One of the ways to buy a car in Dubai is to get a car loan. Whether you want to buy a brand new car or you are looking to buy a used car, choosing the right bank is very important.
Before applying for a car loan in Dubai, make sure that all the documents you need are valid and ready.
Documents required to get a car loan
Many banks in the UAE have different criteria for approving a car loan in Dubai.
Here is a list of the following documents to get a car loan in
Dubai
- Emirates ID Card
- Salary certificate / income certificate
- Valid passport/visa
- Driving licence
- 3-6months of bank statements
- Vehicle valuation certificate
- Insurance policy documents
- Vehicle registration
Expats who are interested in getting a loan should check the validity of their country’s driving license in the UAE. If your driver’s license is invalid, you need to apply for a UAE driver’s license in order to apply for a loan.
Also, expatriates are required to provide their home address in their home country and it does not matter how long they have been living in the UAE.
Minimum salary and age
- The borrower must be at least 21 years old to apply for a loan in Dubai
- The minimum salary requirement varies from bank to bank, but generally ranges
from AED 3,000 to AED 5,000 - Check with a number of banks to see if you have the necessary conditions to
receive a loan or not