MEFCO (HSBC Middle East Finance Co) today announced that for the first time it has doubled its maximum credit limit on vehicle finance to AED 500,000 from AED 250,000.MEFCO has also eased customer credit criteria in order to further support its customers with a good credit history to obtain finance for a new vehicle.
Vehicle finance is available from AED30,000/- to a maximum of AED 500,000 and can be taken over a minimum tenure of 12 months to a maximum of 60 months.
Interest rates on auto finance have also been reduced and now start from 4.25% fixed per annum. Additional rate discounts will be offered to customers who buy more than one insurance and/or auto accessory product such as motor insurance, home comfort, V-kool window tinting and Ultra Master Paint protection.
Marwan Hadi, Managing Director of MEFCO said, “We have a strong presence in the UAE auto finance industry and are looking to expand our customer base by capturing new growth opportunities.
Following the economic downturn there was a scarcity of credit available, however positive sentiment in the UAE is clearly on the rise and we are confident that the increased limit and prudent easing of credit criteria will match the revival of the market. We are always keen to support the UAE’s car dealership community and offer more choice to our customers and at all times providing the quality of service they have come to expect from MEFCO.”
The new eligibility criteria offers auto finance to customers with a minimum monthly salary of AED7,500/. Final credit limits offered are based on each customer’s income and credit history.
The move has been welcomed by the UAE’s auto industry:
Steve Faulkner (Sales & Operations Leader) who heads up the Finance and Insurance Programs for the Al Futtaim Automotive Division said, “This is a very positive and forward thinking enhancement by MEFCO, it reflects confidence in a recovering market, and widens ever further our unique ability to provide funding options to over 90% of our customers. MEFCO is an important partner to the Al Futtaim Group providing excellent, innovative solutions to our customers. Today we have a Panel of Partners all with different credit policies, all providing unique solutions to differing customer types and MEFCO’s decision enhances our capability to provide a strong value and service proposition to our mutual customers.”
Karl Hamer, Sales Director of Al Habtoor Motors Company (AHM) also commented on the change stating, “AHM are extremely pleased to hear that one of our key partners in automotive finance is taking action to further stimulate the markets. These offers will assist our customers greatly. Al Habtoor Motors and its customers have always found the automotive division of MEFCO to be a popular choice to finance the purchase of Mitsubishi vehicles. Our market share growth and the success enjoyed over recent years have only been possible with the strong backing of our business partners.”
MEFCO’s complete vehicle finance solutions have a range of innovative finance packages to ensure each customer’s unique needs are met. This includes 1.)Hire Purchase 2.) Hire Purchase with balloon payments 3.) Shariah compliant vehicle finance. Quick application turn around time, simple documentation and dedicated auto loan advisors are also advantages.
AED500,000 eligibility
UAE nationals with a monthly salary of AED20, 000. Salary transfer to HSBC mandatory.
Expatriates – minimum salary of AED75, 000. Salary transfer to HSBC mandatory.
AED350,000 eligibility
UAE nationals and expatriates with a monthly salary of AED20, 000. Salary transfer to HSBC mandatory.
AED250,000 eligibility
UAE national and Expatriates with a monthly salary between AED15, 000 and AED20, 000. Salary transfer to HSBC mandatory
Non-relationship customers earning above AED20, 000
Those applicants with a minimum salary of AED7, 500 up to AED15, 000 are eligible for a loan of 10 times their salary
Source: news release
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