Amanah Personal Vehicle Finance
| Finance | Profit rate | Payment period | Down payment | |
|---|---|---|---|---|
| Up to AED918,000* | Competitive profit rates | From 12 to 60 months* | 20% |
Here's what you get:
- Fast and easy approval
- No salary transfer to HSBC required*
- High finance amounts up to AED918,000* depending on your eligibility
- To defer your monthly instalment up to two times a year
- An HSBC Amanah current account with no minimum balance requirement for the duration of your finance
- Dedicated sales adviser at your service
- Available for all types of vehicles and motorcycles
More great benefits:
- Shariah-approved product – certified by the HSBC Amanah Shariah Committee
- Minimal paperwork
*HSBC MEFCO terms and conditions apply.
You can apply if:
- You are a UAE national or expatriate resident aged between 21 and 65 years
- You earn a minimum monthly salary of AED7,500*
*HSBC MEFCO terms and conditions apply.
| DESCRIPTION | FEE |
|---|---|
| Processing fee 1% of the financing amount | Minimum AED500 |
| Maximum AED2‚500 | |
| Change of due dates on standing instructions | AED25 |
| Courier charges | AED30 |
| Express charges | AED450 |
| Instalment deferment charges | AED100 |
| Vehicle finance cancellation | AED100 |
| Liability certificate | AED100 |
| Late payment amount | AED200 |
| Post-dated cheque service | AED250 |
| Return cheque | AED100 |
| Release for repossession | AED100 |
| Stop payment (per instrument/cheque) | AED50 |
| Statement request | AED25 |
| Traffic letters service charges | AED250 |
| Travel permission outside the UAE | AED300 |
Employed individuals buying new/used vehicles from authorised dealers:
- Valid passport copy (valid UAE visa for expatriates)
- Valid UAE driving license copy
- Copy of the last three months’ salary or income transfer bank statements (a longer period may be required if cheque returns are identified)
- Proof of income – salary certificate/salary transfer letter if salary is not assigned to HSBC Bank or other banks under narration Salary
- Repayment mechanism – standing instruction plus security cheque from salary-assigned bank
- HSBC Middle East Finance Company (MEFCO) Amanah application form and contract fully completed in block letters and signed in the presence of HSBC MEFCO staff
Self-employed individuals buying new/used vehicles from authorised dealers:
- Valid passport copy (valid UAE visa for expatriates)
- Valid UAE driving licence copy
- Copy of the last six months’ personal and business bank statements
- Audited financials for the last two years*
- Repayment mechanism – standing instruction plus security cheque from main operating account
- HSBC MEFCO Amanah application form and contract fully completed in block letters and signed in the presence of HSBC MEFCO staff
- Valid documents in support of business/partnership, ie trade licence copy, memorandum and articles of association, passport copies of owners/partners etc
What is HSBC Amanah Vehicle Finance?
It is a Shariah-compliant financing solution. It satisfies the highest standards of compliance with Shariah guidelines. It follows a simple process based on the Murabaha – a Shariah-compliant finance tool. The transaction is quick, easy and straightforward:
- HSBC MEFCO will buy the asset and sell it for a predetermined fixed price
- The asset will be registered in the name of the applicant and mortgaged to HSBC MEFCO
What makes HSBC MEFCO Amanah Vehicle Finance a Shariah-compliant product?
HSBC has an international team of professionals with Islamic financial expertise dedicated to developing Shariah-approved financial solutions for the HSBC Group. HSBC MEFCO Amanah Vehicle Finance has also been developed in consultation with and approved by the HSBC Amanah Central Shariah Committee. The process of product development and Shariah review ensures that HSBC's Shariah-compliant products are within the guidelines prescribed by the Shariah.
HSBC MEFCO Amanah Vehicle Finance offers you a Shariah-compliant alternative to a conventional loan, which allows you to avoid interest (riba)-bearing transactions.
*HSBC MEFCO terms and conditions apply.
Click here for complete FAQ's on Amanah Vehicle Finance.
