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Processing requires a whole lot of documentation
Like most mortgage transactions, getting an auto loan requires some documentation. Things have become a bit more stringent since the finance and banking sector suffered severe shortfalls in the last global economic recession.
The transaction requires the following documents:
• Salary certificate or evidence of income source
• Bank or credit card statements
• A letter from the employer confirming salary transfer and benefits
• For UAE nationals – copy of valid passport with the last page
• For expats – copy of valid passport and valid UAE residence visa
• Copy of valid driving license
• Copy of DEWA bill for Dubai residents
• Post dated cheques or auto debit instruction
• Security cheque / guarantee
For a new vehicle, a quote from the vehicle dealer is required. For a used vehicle, the bank requires a valuation certificate by an authorized dealer. Once approved, the bank requires a copy of the mortgage letter issued to the Traffic Department.
Some banks offer bundled insurance benefits, complimentary Salik card, up to 80% financing, staggered payment deals and payment tenors of up to 60 months, recharge & RTA fine payment facility and even fixed deposit yield options for your auto loan package.
Documents required: salary certificate, bank statements, letter from the employer, copy of driving license, security & post dated cheques.
Source: Lovely Claire CD, Special to Classifieds, The writer is a freelancer