Emirates Islamic Bank Auto Finance

Minimum Salary
5.000,00 د.إ

Flat Rate
2.55%

Reducing Rate
AED 5.99%

Maximum Term
5 Years

Monthly Payment
AED 17,500

Description

Emirates Islamic offers Sharia-compliant Murabaha auto finance with fixed profit rates from 2.49%–5.64% p.a. (equivalent reducing 4.72%–10.24% p.a.), tenures up to 60 months, financing up to 80% of vehicle value, a transparent fee structure, and no mandatory salary transfer.

Features

Profit Rates & Financing Terms

Fixed Profit Rate:49%–5.64% p.a.*
Equivalent Reducing Rate:72%–10.24% p.a.*
Annual Percentage Rate (APR):70%–5.85% p.a. (flat) / 5.15%–10.70% p.a. (reducing) inclusive of processing fees*
Tenor: up to 60 months
Minimum Down Payment: 20% of vehicle value
Financing: up to 80% of vehicle purchase price

*Indicative ranges; actual rate depends on applicant profile, salary, and tenure.

Eligibility Criteria

Age: ≥21 years at application; ≤65 at maturity
Residency: UAE citizens, residents, and GCC nationals
Income & Affordability: meet internal assessment; no explicit minimum salary; salary transfer optional
Credit Profile: satisfactory Central Bank credit history
Vehicle: new or used passenger cars financed under Murabaha

Detailed Schedule of Fees & Charges

Fee Type	Charge
Processing Fee	1.05% of finance amount (Min AED 525, Max AED 2,625)
Obligated Charity (Late Payment)	AED 210 per missed installment (inclusive of VAT)
Partial/Early Settlement	1.05% of outstanding principal/settlement amount
Post-dated Cheque Replacement	AED 100 per cheque
Instalment Deferment	AED 105 per deferment
Cooling-Off Period	5 business days (full refund of processing fee if cancelled)
Vehicle Pledge Release	Free (RTA fees apply separately)

All charges inclusive of VAT. Actual fees per the Offer Letter and published Schedule of Charges.

Documents Required

Emirates ID (copy)
Passport + UAE visa page copy
Dealer’s proforma invoice/quotation addressed to Emirates Islamic
Salary certificate or employment contract (salaried)
Latest 3 months’ bank statements (salary account)
Trade license + audited financials (self-employed)

Additional Info

Transparent Murabaha: full disclosure of cost and profit margins.
No Salary Transfer Required: flexibility for expatriates and GCC nationals.
Grace Period: defer first instalment up to 90 days (subject to approval).
High Financing Limits: finance up to 80% of vehicle price.
Flexible Tenures: choose up to 60-month repayment plan.
Optional Takaful Bundling: coordinate motor Takaful with finance.
Quick Turnaround: funds disbursed within 10 business days post-approval.
Cooling-Off Period: cancel within 5 business days with fee refund.