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CBI New Auto Loan

CBI New Auto Loan
Minimum Salary

5,000 AED

Flat Rate

3.75 %

Reducing Rate

6.98%

Max. Term

5 Years

Salary Transfer

Yes

Islamic Finance

No

Description

CBI Auto Finance is a facility that can be availed for purchasing a vehicle in UAE. This loan can be used to finance the purchase of a new vehicle.

Major Advantage: High finance amount

Points to Consider: To get better rate salary transfer is required, Finance only for new cars

Features

Interest Rate: If Salary transferred, then rate starts at 3.75% which is a flat rate. If Salary is not transferred, then rate starts at 4%

Processing Fees: 1% (Min 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

Sharia Compliant: No

Salary Transfer Required: Not Compulsory

Maximum Finance Amount: AED 500,000 for salary transfer customers, AED 250,000 for non-salary transfer customers

Holiday Period: Deferment Available with charge of AED 100 per deferment

Documents Required
  • Valid passport, Resident visa and Emirates ID Copy.
  • Latest 3 months salary bank statement.
  • Salary Certificate.
  • Dealer valuation in case of Used Car
  • Dealer quotation addressed to CBI Bank for new car.
  • Valid UAE driving license.
  • Any other documentation which may be required according to CBI Bank policies.
Additional Info
  • All info mentioned can change at any point of 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 4 years calculation.
  • Terms and conditions apply.
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