What makes me eligible for the NBF Auto Loan?
You can apply for the NBF Auto Loan if you are a salaried person
residing in any of the emirates within the UAE.
What should my maximum age be at the time of Auto Loan application/maturity?
If you are a UAE national you have to be 68 years of age at the
time of loan maturity.
If you are an expatriate you should be 60 years old at the time
of loan maturity.
Is it compulsory for my salary to be assigned to NBF in case I avail the NBF Auto Loan Facility?
Yes, salary assignment to an NBF Current Account is compulsory
if you wish to avail the NBF Auto Loan facility.
How long should I be employed in my current organisation to be eligible for the loan?
A minimum of six months, which should be confirmed by your
current organisation.
What is the maximum financing available to me?
We can provide you up to AED 400,000 in Auto Loan financing as
long as the maximum debt burden and minimum down payment
requirements are met.
What will be the down payment required to apply for an NBF Auto Loan?
The down payment requirement is 20% for new and used cars
irrespective of the tenor.
What should be the maximum age of the vehicle at the time of loan application?
Vehicle age at the time of loan application should be no more
than 3 years.
What should be the maximum age of the vehicle at the time of loan maturity?
Vehicle age at the time of loan maturity should be no more than
seven years.
How many vehicles can I finance with NBF?
There is no maximum cap on the number of vehicles that you can
finance from NBF if you are a UAE National as long as the maximum
debt burden ratio requirement is met.
If you are an expatriate, you can finance up to 2 vehicles with
us.
What is the maximum tenor over which I can repay my NBF Auto Loan?
If you are financing a new vehicle the maximum tenor is five
years.
If you are financing a used vehicle, the maximum tenor is four
years.
What will be the mode of repayment?
At the time of legal agreement sign-up, you will provide us with
a standing order instruction to deduct the monthly installments
from your NBF account whenever your monthly salary is credited.
When will the first installment be due and what is the repayment due date?
The first installment will be due 45 days after the disbursal of
the loan. The repayment due date would be 28th of every month.
What is the interest rate applicable to NBF Auto Loan?
Please refer to the Schedule of Charges for the current interest
rates.
Am I allowed any deferrals?
Yes, you are allowed one deferral a year, subject to certain
criteria being met.
What is the processing fee for the loan?
Please refer to the Schedule Of Charges for the current
processing fee applicable on the NBF Auto Loan.
Can I alter (increase or reduce) the tenor of the loan?
Yes, this can be done as per the existing policy guidelines.
How much will I be charged if I settle the loan before the maturity date?