HSBC Car Loan
Benefits
- Dedicated sales specialists at your service
- Available for all types of saloon, four-wheel drive vehicles and motorcycles
- No account opening required
Offer and Product Terms and Conditions Apply. Schedule of Services and Tariffs apply.
1Campaign period is from 2 January 2019 to 31 March 2019, both days inclusive. Preferential campaign interest rates are only applicable for financing of new cars during the Campaign Period. 2.49% flat rate is equivalent to the reducing balance rate of 4.60% p.a. and this rate is applicable for balloon finance with a minimum loan amount of AED 150,000. For a standard auto loan, a minimum loan amount of AED 100,000 is required to be eligible for 2.69% flat p.a. interest rate which is equivalent to the reducing balance rate of 4.99% p.a.
2Our Vehicle Loan team is available from Sunday to Thursday, 9:00am to 4:30pm. If your form is submitted outside of these times, we will aim to Call you back on the next working day.
3This discount will be applied on the "flat interest rate".
Buy a pre-owned car with confidence
Introducing the Concierge Service available on HSBC Car Loans. From inside-out inspection of the car by experts to registration with RTA and even delivering the vehicle at your doorstep, Concierge Service ensures you can buy a pre-owned car from another person with confidence and without any hassles.
Concierge Service includes4:
- 240-point detailed electrical and mechanical inspection of the vehicle
- Checking the accident history, service history and warranty validity
- Vehicle testing, registration and home delivery of the car
4The Concierge Service is an optional, fee based service provided by Expat Wheels Surveying and Evaluation Services L.L.C. HSBC Bank Middle East Limited in the UAE is only a distributor of the service and is not responsible for the services carried out by Expat Wheels Surveying and Evaluation Services L.L.C. Terms and Conditions apply.
Enjoy rates starting from 2.99% per annum5 for on pre-owned cars
Whether you're purchasing your first car or are a seasoned driver, buying a pre-owned car comes with several advantages. From lower downpayments to paying a reasonably lower monthly instalment, a pre-owned car can be a sensible choice for many. And now, that choice can be an easier one with an HSBC Car Loan.
- Apply for a Car Loan online and get a call back from our Dedicated Sales Specialists6
- No mandatory salary transfer to HSBC is required
- Loan amounts up to AED 918,000 depending on your eligibility
- Competitive motor insurance rate for saloons and four-wheel drive
- Dedicated Sales Specialists at your service
- Available for all types of saloon, four-wheel drive vehicles and motorcycles
- No account opening is required
5Flat rate which is equivalent to the reducing balance rate of 5.62% per annum
6Our Vehicle Loan team is available from Sunday to Thursday, 9:00am to 4:30pm. If your form is submitted outside of these times, we will aim to call you back on next working day
Green Car Loans for electric or hybrid cards
Need a new car but concerned about climate change? Don't worry. As part of our sustainability initiative and the UAE Government's 2021 vision, we at HSBC are proud to offer Green Car Loans.
A Green Car Loan will not only suit your needs and budget but also contribute towards clean energy and a green future.
With Green Car Loans from HSBC, you may enjoy:
- 50% discount on the applicable arrangement fee
- Up to 0.25% discount on the applicable interest rate7
7This discount will be applied on the "flat interest rate".
What is an electric vehicle?
An electric vehicle can be powered, partially or fully by a battery that can be plugged into a power source. Electric vehicles are considered zero emission vehicles because their motors do not produce any exhaust or emissions.
What is a hybrid vehicle?
A hybrid vehicle is one that is propelled by more than one power source brought together to work in conjunction.
What are the benefits of driving an electric or a hybrid vehicle?
- Reduced fuel consumption and emissions
- Cleaner electric energy
- Optimized fuel efficiency and performance
- Recovered energy from regenerative braking
Balloon payment option
A balloon payment is a lump sum amount owed to the bank at the end of a loan term after all regular monthly repayments have been made. The primary benefit of making a balloon payment through HSBC is reduced size of regular monthly repayments throughout the term of your car loan. Making a balloon payment is based on the vehicle price and finance term. We offer a balloon payment option only on new cars.
Advantages of making a balloon payment include:
- Lower monthly instalment vs. standard loan
- Increased affordability
- Cash flow management
| Term in months | Personal Banking non-salary transfer customers % left to pay |
All other customers % left to pay |
|---|---|---|
| 12 months | 70% | 70% |
| 24 months | 55% | 65% |
| 36 months | 45% | 45% |
| 48 months | 30% | 30% |
| Term in months | 12 months |
|---|---|
| Personal Banking non-salary transfer customers % left to pay |
70% |
| All other customers % left to pay |
70% |
| Term in months | 24 months |
| Personal Banking non-salary transfer customers % left to pay |
55% |
| All other customers % left to pay |
65% |
| Term in months | 36 months |
| Personal Banking non-salary transfer customers % left to pay |
45% |
| All other customers % left to pay |
45% |
| Term in months | 48 months |
| Personal Banking non-salary transfer customers % left to pay |
30% |
| All other customers % left to pay |
30% |
Eligibility
You can apply for a car loan if:
- You're a UAE national or expatriate resident aged between 21 and 65 years
- You earn a minimum monthly salary of AED 7,500 per month
Description |
Fee |
|---|---|
Application fee 1% (1.05% inclusive of VAT) of loan amount |
Min AED 500 (AED 525 inclusive of VAT) |
Max AED 2,500 (AED 2,625 inclusive of VAT) |
|
Early settlement of car loan |
1% (1.05% inclusive of VAT) of remaining balance |
Advance payment of instalment |
1% (1.05% inclusive of VAT) of the advanced payment |
Description |
Application fee 1% (1.05% inclusive of VAT) of loan amount |
|---|---|
Fee |
Min AED 500 (AED 525 inclusive of VAT) |
Description |
Max AED 2,500 (AED 2,625 inclusive of VAT) |
Fee |
|
Description |
Early settlement of car loan |
Fee |
1% (1.05% inclusive of VAT) of remaining balance |
Description |
Advance payment of instalment |
Fee |
1% (1.05% inclusive of VAT) of the advanced payment |
Documents required
Employed individuals buying new/used cars from authorised dealers:
- Valid Emirates ID
- Valid passport copy (valid UAE visa for expatriates)
- Valid UAE driving licence copy
- Copy of the last 3 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 a HSBC bank or other banks under narration salary
- Repayment mechanism – standing instruction plus an undated security cheque from salary-assigned account
- HSBC Bank Middle East Limited application form and agreement fully completed in block letters and signed in the presence of a sales specialist
Self-employed individuals buying new/used vehicles from authorised dealers:
- Valid Emirates ID
- Valid passport copy (valid UAE visa for expatriates)
- Valid UAE driving licence copy
- Copy of the last 6 months' personal and business bank statements
- Audited financials for the last 2 years
- Repayment mechanism – standing instruction plus an undated security cheque from main operating account
- HSBC Bank Middle East Limited application form and agreement fully completed in block letters and signed in the presence of a sales specialist
- Valid documents in support of business/partnership, ie trade licence copy, memorandum/articles of association, passport copies of owners/partners and additional documents can be requested based on individual requirements
Things you should know
Apply online
Apply online using our simple application form.
Apply by phone
Our representative will call you back:
Alternatively, you can call us at your convenience: 04 294 8000 (within UAE) or +971 4 294 8000 (outside UAE).
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