Minimum Salary Salary Transfer Early Settlement Fees Maximum Term Flat Rate Reducing Rate
Dubai Islamic Bank - Balloon Finance Dubai Islamic Bank - Balloon Finance Minimum Salary: AED 5,000 Salary Transfer: Yes Early Settlement Fees: 1% Maximum Term: 5 Years Flat Rate: 3.25% Reducing Rate: 6.11%
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Features & Benefits:
  • Financing amount up to AED 1.5 Million for Individual Customers
  • Financing available for up to 60 months
  • Finance available for new and used cars
  • No Requirement of mandatory transfer of Salary
  • Option for financing Insurance and other accessories available
  • Financing available for: Salaried, Self Employed, Rent a Car, Companies and Heavy Machinery
  • Financing amount up to AED 5 Million for Non-Individual Customers
Fees & Charges:
  • Arrangement Fee: AED 2,500
  • Early Settlement Fee: 1% of the remaining balance
Documents Required:
  • Personal / Business Bank Statements
  • Salary Certificate / Slip
  • Passport/Khulasat al Khaid copy
  • Valid Visa (Expatriate customers)
  • Emirates ID Card
  • Quotation for vehicle being purchased
  • Trade License / Memorandum of Association/ Partnership Agreement
 

 
** 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.
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