Standard Chartered Saadiq New Auto Finance

  • Minimum Salary AED 5,000
  • Flat Rate
    2.49%
  • Reducing Rate 4.72%
  • Max. Term 5 Years
  • Salary Transfer No
  • Islamic Finance Yes

Description

The Standard Chartered Bank Saadiq Auto Finance helps you drive away in the car of your choice. Saadiq Auto Finance follows the Islamic concept of Murabaha offering competitive profit rates along with flexible payment periods, reliable after-sales service and is available for financing both new and used/ pre-owned cars.

Major Advantage: High Finance amount

Points to Consider: There is down payment required, Finance available for new car only

Features

Profit Rate: 2.49% flat rate p.a.

Processing Fees: 1% of finance amount (Min AED 500, Max 2,500)

Minimum Salary Requirement: AED 5,000

Down Payment Required: 20%

Repayment Period: 5 Years

Early Settlement Fees: 1% of outstanding amount + Pre-closure fees of AED 100

Sharia Compliant: Yes

Salary Transfer Required: No

Maximum Finance Amount: AED 1,000,000

Holiday Period: Not available

Other Features:

  • Profit rate can vary depends on the profile of the customer and the dealer the car is purchased from.

Documents Required

  • Valid passport, Resident Visa and Emirates ID Copy.
  • Latest 3 months salary bank statement.
  • Salary Certificate.
  • Applicant should be 21 years and above.
  • Any other document as required by Standard Chartered Bank policy.

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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Jessica Anderson, Finance Specialist is ready to help you!