Noor Bank New Car Finance
- Minimum Salary AED 8,000
-
Flat Rate
2.64% - Reducing Rate 4.99%
- Max. Term 5 Years
- Salary Transfer No
- Islamic Finance Yes
Description
Noor Bank is one of the fastest growing Bank of UAE. Noor bank offers Islamic Auto Finance with most competitive rates across UAE.
Major Advantage: Low minimum salary requirement, High Finance Amount
Major Concern: Finance only available for new cars
Features
Flat Rate: Starting from 2.64% p.a. (Rate can vary as per the salary of the client)
Reducing Rate: 4.99%* p.a.
Processing Fees: 1% (Min AED 500, Max AED 2,500)
Minimum Salary Requirement: AED 8,000 & Average turnover of 50,000 per month for self-employed
Down Payment Required: 20%
Repayment Period: 5 years
Early Settlement Fees: 1% of outstanding amount
Sharia Compliant: Yes
Salary Transfer Required: Not compulsory
Maximum Finance Amount: AED 750,000 for UAE nationals, AED 500,000 for Expats
Holiday Period: Not available
Documents Required
Common Documents:
- Valid passport, Resident Visa and Emirates ID Copy.
- Valid UAE driving license copy.
- An evaluation report from approved valuator.
- Any other document as required by Noor Bank policy.
Salaried Documents:
- Latest 3 months salary bank statement.
- Salary Certificate/ Salary Transfer letter.
Self Employed Documents:
- Last 6 months personal and business bank statements.
- Last 2 years audit financials.
- Trade License, MOA, Passport copies of owners/partners.
Additional Info
- All info mentioned can change at any point in 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 5 years calculation.
- Terms and conditions apply.
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