EIB Auto Finance provides Shariah compliant financing solutions with unprecedented levels of personal service. It offers competitive rate starting as low as 2.99 and flexible payment plans up to 60 months giving you the ability to drive away your dream car in no time.
Features & Benefits:
- Finance amounts up to AED 500,000
- Highly competitive profit rates
- Flexible repayment up to 60 months
- Salary transfer not mandatory
- Financing available for comprehensive Islamic vehicle insurance
- Easy processing and documentation
- Free Emirates Islamic Current Account
- Starting rate for new car 2.99 p.a.
- Starting rate for used car 3.79 p.a.
- Salary certificate or documented evidence of income
- 3 months bank statements for your salary account (not required if your salary is already being transferred to Emirates Islamic)
- Copy of valid passport with valid UAE Residence Visa, the latter is applicable for expatriates only (Originals required for verification)
- Post dated cheques (if applicable)
- Security Cheque
- Comprehensive Islamic vehicle insurance
- A quotation or pro-forma invoice from the dealer for new vehicles
- For used cars you will require:
- A valuation certificate issued by an Emirates Islamic approved dealer
- An ownership title
- A quotation or offer to sell to the bank from the current vehicle owner
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.