With great value motor insurance, a free for life credit card and quick approval processes, this is one car loan everyone will be happy with.
CBI Car Loan Features:
- Highly competitive interest rates starting from 2.5% p.a.
- Finance up to 80% of the vehicle value.
- Flexible payments up to 60 months.
- Free for life Credit Card.
- Competitive motor insurance rate.
- Valid passport for UAE Nationals
- Valid passport and valid UAE residence visa for Expatriates
- Valid Emirates ID
- Valid UAE driving license
- Last three months bank statements
- Salary Certificate
- Dealer quotation (new car)
- Dealer valuation (used car)
If you borrow AED 10,000 over 3 years at a Representative APR of 4.6% fixed and an annual interest rate of 4.6% you would pay:
Payment per month – AED 297.50 | Total charge for credit – AED 710 | Total amount you repay – AED 10,710
Please note, the actual rate applied to your loan will depend on your circumstances.
Amount: The total amount of money borrowed, also referred to as the principal amount.
Rate (%): This is the annual interest flat rate on the product. This is not the APR, which is going to be calculated in this example.
Years: This is the original term or length of the product, stated in years.
Effective Monthly Payment: This is the effective monthly payment, which takes into consideration fees and other costs associated with this product. The effective monthly payment is the basis for the APR calculation.
Calculated Annual Percentage Rate (%): The calculated Annual Percentage Rate(APR) is determined using the annual interest rate on the product plus fees and other costs. The APR is useful when comparing two or more products with different interest rates and fee structures.