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Thank you for providing your details.Sharjah Islamic Bank Used Car Finance
Used Car Finance
Features
- Repayment period is up to 60 months
- Interest rate for the given finance is 3.89%
- Minimum salary requirement is AED 6,000
- The reducing rate and the flat rate is 7.06% and 3.89%. This denotes that the computation done was a division of the reduction rate by 1.83
- Salary transfer is required
- Maximum loan amount is AED 500,000 that Sharjah Islamic bank can provide
- Early settlement fee is 1% of the finance amount
- Processing fee is 1% of the finance amount
- About 20% down payment is required for this finance
Benefits
- High finance amount is provided by Sharjah Islamic bank
- Low minimum salary requirement is there for given finance
- Finance can be provided for new as well as used cars
- Maximum repayment period is of 60 months
- Documentation is simple
- Islamic insurance finance is also available
Frequently Asked Questions
⭐ How are car finance rates decided by Sharjah Islamic bank?
A. Rates for your car loan is decided on the following basis:
1. Credit History
2. Monthly income
3. High debt
⭐ Why do we have to put down payment for car loan?
A. Down payment gives security and shows your dedication towards bank.
⭐ Do I need to be a regular employer to get a car loan in Sharjah Islamic Bank?
A. No, it depends on case to case. If you have good credit history and you can proof your regular income then Sharjah Islamic Bank might consider you.
⭐ Can I take a joint loan in Sharjah Islamic Bank?
A. Yes, if both of them live at the same address at the time of applying for loan then Sharjah Islamic Bank may approve.
⭐ Do I need to have driving license to apply for car loan in Sharjah Islamic Bank?
A. Yes, you need to have at least learners license to be able to apply for car loan in Sharjah Islamic Bnak.
Sharjah Islamic
Established in 1975 through an Amiri decree, the bank was initially known as the National Bank of Sharjah. In 2002, the bank was the first bank to convert to Islamic Banking and was renamed as Sharjah Islamic Bank (SIB). SIB has a Vision 'to be the bank of choice, delivering creative customer solutions based on Islamic principles of partnership, trust & equality for all’. The values followed by them are :
- Bonding and Harmony
- Compliance
- Learning and Self Development
- Social Responsibility
- Creativity and Innovation
Get in touch with Sharjah Islamic Bank Customer Care