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Auto Finance

Auto Finance Islamic Bank

When it comes to owning your dream vintage sports car, upgrading to the latest the model or just buying a more spacious family car, NBF Islamic Auto Finance puts you in the driving seat.

Based on the Islamic principle of Murabaha, NBF Islamic Auto Finance offers competitive rates and flexible payment periods, making purchasing a new or pre-owned vehicle quick and simple.

Product features

  • Fast approvals
  • Flexible repayment periods of up to five years
  • Up to AED 1,000,000 in financing
  • Financing of new and pre-owned cars
  • Financing of up to 80% of the vehicle's value
  • Fixed financing terms at competitive rates

Required Documents

An NBF Islamic Auto Finance is available to you provided you have your monthly salary transferred to an NBF Current Account.

When you visit an NBF branch, you'll need to complete an application form. You will also need to provide (where applicable):

  • A copy of your valid passport
  • A copy of your valid residency visa (for expatriates)
  • A copy of your current dated salary certificate (less than 30 days old)
  • A copy of your valid driving license
  • A quotation of the vehicle's value, addressed to NBF

Rates & Charges

Profit rate

Starting from 2.2%p.a.

Frequently asked questions

How many vehicles can I finance with NBF?

For UAE Nationals, there is no maximum cap on the number of vehicles that you can finance with NBF, as long as the maximum debt burden ratio requirement is met. If you are an expatriate, you can finance up to two vehicles with us.

How much will I be charged if I settle the finance before the maturity date?

Please refer to the Schedule of Charges for the early settlement fees.

What down payment do I have to make when applying for an NBF Islamic Auto Finance?

The down payment requirement is 20% for new and 30% for used cars, irrespective of the tenor.

What is the maximum allowed vehicle age at the time of finance application?

Vehicle age at the time of loan application should be no more than three years.

What is the maximum allowed vehicle age at the time of finance maturity?

Your car should not be more than seven years old when your auto loan matures. 

What is the maximum financing available to me?

We can provide you with up to AED 1,000,000 in auto loan financing as long as the maximum debt burden and minimum down payment requirements are met.

What is the maximum tenor over which I can pay my NBF Islamic Auto Finance?

If you are financing a new vehicle, the maximum tenor is five years.

How long do I have to have worked at my current employer to be eligible for an NBF Islamic Auto Finance?

You must have worked for your current organisation for a minimum of six months. This needs to be confirmed by your employer.

What is the method of payment?

At the time of legal agreement sign-up, you will provide us with a standing order instruction or UAE DDA (direct debit authority) to deduct the monthly instalments from your account whenever your monthly salary is credited.

What is the oldest I can be when my auto finance matures?

If you are a UAE national, you need to be no older than 68 years of age at the time of auto finance maturity. If you are an expatriate, you should be no older than 60 when your auto finance matures.

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