| 10 May 2010 |
|
HSBC MEFCO Expands Credit Limits for Vehicle Finance
- Text size
*Car loans available up to AED500,000*
*Credit criteria eased*
*Move welcomed by the UAE auto industry*
MEFCO (HSBC Middle East Finance Co)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. MEFCOMEFCO 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.
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 MEFCOMEFCO."
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 MEFCOMEFCO, it reflects confidence in a recovering market, and widens ever further our unique ability to provide funding options to over 90% of our customers. MEFCOMEFCO is an important partner to the Al Futtaim GroupAl 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 MEFCOMEFCO's decision enhances our capability to provide a strong value and service proposition to our mutual customers."
Karl Hamer, Sales Director of Al Habtoor MotorsAl Habtoor Motors Company (AHMAHM) also commented on the change stating, "AHMAHM 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 MotorsAl Habtoor Motors and its customers have always found the automotive division of MEFCOMEFCO 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."
MEFCOMEFCO'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
-Ends-
HSBC Bank Middle East Limited (HSBC)
HSBC is the largest and most widely represented international bank in the Middle East. HSBC Bank Middle East Limited has 46 branches throughout the United Arab Emirates, Oman, Bahrain, Qatar, Kuwait, Jordan, Lebanon, Pakistan, Algeria and the Palestinian Autonomous Area. In addition to the branch network the Bank maintains representative offices in Tehran, Iran and Tripoli, Libya. This extensive regional coverage is strengthened by another member of the HSBC Group, HSBC Bank Egypt SAE; and by its associated companies; The Saudi British Bank; British Arab Commercial Bank Limited; HSBC Saudi Arabia Limited; SABB Securities Limited; SABB Takaful Co.; and Dar Es Saalam Investment Bank.
Media enquiries to Andrea Jaishankar, Manager Communications, HSBC Bank Middle East Limited on 04 4235635 or at andreajaishankar@hsbc.com
© Press Release 2010
Zawya is a distributor (and not a publisher) of content supplied by third parties and subscribers. Any opinions, advice, statements, services, offers, or other information or content expressed or made available by those third parties, including information providers, subscribers or other users of the Service, are those of the respective author(s) or distributor(s) and not of the Company. The Company neither endorses nor is responsible for the accuracy or reliability of any opinion, advice or statement made on the Service by anyone other than authorized Service employee spokespersons while acting in their official capacities. The Company is not responsible for any infringement of intellectual property rights or breach of any applicable law or regulation, including regulation in relation to financial services or the distribution of financial products, defamation, data protection, telecommunications (including regulations relating to excessive use, spamming or other abusive activities) or obscene, offensive or illegal content). Under no circumstances will the Company be liable for any loss or damage caused by a member's reliance on information obtained through the Service. It is the responsibility of member to evaluate the accuracy, completeness or usefulness of any information, opinion, advice or other content available through the Service. Please seek the advice of professionals, as appropriate, regarding the evaluation of any specific information, opinion, advice or other content.
Read the full Member Agreement
http://www.zawya.com/legal/NewsLetter.cfm?name=disclaimer
Post a Comment
1.1 Contain any material which is libelous or defamatory of any person, is obscene, offensive, hateful or inflammatory or causes damage to the reputation of any person or organisation.
1.2 Promote sexually explicit material, violence, discrimination based on race, sex, religion, nationality, disability, sexual orientation or age or any illegal activity.
1.3 Be made in breach of any legal duty owed to a third party, such as a contractual duty or a duty of confidence.
1.4 Be threatening, abuse or invade another's privacy, or cause annoyance, inconvenience or needless anxiety.
1.5 Be used to impersonate any person, to misrepresent your identity or affiliation with any person, or be likely to deceive any person.
1.6 Give the impression that they represent Zawya.
1.7 Advocate, promote or assist any unlawful act such as (by way of example only) copyright infringement or computer misuse.