Mashreq car loan of Dubai, A way to fulfill your dream 

Several varieties of loans are existed within the United Arab Emirates, for example, personal loans, home, car, business, and many more loans. Our main concern is a car loan, which is not difficult in UAE and the process related to it is also simple and easy. In different states of UAE, like Dubai, Sharjah, Abu Dhabi, and Ajman people are mostly coming here from other countries. The ratio of car loans in the UAE is much higher than in the other states of the UAE. This is due to this variation of people from all around the world. 

UAE serves its expats also equally with its natives, expats therefore, are relying on the various banks of UAE with full satisfaction. Mashreq bank is one of the best banks in UAE, which is located in Dubai, people mostly try to get car loans via Mashreq bank also. The terms and conditions of this bank are sustainable and anyone can easily take a car loan from Mashreq bank Dubai. This writing will help you to find the key features and benefits associated with Mashreq bank. What will be the interest rate and how many types exist of Mashreq car loans?  

Kinds of Auto finance in Al Mashreq  

Al Mashreq bank offers two major types of car loans, one loan is for a new car and the other for an old, used car. You can get the loans for both cars but with a price difference. The price of a new car is less with a reasonable repayment duration, but the price of an old car is a little higher than a new car. If we talk about interest rates, so it will be less as compared to other market rates. Anybody can easily take new and old car loans with accuracy. 

Characteristics attached with Mashreq bank 

• The first quality is that this bank follows the Islamic sharia laws and gives rates with other benefits according to the sharia laws.  
• Before providing a loan bank will offer you to select the various kind of cars of your own choice. You can select the new, old, luxury and sports cars etc.  
• Mashreq bank will give the facility of the loan without salary transfer. So, you don’t have to worry about the direct transfer of your money.  
• Bank will allow you to select your repayment duration. You can choose the period of your own choice between 12 months to 60 months.  
• Via Mashreq car loan, bank will give a low and competitive rate of interest but the amount of loan would be the highest and according to your choice. 

How much rate of interest?  

The Al Mashreq bank provides the interest of two basic types for car loans, the flat interest rate, and the Reducing interest rate. The flat rate would be from 3.45% to 5.50%. On the other hand, the reducing rate would be from 6.49% to 10.01%.  

Requirements  

• First of all, you should have your driving license with you, which is the most mandatory thing for a car loan. 
• The next thing is proof of your pay on monthly basis, your pay can not be less than 5000 AED. 
• Show the bank your previous credit history in the form of bank statements. 
• You should have complete proof of residential status. 
• Visa and passport with validation stamp 
• Your age shouldn’t increase to 65 and shouldn’t decrease from 21 years, otherwise, you may not be eligible for a car loan in UAE. 
• You have the proof of your employment or business also in the form of a pay slip.