Union National Bank: 4.26 per cent
Benefits: UNB's new car loan, available at a reducing rate of 4.26 per cent, comes with no salary transfer and a maximum loan limit of Dh500,000. A standard down payment of 20 per cent is required, but repayment periods extend up to 60 months.
Watch out for: There is an arrangement fee of 1 per cent of the loan amount (up to a maximum of Dh2,500) and an early settlement fee of 1 per cent.
Al Hilal Bank: 4.08 per cent
Benefits: Al Hilal Bank's new car finance product is offered at a reducing rate of 4.08 per cent. It comes with a minimum salary demand of Dh5,000 but no salary transfer requirement. The Central Bank requires a down payment of 20 per cent, with loan amounts of up to Dh1 million available. It also comes with no early settlement fee and lower rates for higher salaries.
Watch out for: An upfront arrangement fee of Dh250.
Dubai Islamic Bank: 4.99 per cent
Benefits: DIB's Al Islami used car finance suits those buying a second-hand car up to the value of Dh1 million. At a reducing rate of 4.99 per cent, the loan requires a minimum salary of Dh3,000, a 20 per cent down payment and no salary transfer to the bank. Loan tenures of up to 60 months are available.
Watch out for: There is an upfront arrangement fee of Dh2,000 and an early settlement fee of 1 per cent.
To see other top-rated loans according to souqalmal.com click here
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