If you're already in the market for a new car, the Holy Month of Ramadan might be the best time to drive off into the sunset.
Emirates Islamic Bank and RAKBank have both launched special car loan programmes, featuring low interest rates, flexible repayment options and the chance to win valuable prizes.
"Ramadan holds a special significance for our bank, our customers and the community," said Faisal Aqil, the general manager of retail banking for Emirates Islamic Bank. "We wanted to reflect this by launching a very special offering."
Customers at Dubai Islamic Bank can take advantage of their INTALEQ promotion. Based on the concept of Murabaha, the Sharia-compliant programme includes special profit rates, an "instalment holiday" of 90 days and a 50 per cent reduction in processing fees.
Murabaha is a system whereby there's an honest declaration of cost and any profit or mark-up is known to the buyer.
Other features of the loan are a 72-month repayment period. According to the bank, instalments and fees during this period are not fixed, and must be negotiated between the customer and the bank.
The idea behind the programme, the bank adds, is to allow customers to plan out their finances while improving their day-to-day lifestyle through long-term repayments.
Dubai Islamic Bank's promotion will run until the end of September. Meanwhile, RAKBank is offering a similar auto loan programme for Ramadan. The bank is waiving all down payments for a new vehicle, and like Dubai Islamic Bank, the first loan repayment is delayed for the first 90 days after registration.
"With Ramadan falling during the summer season, customers may have additional expenses this year to cover summer vacations and Eid Al Fitr celebrations," said Graham Honeybill, the general manager of RAKBank.
"RAKBank's Ramadan promotions will help ease customers' financial responsibilities during this season while maximizing benefits," he said.
With an interest rate of 4.75 per cent a year, and a particularly long payment term that stretches up to 84 months, this promotion might be appealing to prospective car buyers.
RAKBank is also providing discounts on motor insurance policies for new and existing auto loan customers. Through Oman Insurance company, the institution is offering a rate of 3.75 per cent during Ramadan.
Customers will also have the added benefit of being automatically entered into a prize draw with the chance to win a Lexus SUV and free motor insurance.
jtodd@thenational.ae
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Started: August 2020
Founder: Areej Selmi
Based: Gaza
Sectors: Internet, e-commerce
Investments: Grants/private funding
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Transmission: 8-speed automatic
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