Who can apply for the DIB AI Islamic Auto Finance?
Individuals aged between 21 and 65 years with a minimum monthly salary of AED 3,000 are eligible to apply. Both salaried and self-employed individuals can benefit from this financing, with no requirement for salary transfer, simplifying the process for a diverse clientele.
Required Documents:
✔️Personal/Business Bank Statements
✔️Salary Certificate/Payslips
✔️Passport/Khulasat al Khaid copy
✔️Valid Visa (for expatriate customers)
✔️Emirates ID Card
✔️Quotation for the vehicle being purchased
✔️Trade License/Memorandum of Association/Partnership Agreement (if applicable)
Applicable Fees and Profit Rates:
DIB Al Islami Auto Finance offers profit rates starting from 2.15% p.a. (flat) [equivalent to 3.93% p.a. reducing], varying based on the customer’s salary, segment, and nationality. A Due Diligence and Documentation fee of 1.05% of the finance amount applies, with a minimum of AED 520 and a maximum of AED 2,620.
Advice for Prospective Applicants:
Before applying, assess your financial situation to ensure that the monthly installments align with your budget. Utilize the bank’s finance calculator to estimate your monthly payments based on different loan amounts and tenures.
Consider the total cost of ownership, including insurance, maintenance, and any additional expenses associated with the vehicle. Ensure that these costs, combined with your monthly installment, are manageable within your income.
If you have any questions or require assistance during the application process, Dubai Islamic Bank’s dedicated auto finance staff are available at key dealerships and branches to provide personalized support.
Take the Next Step Towards Vehicle Ownership
Visit the official Dubai Islamic Bank website to explore DIB Al Islami Auto Finance further and begin your application process.