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Ferrari
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Hongqi
Chevrolet
GMC
Jetour
Maserati
Mini
Renault
Jeep
Are you aiming to purchase a car in the UAE? Abu Dhabi Commercial Bank (ADCB) offers the comfort of the best car loans options. Whether you are employed or working independently, ADCB offers loans with great interest rates and plans that are easy to pay back. In this detailed blog, we will try to explore important points about ADCB Car loans.
Key Features of ADCB Car Loan
| Feature | New Car Loan | Used Car Loan |
| Loan Amount | Up to AED 1.5 million | Up to AED 1.5 million |
| Financing Percentage | Up to 80% of the car’s value | Up to 80% of the car’s value |
| Repayment Tenure | Up to 60 months | Up to 60 months |
| Interest Rates | Starting from 1.99% per annum (flat rate) | Starting from 2.49% per annum (flat rate) |
| Processing Fees | 1% of the loan amount (0.75% with minimum deposit of AED 200,000) | 1% of the loan amount (0.75% with minimum deposit of AED 200,000) |
| Early Settlement Fees | 1% of the outstanding loan amount | 1% of the outstanding loan amount |
| Minimum Salary Requirement | AED 5,000 per month | AED 5,000 per month |
| Special Offers | 0% finance on select brands and deferred payment options | 0% finance on select brands and deferred payment options |
High Loan Amount
With this well-known bank, you can avail around AED 1.5 million loan amount and up to 80% of the value of the vehicle.
Flexible Repayment
The customer can select a plan of up to 60 months to repay the loan which makes it easier for the customer to pay in monthly installments.
Quick Processing
The ADCB car loan processing time is quick to ensure fast loan approval.
Exclusive Offers
There are special promos and discounts as ADCB partners with a range of car dealers in the UAE.
Interest Rates and Fees
ADCB car loan interest rate is dependent upon the amount taken as loan, the repayment period, and your profile with the Bank. Generally, they start from 2.49% per annum. The best option is to reach out to ADCB directly to know about the latest rates and offers. Moreover, you can also avail the option of ADCB Car Loan Calculator to estimate your monthly payments.
Eligibility Criteria and Salary Requirements
To apply, you will need to meet certain ADCB car loan eligibility criteria that include the following:
Age: it is vital to be aware that age should be between 21 and 65 years.
Employment: Both employed and self-employed persons are accepted.
Salary: You will need to meet other salary requirements which do change, but the benchmark usually starts at AED 5,000 monthly.
Required Documents
When applying for a loan, you need to submit the following documents:
For Salaried Individuals
- Completed application form
- Valid passport, visa, and Emirates ID copies
- Valid UAE driving license
- Salary certificate addressed to ADCB, dated within 30 days of application
- Last three months’ bank statements
- Quotation from the car dealer
For Self-Employed Individuals
- Completed application form
- Valid passport, visa, and Emirates ID copies
- Valid UAE driving license
- Valid trade license
- Last three months’ personal and company bank statements
- Quotation from the car dealer
- Power of Attorney
Application Process
You can follow these steps which allow you to complete ADCB car loan application process without any hassle:
Online Application: For this, you need to apply through ADCB’s website. Moreover, you need to fill an online form.
Branch Visit: You may go directly to any ADCB branch and submit your application along with the necessary documents.
SMS or Call: You can also text ‘CAR’ to 2626 or call at the number of the bank (600 50 2030) for car loans.
Car Loan Pre-Approval
If you are willing to check your loan eligibility before finalizing a car, you can also apply for ADCB car loan pre-approval. Furthermore, this helps you know your loan limit and interest rate in advance that make your car selection more reliable.
Repayment Options
For the comfort of customers, ADCB car loan repayment options are best options that allows you to:
- Select payment with a fixed or variable interest rate.
- Make monthly payments of 12 to 60 equal installments.
- Set up automatic withdrawal funds directly from your ADCB account.
Special Offers and Promotions
ADCB frequently provides ADCB car loan offers like:
- Zero down payment for select customers
- 0% interest rates on certain car brands
- Deferred payments where you start paying after 120 days
Terms and Conditions
Before applying, it is vital to read the ADCB car loan terms and conditions. These cover:
- Early settlement charges
- Late payment penalties
- Insurance and registration requirements
Comparing ADCB Car Loans
If considering various loan options, make sure to perform an analysis or comparison of an ADCB car loan with offers from other banks. Moreover, consider interest rates, repayment plans, and processing fees.
Customer Support
You can also avail the ADCB car loan customer service to get assistance. For this, you need to call 600 50 2030 any time of the day.
