Whether you are looking for a new or a pre-owned vehicle, buying from a dealer or a private seller or refinancing your existing car Mashreq offers quick financing solutions with competitive rates and streamlined approval processes.

Mashreq Car Loan features:

  • Competitive interest rates starting at 2.35% p.a. flat, reducing Rate Starting at 4.31% p.a.
  • Choice of Islamic or conventional car financing
  • High loan amount Maximum Loan of up to AED 500,000
  • Flexible repayment options 12-60 month repayment periods on new and used cars
  • Funding for new & pre-owned cars
  • Refinancing of an existing car
  • Repayment tenure of up to 60 months
  • Loan to value for up to 80% of car value
  • No salary transfer required
  • Processing fee is 1% of the loan amount, with minimum AED 500 and maximum AED 2500

Additional Benefits:

  • Quick & easy processing
  • Special rates on vehicle insurance
  • Free current account with no minimum balance
  • Free for first year overdraft facility of up to AED 100,000
  • Free for first year platinum elite credit card
  • 45,000 Salam points per AED 100,000 worth of loan

Eligibility:

  • Minimum Income of AED 5,000
  • For Salaried Customers – Minimum Age 21 years – Maximum Age 60 years on the maturity of the loan for Expatriates & 65 years for UAE locals
  • For Self Employed Customers – Minimum Age 21 years -Maximum Age 65 years on maturity of loan

Documents Required:

Salaried:

  • Application form
  • Valid Passport with residence visa page for Expatriates
  • Driving License
  • Salary Certificate / Salary Transfer letter (Issued in last 30 days)
  • Latest 3 months bank statement (Mashreq a/c not required)
  • Ownership Document & Evaluation certificate for used cars purchased from Non approved dealership or Individual

Self Employed:

  • Application form
  • Valid Passport with residence visa page for expatriates
  • Driving license
  • Trade license copy
  • Power of attorney (POA), in case of LLC – Memorandum of Association (MOA) or Article of Association, Partnership agreement
  • Latest 3 months bank statement (Mashreq a/c not required)
  • Ownership Document & Evaluation certificate for used cars purchased from Non approved dealership or Individual

Companies:

  • Application form
  • All partners valid passport with residence visa page for expatriates
  • Trade license copy
  • Power of attorney (POA), In case of LLC – Memorandum of Association (MOA) or Article of Association, Partnership agreement
  • Latest 3 months bank statement (Mashreq a/c not required)
  • Ownership Document & Evaluation certificate for used cars purchased from Non approved dealership or Individual
** Calculator Definitions
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.