car loan in dubai


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.

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.

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