Banque Misr UAE Auto Finance

Minimum Salary
7.000,00 د.إ

Flat Rate
3.69%

Reducing Rate
AED 6.99%

Maximum Term
5 Years

Monthly Payment
AED 18,000

Description

Banque Misr (UAE) offers Islamic Murabaha auto financing with exceptionally high financing limits—up to AED 6,000,000—100% financing (no down payment), tenures up to 96 months, a 1% processing fee, and Sharia-compliant features including free life and disability Takaful.

Features

Profit Rates & Financing Terms

Profit Rate: Competitive Murabaha markup (quoted individually; typically 5%–5.5% p.a.).
Maximum Finance Amount: Up to AED 6,000,000.
Finance-to-Value (LTV): 100% of vehicle value (new and pre-owned).
Tenure: Up to 96 months (8 years).
Grace Period: First Instalment deferment up to 90 days (subject to approval).

Eligibility Criteria

Age: 21–65 years at Murabaha maturity.
Residency: UAE nationals, GCC nationals, and expatriates.
Employment:
- Salaried: ≥6 months with current employer; employer’s salary-transfer or pledge letter optional.
- Self-Employed & Professionals: ≥2 years in business; minimum turnover threshold applies.
- Pensioners: Pension transfer or pension-pledge option.
Credit History: Acceptable CBUAE credit record.

Schedule of Fees & Charges

Fee Type	Charge
Processing Fee	1.00% of Murabaha amount – non-refundable
Early/Partial Settlement	Pro-rata rebate of unearned profit – no additional fee
Late Payment (Charity Contribution)	AED 200 per missed instalment
Post-dated Cheque Replacement	AED 100 per cheque
Instalment Deferment	AED 200 per deferment; first deferment free subject to segment
Cooling-Off Period	5 business days – full refund of processing fee if cancelled
Vehicle Pledge Release (post-settlement)	Free (RTA fees apply separately)
Takaful Arrangement Fee	Waived – free life and total disability Takaful throughout tenure

All charges inclusive of UAE VAT where applicable.

Documents Required

All Applicants: Emirates ID; passport + UAE visa; recent utility bill; dealer’s showroom price list or proforma invoice.
Salaried: Salary certificate; employer’s salary-transfer or instalment pledge (if applicable).
Self-Employed: Trade licence; commercial registry extract; tax card; last 6 months’ bank statements.
Pensioners: Pension statement or employer/insurer pledge letter.
Additional: Completed Murabaha application; post-dated cheques or ECS mandate.

Additional Info

100% Financing: Full vehicle cost covered—no down payment required.
Extended Tenures: Up to 96 months eases monthly instalments.
Sharia-Compliant Murabaha: Transparent profit margin; no interest (riba).
Complimentary Takaful: Free life and total disability coverage for the customer.
Flexible Customer Categories: Covers salaried, self-employed, professionals, and pensioners.
Permissive Licensing: Vehicle may be licensed to a family member or corporate entity.
High Limit: Suitable for luxury vehicles, commercial fleets, and machinery up to AED 6 million.
Ease of Access: Application via Banque Misr UAE branches with minimal salary-transfer requirements.