Loans Services - Auto Loans

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meBank

Schemes For UAE Nationals and Expatriates

.	Interested in buying the car of your dreams – let's make it a reality with meDRIVE the Car Loan from meBANK.
.	With the lowest interest rates in town and features such as NIL down payment, flexible payment terms stretching up to 60 months and an Insurance option, meDRIVE is certainly the Car Loan with more Drive!
.	meDRIVE discounts interest rates even further if you route your salary to us, even on used cars.
.	meDRIVE also comes with a free meACCOUNTS and all it's associated benefits.

Loan Features

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No down payment option for financing of new or used cars.

. Repayment period of up to 60 months.

. Financing of up to AED 250,000.

. Attractive interest rates.

. Option to defer your first installment by upto 60 days.

. Convenient account inquiries and transactions through the Worldwide Web/Internet.

. Minimum salary of AED 3,000 per month to qualify.

Loan Benefits

.	Entitlement to a meACCOUNTS with no minimum balance.
.	Choice of a Credit Card with membership fee waived for the first year.
.	Car insurance premium rate as low as 3.79% (Insurance rates are subject to the terms and conditions of National General Insurance).

Documents Required

.	Salary Certificate/ Documentary evidence of source of other Income
.	Bank Statement for the latest 3 months, from the account to which your salary is sent. Not required if your salary already goes to meBANK
.	Letter from your employer confirming salary transfer and benefits to meBANK
.	For UAE Nationals - Copy of valid passport including last page
.	For Expatriates - Copy of valid passport with valid UAE Residence Visa
.	Copy of Driving License
.	Copy of Water & Electricity (DEWA) Bill if residing in Dubai
.	Standing Order / Auto Debit instruction
.	Security cheque/guarantee as a part of the documentation

For new vehicles:

.	Quotation/ Proforma Invoice from vehicle dealer

For Used Vehicle:

.	Valuation Certificate issued by a dealer on approved list
.	Ownership Title and Sale Letter (Mubaya)

Documentation Required Upon Disbursement of Loan

.	Verified copy of the permanent registration (Mulkia) showing that the vehicle has been mortgaged to meBANK
.	Original comprehensive insurance for 13 months for the full value of the vehicle with Hire purchase clause favoring meBANK with letter of undertaking
.	Sales Invoice showing amount due from the Bank (where applicable)
.	Copy of Mortgage Letter issued to Traffic Dept.