Dubai Islamic Bank Car Finance

If you’ve been contemplating getting your dream car but have been held back by financial obstacles, the Dubai Islamic Bank Car Finance scheme can change that in a matter of few days.

The Dubai Islamic Bank Car Loan scheme is 100% Shariah-compliant, offering individuals the peace of mind and pleasure of driving a brand new or used car that they desire to own – through the Islamic “ijarah” model.  

Key Features of Dubai Islamic Bank Car Finance

Lowest Takaful Rates

DIB offers lowest takaful rates hence creating ease for customer to pay the upfront amounts and lum sum. 

No Upfront Payment in Advance Booking

Zero monthly rental payments until the car is delivered under the Advance Booking car rental plan.

Affordable Monthly Rental Payments

Highly affordable and the most competitive monthly rental rates are being offered. 

Financing Limits

Under the Dubai Islamic Bank Car Finance scheme, the bank will finance as much as 85% of the vehicle’s value, with minimum financing starting at Rs. 100,000 and maximum financing at Rs. 5,000,000 (not including processing fee to be paid upon application approval).

100% Shariah Compliant          

The Dubai Islamic Bank Car Loan scheme strictly follows the tenets of Islam to offer a Riba-free, Shariah-compliant way of driving your dream car.

Unmatched Flexibility

  • New and immaculately reconditioned cars available (local and imported)
  • Tenure options for payments range from 1 to 7 years
  • Option to make Advance Booking for car rental or start driving immediately via Ready Delivery
  • Income clubbing
  • Vehicle as old as 9 years can also be financed     

Eligibility Criteria for Dubai Islamic Bank Car Finance

The following eligibility criteria applies under the Dubai Islamic Bank Car Finance scheme:

Salaried Individuals

  • Minimum age when applying: 21
  • Maximum age when the scheme matures: 60
  • Monthly net income: Rs. 25,000 or more
  • Working as a salaried individual for at least 3 consecutive months

Self-employed Professional / Freelancer       

  • Minimum age when applying: 21
  • Maximum age when the scheme matures: 65
  • Monthly net income: Rs. 25,000 or more
  • Working as a self-employed individual for at least 6 consecutive months

Independent Proprietor / Businessman

  • Minimum age when applying: 21
  • Maximum age when the scheme matures: 65
  • Monthly net income: Rs. 25,000 or more
  • Working as an independent businessperson for at least 12 consecutive months

Dubai Islamic Bank Car Loan Variants

To Buy a New Car

Choose from an entire range of mainstream manufacturers and start driving your brand new car.

To Buy a Used Car

Immaculately reconditioned/used cars up to 9 years old, both local and foreign assembled with low 15% minimum security deposit.

To Buy an Imported Car

You can drive a brand new imported car of your dreams under the Dubai Islamic Bank Car Loan scheme.

Documents Required for Dubai Islamic Bank Car Finance

  • Primary applicant’s CNIC copy
  • Co-applicant’s CNIC copy (if applicable)
  • Most recent salary slip or income statement
  • 2 passport-sized photos
  • 6-month bank statement (if required)
  • Bank certificate (if required)

Pricing Mechanism for Dubai Islamic Bank Car Loan

  • Based on annual/semi-annual adjustable profit rate which varies according to current financial benchmarks
  • KIBOR (Karachi Interbank Offered Rate)-based; pricing revised every 6 or 12 months from the date of application/contract
  • Booking depends on selected renewal option, which may change monthly rental amount

To review and apply for Dubai Islamic Bank Car Finance, use the calculator at top of this page of visit mawazna car loan comparison service, provide your details and apply to be considered.