Vehicle Loan
Fund your next car with a competitive vehicle loan.
Compare rates, loans, and benefits here.
| Borrow up to | Interest rate | Repayment period | Minimum monthly salary | |
|---|---|---|---|---|
| AED250k | From 2.99%* p.a. | 12 to 60 months | AED10,000 |
Here's what you get:
- Loans of up to AED250,000
- 20% down payment required
- No salary transfer required
- HSBC Current Account with no minimum balance requirement
More great benefits:
- Use Hire Purchase to fund new and used cars - between 12 to 60 months
- Pay reduced monthly instalments with Balloon Payment
- Comprehensive HSBC motor insurance available for saloons and 4WDs provided by AXA Gulf
| Description | Fee |
|---|---|
| Processing fee 1% of loan amount | Minimum AED500 |
| Maximum AED2‚500 | |
| Early settlement for car loan | 1% of remaining balance |
| Advance payment of instalment | 1% of advanced payment |
| Change of due dates on standing instructions | AED25 |
| Courier charges** | AED30 |
| Express charges** | AED450 |
| Instalment deferment charges | AED100 |
| Loan rescheduling fee | AED250 |
| Loan cancellation** | AED100 |
| Liability certificate | AED100 |
| Late payment fee | 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 UAE** | AED300 |
Employed individuals buying New/Used Vehicles from Authorised Dealers.
- Valid Passport Copy
- Valid UAE Driving License copy
- Copy of three months Salary or Income transfer Bank statements (longer period maybe required if cheque returns are identified)
- Proof of Income - Salary Transfer Letter if Salary is not assigned to HSBC Bank or other Bank under narration Salary
- Original Quotation of Vehicle
- Repayment mechanism - Standing instruction plus security cheque from HSBC Bank
- HSBC MEFCO Application form & contract fully completed in Block letters & signed in presence of HSBC MEFCO staff
Self-employed individuals buying New/Used Vehicles from Authorised Dealers.
- Valid Passport Copy with a valid UAE Visa
- Valid UAE Driving License copy
- Copy of six months Personal and Business Bank statements
- Audited Financials for two years
- Original Quotation of Vehicle
- Repayment mechanism - Standing instruction plus security cheque from HSBC Bank
- HSBC MEFCO Application form & Contract fully completed in Block letters & signed
- Documents in support of Business/Partnership i.e. (Trade License copy, Memorandum of Association, Articles of Association, Power of Attorney Share Certificates etc..)
Choose the car that turns your head, but choose the loan that uses it.
Ready to apply?
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