers 50% to 100% discount on processing fees. The Annual Profit Rate (A.P.R.) is between 2% and 4%, so the car loan is quite affordable for everyone living in the UAE.

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