Car Loan

Car Loan Mashreq Bank

Min. salary
AED 5,000
Reducing / Flat
5.95% / 3.25%
Down Payment
20%

Mashreq offers car loans at competitive terms and value-added benefits. And the approval process simplifies the entire buying process for you. So, quickly get behind the wheel with a Mashreq Car Loan.

Max Amount
AED 500,000
Arrangement Fee
1.00%
Early Settlement Fee
1.00 %

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Unique Features

  • Competitive Interest Rates. 
  • High Loan Amount.
  • Flexible Repayment Options. 
  • 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.

Eligibility

  • Minimum Income of AED 5,000.
  • 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.

Documents required

  • Application form. (Req. for both Salaried & Self Employed).
  • Valid Passport with residence visa page for Expatriates. (Req. for both Salaried & Self Employed).
  • Valid Emirates ID. (Req. for both Salaried & Self Employed).
  • Driving License. (Req. for both Salaried & Self Employed).
  • Salary Certificate / Salary Transfer letter (Issued in last 30 days). (Req. only for Salaried).
  • Latest 3 months bank statement ( Mashreq a/c not required ). (Req. for both Salaried & Self Employed).
  • Trade license copy. (Req. only for Self Employed).
  • Power of attorney (POA), in case of LLC – Memorandum of Association (MOA) or Article of Association, Partnership agreement. (Req. only for Self Employed).