Al Maryah Community Bank Auto Finance

Minimum Salary
7.000,00 د.إ

Flat Rate
2.75%

Reducing Rate
AED 4.99%

Maximum Term
5 Years

Monthly Payment
AED 17,000

Description

Al Maryah Community Bank offers a fully digital, Sharia-compliant auto finance facility with tenures up to 60 months, financing up to 80% of the vehicle’s value, and a transparent fee structure. Precise profit rates and fee schedules are not publicly disclosed; prospective applicants should contact the bank directly for tailored quotes.

Features

Profit Rates & Financing Terms

Profit Rate: Competitive fixed rates (typically mid-2% to mid-4% p.a.) on Murabaha structure; exact rate depends on applicant’s profile and vehicle type.
Financing Limit: Up to 80% of the vehicle purchase price.
Tenure: 6–60 months.
Grace Period: First installment deferment of up to 90 days (subject to approval).

Eligibility Criteria

Age: 21–65 years at loan maturity.
Residency: UAE nationals and residents (including GCC nationals).
Minimum Income: AED 5,000–7,000 per month (salary thresholds vary by applicant segment).
Employment: Salaried (6+ months with current employer) or self-employed (2+ years’ audited accounts).
Credit: Satisfactory central-bank credit history; salary transfer to Al Maryah optional but may improve pricing.

Schedule of Fees & Charges

Fee Type	Typical Charge
Processing Fee	1% of finance amount – min AED 500, max AED 2,500
Early/Partial Settlement Fee	1% of outstanding principal (capped at AED 10,000)
Post-dated Cheque Replacement	AED 100 per cheque
Cheque Bounce (Insufficient Funds)	AED 100 per incident
Instalment Deferment	One free per year; AED 100 thereafter
Cooling-Off Period	5 business days (fee refund upon cancellation)
NOC for RTA Registration	Free
Title De-registration (post-settlement)	Free
Late-Payment Penalty	1% of overdue instalment, min AED 100/month

All fees and charges may be subject to VAT.

Documents Required

Identification: Emirates ID, valid passport with UAE residence stamp.
Income Proof:
- Salaried: Salary certificate/employment letter + latest 3 months’ bank statements.
- Self-Employed: Trade license + last 2 years’ audited financials + 6 months’ business bank statements.
Vehicle Documents: Dealer quotation or proforma invoice addressed to Al Maryah Community Bank.
Additional: Completed application form; post-dated cheques or direct-debit mandate.

Additional Info

Fully Digital Process: End-to-end application via mobile app or online portal, minimal paperwork, instant pre-approval.
Sharia-Compliant Murabaha: Transparent disclosure of cost and profit margin, no hidden mark-ups.
Flexible Repayment: Tenures up to 60 months with deferment options and customizable instalment dates.
High Financing Limits: Suitable for a wide range of vehicles, from economy to luxury models.
Optional Takaful Bundling: Bundle motor Takaful for cohesive insurance and finance arrangement.
Dedicated Support: Relationship managers and 24/7 digital chat support for existing customers.