Your mind is filled with the imagination of the open roads calling a glistening brand-new vehicle. But how can you bridge that gap between your dreams and the reality of owning a brand-new and shiny car? How?
Don’t worry! Since First Abu Dhabi Bank (FAB) Car Loan can swiftly turn your dream into reality. It is the one-stop solution for financing a dream car anywhere in the UAE. First, Abu Dhabi Bank, or FAB, is one of the world’s largest banks. It was established in 2017 and resulted from a merger between NBAD, FGB, and other banks.
It offers tailored solutions, services, and products to its customers. FAB’s international network spans five continents and brings global relationships, expertise, and financial strength to international and local businesses. So, join us as we take a trip through the FAB Auto Loan, exploring its myriad benefits, eligibility criteria, documentation necessities, and more!
Benefits and Features of FAB Car Loan in UAE
Imagine buying the car of your dreams, knowing you have secured the best possible price. FAB provides a variety of benefits.
Competitive Interest Rates
FAB offers financing options with interest rates that you will not feel. You can get some of the best UAE rates, starting at a 1.99% flat rate – a significant saving throughout your loan.
Note: Actual FAB auto Loan Interest Rates may vary.
Flexible Repayment Plans
FAB’s flexible payment plans are tailored to your financial situation. They will ensure that you can own your dream auto.
Fast and Easy Application
The online application process for FAB is easy, fast, and user-friendly. You can submit your application from your couch at your convenience and comfort.
Quick Approval process
You can say goodbye to the long waiting period! FAB assures an easy and quick approval process. You will be driving home in no time.
Dedicated Customer Support
FAB’s team of customer support specialists will help you throughout the process, from application to repayment. This will ensure that everything runs smoothly.
Eligibility Criteria
FAB allows those who are self-employed or on a regular salary to apply for an FAB loan easily. You need to meet a couple of basic requirements to be eligible. To qualify, you must:
- For Salaried Individuals: When assessing the financial security of salaried individuals, it is important to consider their lowest monthly income. Employment documentation will also demonstrate reliability.
- Self-employed Individuals: To qualify for a Personal Loan, you must prove that your income is stable and that you own a business.
FAB Car Loan Calculator
It is the best tool to help you understand your budget. FAB’s Calculator for Online Car Loans allows you to calculate your monthly payment by entering your desired loan amount, interest rate, and loan terms. This calculator can help you to determine your budget.
Required Documents
Documents required will depend on whether you’re employed or unemployed. In general, you will need the following documents:
- Copy of Passport, Emirates Identification.
- Proof of Income (Payslips for employees and bank statements for self-employed employees).
- Employment contract (if salaried).
- Trade License for Self-employed Persons
- Vehicle details (purchase agreement, registration documents).
There are a few things to keep in mind when considering a loan
When buying an automobile, you should consider the following:
- Assess your financial status: Create a realistic matched budget based on your revenue and costs.
- Compare Loan Options: Find out which loan provider is best for you by comparing the various loan providers.
- Understand Terms: By knowing the terms and circumstances of a loan agreement, you can avoid unpleasant situations.
First Abu Dhabi (FAB) Car Loan Interest Rates
Interest rates are a key factor in determining the affordability and accessibility of car loans. FAB provides affordable rates, making the dream of owning a car more convenient.
Car Loan for Salaried Individuals
Flat Rate: 2.35%
Loan Amount: AED 1500K
Early Settlement Fee: 1.05%
Down Payment: 20%
Features and Benefits
- Flexible Repayment Terms: The terms are adapted to dissimilar financial capacities, providing convenience and peace of mind.
Car loan for Self-Employed Individuals
Flat Rate: 3%
Loan Amount: AED 500K
Early Settlement Fee: 1.05%
Down Payment: 20%
Features and Benefits
- Tailored Solutions: Customized to meet self-employed professionals’ specific needs and requirements.
- Quick Approval: An accelerated approval process allows you to benefit from any opportunity and minimize your waiting time.
- Competitive Rates: Enjoy competitive interest rates tailored to your specific financial situation.
Green Car Loan
Minimum Salary: AED 7K
Features and Benefits
- Special Financing Options: Access to exclusive financing for environmentally friendly cars contributes to sustainability.
- Incentives: Take advantage of incentives like reduced interest rates or favorable repayment terms to encourage the purchase of eco-friendly vehicles.
Factors Affecting Loan Approval
The approval of an auto loan application is dependent on several factors. Some of these factors are listed below:
- Credit Score: A high score will demonstrate that you can responsibly manage debt, increasing your chance of approval and a favorable rate.
