Navigating the Car Financing Landscape in Dubai with Khurshid Transports LLC

Dubai’s vibrant lifestyle often calls for the convenience of owning a car. However, settling in the country might leave you with limited funds for a new vehicle, making a car loan from Khurshid Transports LLC an attractive option.

Eligibility Criteria for a Car Loan in Dubai with Khurshid Transports LLC:

To secure a car loan with Khurshid Transports LLC in Dubai, you must fulfill the following criteria:

• Be a national or expat resident aged between 21 and 65.
• Possess a valid UAE driving license or an internationally recognized license.
• Have a minimum salary of AED 5000 for new cars or AED 8000 for used cars.

Key Considerations Before Applying for a Car Loan:

1. Interest Rate: Khurshid Transports LLC offers competitive interest rates, ranging between 2 and 4 per cent. Understanding the difference between reducing and flat rates is crucial for informed decision-making.
2. Maximum Tenure: Car loans typically extend up to 60 months, with variations for used cars. Ensure you can meet repayment obligations within the stipulated period.
3. Down Payment: A down payment of 20 per cent is required, with flexibility on whether it is paid directly to the bank or through the car dealer.
4. Minimum Amount for Financing: Khurshid Transports LLC requires a minimum loan amount of AED 20,000, with the total vehicle value set at a minimum of AED 25,000.
5. EMI Calculation: Your Equated Monthly Installment (EMI) should be less than half of your monthly salary, minus any existing liabilities. Factor in 5 per cent of the credit card limit for precise calculations.
6. Arrangement Fee: Be aware of the upfront arrangement fee, which varies between banks. It can be a fixed amount or a percentage of the loan.
7. Early Settlement Fee: Settling the loan before the agreed tenure may incur an early settlement fee, typically around one per cent.
8. Insurance on Loan: While Khurshid Transports LLC may offer insurance options, consider external coverage for unforeseen events affecting your ability to repay.

Document Requirements for Khurshid Transports LLC Car Loans in Dubai:

Prepare the following documents for a smooth application process:

• Passport
• Emirates ID
• Labour card
• Salary certificate
• UAE driving license
• Bank statements (36 months)
• Car registration certificate
• Insurance policy documents
• Valuation certificate of the car

For self-employed individuals, include a trade license and bank statements. Corporate entities seeking business vehicle loans should provide a trade license, bank statement, list of authorized signatories, and MOA.

Application Process and Benefits of Khurshid Transports LLC Car Loans:

Upon meeting eligibility criteria, submit the car loan application form with the necessary documents, including the dealer’s quotation. Khurshid Transports LLC’s efficient verification process leads to a Local Purchase Order (LPO) sent to the dealer upon loan approval.

Benefits of Khurshid Transports LLC Car Loans in Dubai:

• Competitive interest rates (2-4%)
• No need for additional collateral as the car serves as security.
• Timely repayment enhances your credit history, facilitating faster processing of future loans.
• Diverse loan packages tailored to your needs, offering financial flexibility.

Conclusion:

Getting a car loan in Dubai with Khurshid Transports LLC is a straightforward process, provided you meet the eligibility criteria and have the required documents. With collaborative efforts between car dealers and bank representatives, obtaining a loan that suits your needs becomes a seamless experience. In cases where eligibility is not met or a loan is declined, convenient public transport options or affordable car rental services offer viable alternatives without added liabilities.