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Bank of Sharjah Auto Loans

Minimum Salary
5.000,00 د.إ

Flat Rate
6.69%

Reducing Rate
AED 8.99%

Maximum Term
5 Years

Monthly Payment
AED 17,500

Description

Bank of Sharjah’s auto loans feature flat interest rates starting from 6.44% p.a., financing up to 80% of a new car’s value, tenures up to 60 months, and a transparent fee structure with competitive processing and settlement charges.

Features

  1. Interest Rates & Financing Terms
  • Interest Rate (flat): from 6.44% p.a.
  • APR (indicative): 10%–15% p.a. on reducing balance, inclusive of fees and charges.
  • Finance-to-Value: up to 80% of new car value.
  • Tenure: 12–60 months (1–5 years) with fixed EMIs.
  1. Eligibility Criteria
  • Age: 21–65 years at loan maturity.
  • Residency: UAE nationals and residents.
  • Minimum Income: Not explicitly stated; affordability assessed per applicant.
  • Employment: Salaried or self-employed with satisfactory credit history and documentation.
  • Down Payment: 20% of vehicle value upfront.

Detailed Schedule of Fees & Charges

Fee Type Charge
Processing Fee 1% of loan amount – min AED 500, max AED 2,500 (non-refundable)
Early/Partial Settlement 1% of settled principal (exclusive of VAT), allowed after 3 months
Late Instalment Payment Fee AED 200 per missed payment
Loan Deferral/Postponement AED 250 per postponement
Post-Dated Cheque Replacement AED 100 per cheque
Cooling-Off Period 15 calendar days (fee refund on cancellation)
NOC for Vehicle Registration Free
Vehicle Mortgage Release (post-settlement) Free

 

All fees exclusive of VAT.

Documents Required

  • Identity: Emirates ID (copy), passport and UAE visa page (copy).
  • Income Proof:
    – Salaried: salary certificate/employment letter; last 3 months’ bank statements.
    – Self-Employed: trade license copy; last 2 years’ audited financials; last 6 months’ business statements.
  • Vehicle Quotation: Proforma invoice addressed to Bank of Sharjah.
  • Insurance: Full coverage motor insurance naming the bank as beneficiary.

Additional Info

  • Fixed EMIs: Consistent monthly repayment amounts for budgeting ease.
  • High Financing Limits: Up to AED 1.5 million (new cars).
  • Transparent APR: Annualised rate reflecting all costs, aiding comparison.
  • Quick Approval: Decision within 10 business days upon receipt of full documentation.
  • Flexible Terms: Tenures from 12 to 60 months.
  • No Salary Transfer Required: Applicants can finance without moving salary account.
  • Security: Vehicle mortgaged until full loan repayment, ensuring clear title release.

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