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NBF Auto Loans

Minimum Salary
0,00 د.إ

Description

National Bank of Fujairah offers competitive fixed-rate auto loans with reducing-balance rates from 2.50% p.a., financing up to 80% of vehicle value (AED 1 million max), tenures up to 60 months, a transparent fee schedule, and digital convenience.

Features

  1. Interest Rates & Financing Terms
  • Interest Rate (reducing balance):50% p.a.
  • Equivalent Flat Rate: Calculated per KFS; example: 3.33% flat for 5-year term at 2.50% reducing.
  • Loan Amount: AED 20 000–1 000 000 (new cars); 80% LTV for new, 70% for used (max 7 years old).
  • Tenure:
    • New cars: up to 60 months
    • Used cars: up to 48 months
  • First-Installment Deferment: up to 90 days (subject to approval).
  1. Eligibility Criteria
  • Age: 21–65 years at maturity.
  • Residency: UAE nationals and expatriates.
  • Employment:
    • Salaried: ≥6 months with current employer.
    • Self-employed: ≥2 years in business.
  • Debt Burden Ratio: ≤50% of gross income.
  • Salary Transfer: Not mandatory but may be required for approval.

Schedule of Fees & Charges

Fee Type Charge
Processing Fee 1% of loan amount (min AED 500, max AED 2 500)
Early/Partial/Final Settlement Fee 1% of outstanding principal (no cap)
Late Payment Fee AED 200 per missed instalment
Instalment Deferment AED 200 per deferment
Post-dated Cheque Replacement AED 100 per cheque
Cooling-Off Period 5 working days (some fees non-refundable)
Vehicle Pledge Release (post-settlement) No bank charge (RTA fees apply separately)

 

All fees per KFS; subject to VAT where applicable.

Documents Required

  • Emirates ID (copy)
  • Passport + UAE visa page (copy)
  • Salary certificate or employment letter (≤30 days old)
  • Last 3 months’ bank statements (salary account)
  • Trade license + last 2 years’ audited financials (self-employed)
  • Dealer’s invoice or approved valuation report (used cars)
  • Signed post-dated cheque(s) for 120% of EMI value (if salary transfer)

Additional Info

  • Competitive Rates:50% reducing balance – among lowest in market.
  • High Financing Limits: Up to AED 1 million for new cars; used cars up to AED 700 000.
  • Flexible Tenure: 48–60 months tailored to vehicle age.
  • Digital Convenience: Online application, instant pre-approval, funds disbursed within 10 business days.
  • No Mandatory Salary Transfer: Simplifies process for expats.
  • Transparent Terms: Reducing-balance calculation, no compounding interest.
  • Optional Green Auto Loan Rates: Additional 10 bps discount for hybrid/electric vehicles under Green Auto Loan program.

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