While choosing a car loan, there are many aspects that you need to take into consideration, which can be complicated. Well, worry no more. The Abu Dhabi commercial bank offers a competitive and flexible loan scheme that is curated just for your benefit. You can easily buy your dream car with the Abu Dhabi Commercial bank car loan. Read on to find out more.
The Abu Dhabi commercial bank offers the following features with its car loan:
Listed below are the advantages of an Abu Dhabi commercial bank car loan:
Easy process: Applying and getting the loan application approved is hassle-free. The bank offers a system of one-signature applications. With no paperwork, you can apply for the application online and get your funds in no time.
Additional insurance: There is an additional benefit of loan insurance. The Abu Dhabi commercial bank offers the applicant an insurance benefit wherein the loan is secured in case of any involuntary or unfortunate event.
Reward points: Also, the bank provides 50 reward points along with the car loan. You can redeem these points to get offers and discounts in many outlets in UAE.
Credit Score: It helps you increase your credit score. If you make timely payments, then you can grow your credit rating.
Low cost: Taking out a car loan allows you to buy a vehicle without the stress of making up-front payments.
Repayment Tenure: While taking out a car loan, a flexible repayment time is given during which you can plan your budget and make monthly payments.
Choice of Car: You can take out a car loan per your preference. This loan is applicable whether it is a new or a used car.
High-interest rates: A major deciding factor when taking out a car loan is the high-interest rate. Further, the interest rates may also change if the market fluctuates.
Depreciation: It has been estimated that a car’s value depreciates by 20%, depending on how you use it.
Risk of losing the vehicle: Till the last payment of the EMI has been made, the lender is in authority to repossess the car.
Formalities: While taking out a car loan, many documents and paperwork are to be carried out, making the whole process tedious.
Following is the eligibility criterion of the Abu Dhabi Commercial Bank:
Age: The minimum age limit to be eligible for an Abu Dhabi Commercial bank car loan is 21 years, and the maximum is 65-70 years.
Salary Bar: To be proven eligible for the car loan, you must have a monthly salary of AED 5,000.
Credit Score: Before applying for a car loan, you must ensure your credit score is 700 or above. A good credit score allows you to get a high amount of loan and attractive interest rates.
Citizenship: An individual needs to be a UAE resident. You need to submit documents that verify your identity and address proof.
Down payment: As per the guidelines by the UAE Central Bank, you need to pay 20% of the amount as a down payment.
Following is the list of documents that you need to submit with the application form:
Although getting a car loan is easy and efficient, you need to be careful while reviewing the terms and conditions of the bank and figuring out whether the loan is appropriate for you. If you want further assistance with the Abu Dhabi Commercial bank car loan, you can visit the Park+ website. You can say goodbye to all your car-related worries with the outstanding services of Park+, like checking e-challan status, parking, car wash and car trade, among others.
For anyone taking out a car loan, tax is not deductible. One does not qualify for any tax deductions when purchasing a car for personal use.
The Abu Dhabi Commercial bank provides specific reward points to its valuable customers. These points can be used anywhere in UAE, including shopping, hotels, and tickets.
The EMI cycle depends upon the borrower. It may be set on every 5 months or every month.