Car Loan Application Process

Car Loan Application Process

1. Eligibility Check

Ensure you meet the basic eligibility criteria.

- Minimum age: 21 years.

- Minimum monthly salary: AED 3,000

- Employment status: Confirmed employment with at least six months of service for salaried individuals or a minimum of one year of business continuity for self-employed individuals.

2. Choose the Car

Select the car you wish to purchase, whether new or used.

3. Documentation

Prepare the necessary documents, which typically include:

- Identification: Valid passport, residence visa, and Emirates ID.

- Proof of Income: Salary certificate or pay slips for salaried individuals, or audited financial statements for self-employed individuals.

- Bank Statements: Usually the last 3-6 months of bank statements.

- Car Details: Car RTA report from the car dealer / owner, including the price of the car, photos of the car.

4. Application Submission - 1199 AED Service Fee may apply

Submit the loan application form along with the required documents to our website, email or office.

5. Credit Assessment

We will conduct a credit assessment to evaluate your financial stability and repayment capacity. This includes checking your credit score and reviewing your financial documents.

6. Loan Approval

Upon successful assessment, we will approve the loan and provide you with a loan offer detailing the loan amount, interest rate, tenure, and monthly installment amount.

8. Loan Agreement

Sign the loan agreement after reviewing the terms and conditions. We may require post-dated cheque or a salary transfer letter as security.

9. Car Registration

Once the loan is approved, we will issue a manager's cheque or transfer the loan amount directly to the car dealer/ owner. The dealer will then proceed with the registration of the car in your name.

10. Insurance

We will Obtain comprehensive car insurance, which is mandatory in the UAE.

11. Collect the Car

After registration and insurance are completed, you can collect your car from us.

12. Repayment

Start repaying the loan as per the agreed schedule. Ensure timely payments to avoid penalties and maintain a good credit score.