- Income Stability: Demonstrating that your income is stable will increase the confidence of lenders in your ability to repay a loan.
- Debt-to-income ratio: This ratio compares monthly debt repayments with gross annual revenue. A lower ratio shows better financial control and increases your approval chances.
- Loan Amount and Tenure of the Loan: The lender assesses the risk of a given loan based on its amount and repayment period.
Comparing Loan Options
Make sure you do not make an impulsive decision. Compare all your options. You can use this guide to compare loan offers:
- Compare interest rates: Annual Percentage rate (APR) includes a flat fee and additional charges. A lower annual percentage rate indicates that the loan is more affordable.
- Loan Terms: Determine the best repayment term for you. While a shorter repayment term might mean faster, your monthly payments may be higher.
- Additional Fees: Pay attention to processing fees, early settlement charges, and penalties if you pay late. You should choose a loan where the additional charges are minimal.
- Customer Service: Research FAB’s Customer Service to ensure you will have a positive customer experience during the loan term.
Conclusion
Abu Dhabi Car Loan (FAB) has first made the ownership of a new automobile easier for UAE Residents. FAB provides car loans to residents of the UAE at competitive rates. Flexible repayment options are also available.
The online car loan estimator will help you explore options and calculate costs. FAB Bank Car Loans can be the key to getting your new vehicle. With careful consideration of your credit score and a high rating, you can enjoy cruising around in your new car.
FAQs (Frequently Asked Questions)
Will I have to put down a payment on an auto loan?
Although a down payment is not compulsory, it is highly recommended. The down payment will reduce your loan amount. It will also lower the monthly installments. You may be eligible for a higher interest rate.
How much money can I get for an auto loan, and how much will my monthly installments be?
The monthly installments and loan amount depend on your income, credit history, and loan agreement terms. FAB offers financing up to AED 1.5m, which is 80% of the car’s value. The FAB Car Loan Calculator will help you accurately estimate your loan amount and repayments.
What is the minimum wage requirement for an auto loan?
The minimum wage required for salaried individuals is AED 7,000. Self-employed individuals must have a three-month average of AED 25,000. For accurate information, contacting FAB or consulting their eligibility criteria is best.
Are there vehicle restrictions when applying for an auto loan?
Generally, FAB do not restrict the type or price of the vehicle you can finance. However, some lenders may limit the type or age of vehicle eligible for funding. FAB has several options for financing cars, including new and used ones.
Can I receive an auto loan from FAB if I am self-employed?
FAB does offer auto loans to self-employed individuals as long as they meet eligibility criteria and can provide the necessary documentation proving their income stability and ownership of a business.
What charges are associated with a car loan?
Some charges you may encounter with a car loan include processing, administrative fees, and insurance premiums. You should thoroughly and carefully read the loan contract to ensure you know all the applicable charges.
What are the interest rates on a car loan?
FAB offers low-interest car loans starting at 1.99% (flat rate). The rate you qualify for is determined by various factors, including your credit history, loan amount, selected loan term, and whether you choose the Multi-Products package.
Can I reschedule my loan?
It may be possible, under certain circumstances, to reschedule your loan; however, fees may be associated with this. FAB’s customer service department can provide more information about your situation.
Are we supposed to provide post-dated cheques?
In most cases, FAB’s online submission process can eliminate the need to submit post-dated cheques. Confirming the post-dated cheques during the online application process or contacting FAB is best.
Can I change my installment due date?
It might be possible to alter your payment due date in certain situations. However, this isn’t guaranteed. FAB is available and will gladly discuss your situation and help you determine the best options.
What are the late payment fees charged?
Late payment penalties are significant and can add quickly to the total cost of your loan. You must pay your loan on time to avoid any late payment fees. FAB’s Customer Service can provide you with options to avoid late payments.
Can I get a loan for used cars as well?
FAB Car Loan, which allows you to finance both new cars and pre-owned ones. However, the age limit of the vehicle at which a pre-owned car can qualify for finance may not be applicable. For specific information, contact FAB!
Is it mandatory to have a Dubai driving license to get an auto loan?
FAB auto loan are not dependent on a Dubai driver’s license. However, a valid UAE driving license is required to register your vehicle!
Can I pay my monthly installment in advance?
Using the monthly installments to pay for your loan in advance can save money and help you pay it off faster. FAB doesn’t charge any penalties for making early payments.
