Introduction to the Al Masraf Bank Car Loan
Car loans offered by Al Masraf Bank come with attractive rates of interest. By opting for a car loan offered by Al Masraf Bank, you can easily purchase your preferred car and enjoy a complete world of freedom. The bank maintains a speedy and easy process of processing and disbursing car loans.
You’re probably eligible for Al Masraf Bank Car Loan if you are
Government Employee, Semi- Government Employees (For Private Company Employees, the company should be registered with the bank)
Earn more than the minimum income required
Your Al Masraf Bank Car Loan amount eligibility is based on these factors
Minimum income required AED 20,000 per month
Loan capped is AED 500,000 of the Ex-Showroom price of Car value
EMIs of other loans lower your eligibility
Increase your eligible Al Masraf Bank Car Loan amount by these steps
Pay off your credit card bills
Choose longer tenure loan up to 60 months
Features of Al Masraf Bank Car Loan
The car loans offered by Al Masraf Bank come with the following features:
- Al Masraf Bank offers competitive rates of interest on car loans.
- You can enjoy flexible repayment periods up to 60 months.
- The bank maintains a quick process of approving and disbursing car loans.
- Enjoy easy documentation. You can get a car loan offered by Al Masraf Bank by submitting a very few documents.
- The car loan account serves as a current account with no minimum balance.
Benefits of Al Masraf Bank Car Loan
Enjoy the following benefits by opting for a car loan offered by Al Masraf Bank:
- You can get finance up to AED 500,000 with Al Masraf Bank Car Loans.
- The bank also offers finance for used cars.
- Get free credit cards when you apply for a car loan.
- Get finance up to 80% of the value of your vehicle.
Eligibility Criteria for Al Masraf Bank Car Loan
You need to fulfil the following eligibility criteria to quality for cars loans offered by Al Masraf Bank:
- You need to be an existing customer of Al Masraf Bank.
- Both government and semi- government employees can apply for car loans offered by Al Masraf Bank. Also, employees working with private companies are eligible for the same, if the companies are listed with Al Masraf Bank.
- Your minimum salary needs to be AED 20,000
Documents Required for Al Masraf Bank Car Loan
You need to submit the following documents:
- A complete application form.
- Copy of your passport.
- Your Emirates ID copy.
- Copy of your driving license based in UAE.
- Bank statements of last 3 months.
- Salary transfer certificate.
- Valuation certificate, ownership title and sale agreement (required for used car loans)
Fees & Charges for Al Masraf Bank Car Loan
The following fee and charges are applicable for car loans offered by Al Masraf Bank:
- Processing fee - 1% of the loan amount.
- Advance payment of instalment - 1% of the advance payment made.
- Change of due date on standing instructions - AED 25
- Early settlement of car Loan - 1% of the remaining balance.
- Instalment delay charges - AED 100 per delay.
- Loan rescheduling fees - AED 250
- Late payment charges - AED 2%. It may range from a minimum amount AED 50 to a maximum amount of AED 200.
Car loan offered by Al Masraf Bank not only enables you to purchase your dream car, you can also enjoy a plethora of attractive features and benefits such as flexible repayment periods, attractive interest rates and up to 80% finance on your car loan. Based in Abu Dhabi, Al Masraf Bank is one of the leading banks in the UAE. The bank offers a wide range of services which include Personal Banking, Corporate Banking, Islamic Banking, Treasury and Investment services. Al Masraf Bank was established in 1976 with an aim to encourage economic co-operation and ventures amongst the Arab countries. The bank constantly strives to offer innovative and best in class products and services to customers.
What should be my minimum salary to apply for a car loan with Al Masraf Bank?
Does Al Masraf Bank offer car loan for used cars?
Do I need to pay processing fee for my car loan?
Should I have a current account with Al Masraf Bank to apply for a car loan?
If I am private employee, will I be eligible for an Al Masraf Bank car loan?
Does Al Masraf Bank charge loan rescheduling fees?
Your minimum salary needs to be AED 20,000 to apply for an Al Masraf Bank car loan.
Yes, the bank offers car loans for used cars.
Yes, you need to pay 1% of your total loan amount as processing fee.
Yes, you should have an existing or current account with Al Masraf Bank to apply for a car loan.
Yes, you will be eligible for an Al Masraf Bank car loan, if the company where you are working is listed with Al Masraf Bank.
Yes, the bank charge an amount of AED 250 as loan rescheduling fees.