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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