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Buying a used car from an individual through bank financing (i.e. HSBC)

1 Send an enquiry online to HSBC MEFCO or call HSBC MEFCO.

2 Afterwhich, a representative from the bank will inform you regarding the documents requir

a. MEFCO Application Form

b. Loan Applicant/Buyer's - Passport copy, Visa copy, Emirates ID copy, Driving Lice

c. Since my company has salary account in HSBC, they only required me to submit td. Vehicle valuation from accredited shop (e.g. House of Cars near Mazaya Center,

e. Seller's Passport copy, Visa copy, Copy of Car Registration card

f. Clearance letter from previous mortgage bank (stating that the previous mortga

g. 1 cheque to name HSBC MEFCO as beneficiary of the total loan amount plus inte

h. Full comprehensive insurance with mortgage assignment to HSBC MEFCO with a

3 Initially, submit a-f to the agent for review (online or even at their office at Sheikh Zayed) ap

4 Once approved, bring all original documents plus the cheque and original copy of insurance.

5 Sign the cheque and the loan agreement. The agent shall provide a copy of the signed docu

6 Go to RTA (Tasjeel infront of MOE)

7 First, bring the vehicle straight to testing (120 AED by seller)

8 After the issuance of the test certificate, get a number at the information counter by stating

9 Go to the counter once the numer is called. Submit the registration card, test report, loan an

10 Also show the license of buyer and seller plus the buyer's emirates ID. Pay 330 AED.

11 Sign the registration document, check all information.

12 Afterwhich, the RTA staff shall issue the registration card and sticker. Again, check all inform

13 Go to counter 14, to update or register a new salik card. Pay 100 AED.

14 Fix the sticker at the plate number at the back of the car and the salik tag at the windshield.

15 HSBC MEFCO shall be the one to arrange the payment of cheque "pay to account" to the sell

16 At the agreed time with the seller, get your brand new used car.

BuyerVehicle valuation 250.00

Insurance 1,658.00

RTA registration 330.00

Salik 100.00

2,338.00

Seller

NOC from bank 50.00

Vehicle testing 120.00

170.00

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d.

se copy

hree montrhs copy of payslip otherwise 3 months bank statementheikh Zayed Road (250 AED))

e was already paid in full or closed) 50 AED by seller

est.

hire purchase agreement. (1658 AED for 11 months fom AFIA, they provided original copies for RTA an

proximately 3-4 days for approval.

ent and cheque you've issued. The agent shall also provide a copy to be submitted to RTA.

the purpose, either by renewal or transfer of registration. They may asked to see the test certificate, re

d insurance document. Ensure that details in the submitted documents are correct.

ation. (Transaction at the RTA counter was completed in 10 mins)

er. Approximately, 3-4 days.

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HSBC MEFCO and my own copy). AFIA managed to prepare the document in 2 hours.

istration card, loan document, insurance document, emirates ID of seller and buyer.