Emirates Islamic Bank Car Loan

Emirates Islamic Bank, founded in 2004, offers Islamic banking services based on Sharia principles. It gives you the freedom to manage your finances without straining your budget. With their car loan offerings, you can make your dream car yours. Let’s delve deeper and learn more about the EIB car loan!

Top Car Loan Plans in Dubai

Emirates Islamic Bank Car Loan: Overview

Buying a car is easy with Emirates Islamic Bank, as it provides you with financial assistance with minimal requirements and documentation. It gives you the opportunity to own your dream car and repay the amount in easy monthly installments, saving you from financial burden and offering you peace of mind.

With an Emirates Islamic car loan, you can get a number of privileges, including:

✅Competitive profit rates

✅Extended payment periods

✅Quick approvals

✅High finance, and much more

Key Features of Emirates Islamic Car Loan

The key features of an EIB car loan are as follows:

• Offers a low interest rate, starting from 2.49% for new auto finance and 3.19% for pre-owned auto finance
• High car finance facility, up to AED 1 million
• Flexible auto finance tenure, up to 5 years
• Avail of a 60-day grace period on your first installment
• Get approval within 4 hours with minimal documentation
• Car financing is available for new, used, and certified pre-owned vehicles
• Auto finance is based on a Sharia-compliant Murabaha structure
• No salary transfer is mandatory
• Various methods to repay auto loans, including mobile banking, online banking, and so on

Did You Know?😀
Your credit history, documents, and solvency highly influence your car loan approval.

Benefits of Applying for an Emirates Islamic Bank Car Loan

With Emirates Islamic Auto Finance, you can enjoy a number of benefits:

💲Competitive Profit Rate

EIB car loan interest rates are very attractive with flat and reduced finance options. For new cars, you can get the lowest interest rate, such as 2.49% for UAE nationals and 2.65% for expatriates. The bank also offers low interest rates for pre-owned and used cars, starting from 3.19%.

🚘Convenient Auto Finance Options

You can get high finance for your car that is up to AED 1 million with the bank. Plus, the loan facility is based on the Murabaha structure complying with Shariah principles.

🈸Smooth Application Process

With EIB, it’s a breeze to get a car loan, as the application process is very straightforward and requires minimal documents. You can get quick and fast approvals with facilities like same-day approval or within just 4 hours.

⌛Flexible Repayment Tenure

The bank offers flexible and extended car loan tenure of up to 60 months. Not just that, you can take advantage of the grace period for up to 60 days in your first installment.

Eligibility Criteria for Emirates Islamic Bank Car Loan

You need to fulfill the following eligibility criteria for the Emirates Islamic Bank auto loan: 

Eligibility Criteria	Requirements
Nationality	UAE Nationals and Residents
Age	Between 21-60 years
Income	Salaried: AED 5,000 Self-Employed: AED 10,000 in your account

Documents Required for Emirates Islamic Auto Loan

We have outlined the required documents for the Emirates Islamic car finance:

For New Cars	For Used Cars
Income proof  3 months bank statements  Passport  UAE residence visa Security cheque Comprehensive Islamic vehicle insurance Quotation of new car	A car valuation certificate  An ownership title A quotation/offer to sell to the bank from the current vehicle owner

Note: You may need to submit some additional documents if required by the bank.

Emirates Islamic Car Loan Calculator

The Emirates Islamic car loan calculator is an easy-to-use tool that computes your monthly EMIs in a hassle-free manner. By just putting in a few inputs, such as auto loan amount, tenure, and interest rate, you can get the result.

You can also use the auto loan calculator on Paisabazaar.ae, which makes quick calculations and provides you with the following benefits —

• Assistance in making informed decisions after comparing multiple options
• Future financial planning
• Saves your precious time

How to Apply for an Emirates Islamic Car Loan?

Applying for auto loans has never been easier. With Paisabazaar.ae, you can easily apply for a car loan. Follow these quick and simple steps mentioned below:

• Go to the home page of Paisabazaar.ae
• Head to the ‘Car Loan’ section
• Fill out the form with the required details
• Explore and compare the various car loan options, including their features and more
• Select the car loan that best fits your needs and click on the “Apply” button
• Our representative will call you soon to guide you through the next steps

Got questions? We have got answers!

Feeling like you are diving into the deep end of banking or finance? Don’t worry, Paisabazaar.ae is here to help.

Just ask us your questions and our expert team will reel in the answers! Dial +971 800 728 4647.

Frequently Asked Questions