Individual & Companies Car loans FAQs
Who is eligible for a Individual Car Loan with Mashreq?
Our Car loan facilities are available to all Salaried & Self Employed Nationals & Expatriates who are legal residents of the UAE.
Who is eligible for a Company Car loan with Mashreq ?
All companies with a valid Trade licence & those that meet our eligibility criteria.
What is the minimum /maximum age required to apply for a Car loan ?
For Salaried Customers - Minimum Age 21 years - Maximum Age 60 years on the maturity of the loan for Expatriates & 65 years for UAE locals.
For Self Employed Customers - Minimum Age 21 years -Maximum Age 65 years on maturity of loan
What is the maximum borrowing amount ?
For Salaried the borrowing amount is upto AED 500,000 based on your requirements.You may have to make a down payment depending on the car model and/or your employment / business status.
What are the interest rates?
The interest rates are extremely attractive & competitive. Rates are calculated on a reducing balance basis, but are quoted at a flat interest rate for easy understanding by customers.
Is there any security required to avail the loan?
Your vehicle will be mortgaged to the bank during the period of the loan as security.
Are there any Special features ?
- You do not need any guarantors for Car loans.
- You get the most competitive interest rates in the market and the minimum possible documentation.
What are the benefits of taking the car loan with Mashreq ?
In additon to the Car loan
- Free Current account with zero balance for the life of the loan
- Free ATM/Debit card accepted worldwide
- Free cheque book facility
- Free online banking
- Free credit card, together with free AAA membership for roadside and off road assistance.
- Special rates on vehicle insurance.
What is the maximum repayment tenor?
It is your choice depending on your ease of payment. Repayment tenures start from 12 months and can be extended up to 60 months.
What is the minimum salary/income required to qualify for a Car Loan?
For Salaried a minimum monthly salary of AED 5000 is required For Selfemployed the minimum average turnover over 3 months should be AED 50,000 a month, averaged over a 3-month period.
What is the minimum loan amount for Car loans?
The minimum loan amount is AED 15000.
Are loans granted to unconfirmed employees?
No, the customer needs to be confirmed to avail a loan.
What documents do I need?
| Documentation Required | Salaried | Self Employed | Companies |
|---|---|---|---|
| Application form | Y | Y | Y |
| Valid Passport with residence
visa page for Expatriates | Y | Y | Y |
| Salary Certificate
(Issued in last 30 days) | Y | ||
| Driving License copy | Y | Y | |
| Trade Licence copy | Y | Y | |
| Power Of Attorney (POA),In case of LLC –
Memorandum of Association (MOA)or Article of Association, Partnership agreement. | Y | Y | |
| Latest 3 months bank statement
(Mashreq a/c not required ) | Y | Y | Y |
| Ownership Document &Evaluation certificate
for used cars purchased from Non approved dealership or Individual | Y | Y | Y |
How does Mashreq communicate the approval ?
Our Sales officer will inform you about the status of the loan. An approval letter or Local purchase order (LPO) will be sent to the dealer or seller. Once the LPO is issued you need to complete the formalities within 30 days of issuance. Validity of Approval or LPO 30 days post registration for Disbursal is 20 DAYS from date of the registration of the vehicle.
Are postponement of loan installment allowed ?
You can apply for postponement of your installment if your account is currently active and you have paid a minimum of 6 or 12 installments. Other eligibility criteria may also apply.
Where do I go to apply?
You can apply at any of our Mashreq branches in Dubai. For more information please call +9714 424 4444 or visit any Mashreq branch.