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Car Finance

NOW ENJOY AN ULTRA LOW PROFIT RATE STARTING AT 2.35% P.A.* WHEN YOU APPLY FOR A MASHREQ AL ISLAMI CAR FINANCE

Mashreq Al Islami 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 Profit Rates - starting at 2.35% p.a. flat*
  • High Finance Amount - Maximum Finance of up to AED 500,000
  • Flexible Repayment Options- Repayment tenures starting from 12 month to 60 months on New & Used Cars


Key Features

  • Finance available for up to 80% of the car value
  • No salary transfer required
  • Structured on the Concept of Murabaha
  • Motor Takaful (insurance) facility
  • Free current account with no minimum balance
  • 45,000 Salam points per AED 100,000 worth of financing


FAQs

Who is eligible for an Individual Car Finance with Mashreq?
Our Car Finance facilities are available to all Salaried & Self Employed Nationals & Expatriates who are legal residents of the UAE.

What is the minimum /maximum age required to apply for Car Finance? 
For Salaried Customers - Minimum Age 21 years - Maximum Age 60 years on the maturity of the Finance for Expatriates & 65 years for UAE locals. 

For Self Employed Customers - Minimum Age 21 years -Maximum Age 65 years on maturity of Finance

What is the maximum financing amount? 
For Salaried the financing amount is up to 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 profit rates? 
The profit rates are extremely attractive & competitive. Rates are calculated on a reducing balance basis.

Is there any security required to avail the Finance? 
Your vehicle will be mortgaged to the bank during the period of the finance as security.

What are the benefits of taking the car Finance with Mashreq? 
In addition to the Car Finance

  • Free Current account with zero balance for the life of the finance
  • Free ATM/Debit card accepted worldwide
  • Free cheque book facility
  • Free online banking
  • Special rates on Motor Takaful (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 Finance? 
For Salaried a minimum monthly Income of AED 5000 is required.

What do I need to get a Car Finance?
The documentation listed is your relevant category is what you’ll need in order to get your finance:

For Salaried:

  • Application form
  • Valid passport copy with residence visa for expatriates
  • Emirates ID
  • Driving license
  • Salary Certificate / Salary Transfer Letter (Issued in the last 30 days)
  • Latest 3 months bank statement (Mashreq a/c not required)

For Self-Employed:

  • Application form
  • Valid passport copy with residence visa for expatriates
  • Emirates ID
  • Driving license
  • Trade license copy
  • Power of attorney (POA), in case of LLC  - Memorandum of Association (MOA) or Articles of Association (AOA), Partnership agreement
  • Latest 3 months bank statement (Mashreq a/c not required)

Where do I go to apply? 
Click Apply Now and fill in the relevant details and click Submit.
Once you’ve successfully registered, a Mashreq expert will call you within 24 hours.
Contact us on +9714 424 4411 for more details.

Schedule of Charges