Car Loans
NOW ENJOY AN ULTRA LOW INTEREST RATE STARTING AT 2.35% P.A.* WHEN YOU APPLY FOR A MASHREQ CAR LOAN
Mashreq offers financing solutions to help you get the car of your choice. Whether you are looking for a new or a pre-owned vehicle, buying from a dealer or private seller, refinancing your existing car, we have the financing solution that is right for you. Our competitive rates and streamlined approval processes help you get the car you want quickly and effectively.
Top 3 Reasons to avail
- Competitive Interest Rates Rates starting at 2.35% p.a. flat*
- High Loan Amount Maximum Loan of up to AED 500,000
- Flexible Repayment Options Repayment tenures starting from 12 month to 60 months on New & Used Cars
Key Features
- Funding for new & pre-owned cars
- Maximum loan of up to AED 500,000
- Repayment tenure of up to 60 months
- Loan to value for up to 80% of car value
- Refinancing of an existing car
- No salary transfer required
- Choice of Islamic or conventional car financing
Benefits
- Quick & easy processing
- Special rates on vehicle insurance
- Free current account with no minimum balance
- Free for first year overdraft facility of up to AED 100,000
- Free for first year platinum elite credit card
- 45,000 Salam points per AED 100,000 worth of loan
Eligibility
Minimum Income of AED 5,000
Terms & Conditions apply
* Reducing Rate Starting at 4.31% p.a.
Documentation
For Salaried
- Application form
- Valid Passport with residence visa page for Expatriates
- Driving License
- Salary Certificate / Salary Transfer letter (Issued in last 30 days)
- Latest 3 months bank statement ( Mashreq a/c not required )
- Ownership Document & Evaluation certificate for used cars purchased from Non approved dealership or Individual
For Self Employed
- Application form
- Valid Passport with residence visa page for expatriates
- Driving license
- Trade license copy
- Power of attorney (POA), in case of LLC – Memorandum of Association (MOA) or Article of Association, Partnership agreement
- Latest 3 months bank statement ( Mashreq a/c not required )
- Ownership Document & Evaluation certificate for used cars purchased from Non approved dealership or Individual
For Companies
- Application form
- All partners valid passport with residence visa page for expatriates
- Trade license copy
- Power of attorney (POA), In case of LLC – Memorandum of Association (MOA) or Article of Association, Partnership agreement
- Latest 3 months bank statement ( Mashreq a/c not required )
- Ownership Document & Evaluation certificate for used cars purchased from Non approved dealership or Individual
»Car Loan FAQs View
Mashreq Salaam Rewards
Easily earn points for all retail banking solutions such as Current & Saving Accounts, Fixed and Unfixed Deposits, Home/Car/Personal Loans, Insurance, Investments, ROD/SOD and Mashreq Millionaire certificates and also on Mashreq Credit and Debit cards.