Loan Amount:

New Car:
Up to 90% of cost of vehicle, accessories, registration and lien noting fee, insurance, subject to maximum of AED 500,000

Second hand Car:
Up to 70% of value of vehicle assessed by approved valuer, subject to maximum of AED 50,000

• 4.50% p.a. (flat rate) or 9.00% p.a. (reducing balance) , subject to change from time to time
  

• Maximum upto 48 Months (New Car)

• Maximum up to 36 months (Second Hand Car)
  

1% of loan amount

• 1% of amount of loan outstanding , minimum AED 250
  

a) For Salaried Class

• Loan Application
• Copy of Passport with valid visa page
• Latest salary certificate
• Latest statement of bank accounts for last six months (not applicable for BOB customers)
• Copy of Labor Card/Identity Card
• Pro-forma Invoice of vehicle
• Copy of valid UAE driving license
• Valuation report of approved valuer (for used cars only)
• Undertaking from borrower authorising us to receive terminal benefits from employer
• Undertaking from employer to remit salary and terminal benefits at the end of service to bank

b) For Self Employed/Business Entrepreneurs and firm or company

• Copy of passport with valid visa page
• Copy of latest balance sheet of the company
• Latest statement of Bank accounts for last three months (not applicable to BOB customers)
• Copy of Trade/Professional License
• Pro-forma invoice of vehicle
• Copy of valid UAE driving License (In caase of business enterprise, driving license copy of employee can be obtained along with employment proof)
• Valuation report of approved valuer (for used cars only)
• Copy of partnership agreement (if applicable)
• Copy of Power of Attorney (including borrowing power)
  

Retail Banking Shoppe
Bank of Baroda
Dubai main Branch, Bur Dubai, UAE
Tel: 04-3136603, 3534390,3540041
Email: dubairetail@bankofbaroda-uae.ae
Products also available at branches
Abu Dhabi: 02-6330244 Deira: 04-2287949 Sharjah: 06-5684231
Al Ain: 03-7519880 Ras Al Khaimah: 07-2229293

Download Application Form