CBI Used Auto Loan

Minimum Salary
5.000,00 د.إ

Flat Rate
AED 4.75%

Reducing Rate
8.8 %

Maximum Term
4 Years

Monthly Payment
AED 15,469

Description

CBI Auto Finance is a facility that can be availed for purpose of purchasing a vehicle in UAE. This loan can be used to finance the purchase of a used vehicle.

Major Advantage: High finance amount

Points to Consider: To get better rate salary transfer is required, Finance only for used cars

Features

Interest Rate: If Salary transferred, then rate starts at 4.75% which is a flat rate. If Salary is not transferred, then rate starts at 5.25%

Processing Fees: 1% (Min 500, Max 2,500)

Minimum Salary Requirement: AED 5,000

Down Payment Required: 20%

Repayment Period: 4 Years

Early Settlement Fees: 1% of outstanding amount

Sharia Compliant: No

Salary Transfer Required: Not Compulsory

Maximum Finance Amount: AED 500,000 for salary transfer customers, AED 250,000 for non-salary transfer customers

Holiday Period: Not Available

Documents Required

Valid passport, Resident visa and Emirates ID Copy.
Latest 3 months salary bank statement.
Salary Certificate.
Dealer valuation in case of Used Car.
Dealer quotation addressed to CBI Bank for new car.
Valid UAE driving license.
Any other documentation which may be required according to CBI Bank policies.

Additional Info

All info mentioned can change at any point of time as per the discretion of the bank. The Bank will determine eligibility. All info above is subject to change.
Flat rate is converted into reducing rate as per 4 years calculation.
Terms and conditions apply.