Key takeaways
  • EV finance rates are about 0.5 points lower than petrol-car rates at most banks.
  • Some offers bundle the home charger and installation into the loan - a AED 7,000 saving.
  • Comprehensive insurance on an EV runs about 15% higher than on a petrol car; count it in the payment.

UAE banks compete on "green" EV loans with lower headline rates, but the advertised rate is not the full cost. Admin fees (usually 1%) and mandatory comprehensive insurance reshuffle the ranking, so we calculated the real monthly payment for the same car at each bank.

How we ranked the offers

We fixed the equation: an AED 150,000 car, 20% down, 5-year term, and asked each bank for its flat profit rate, admin fee, and insurance requirement. The ranking is by total cost over the loan, not the headline rate alone.

The offers, ranked

BankAnnual rateAdmin feeMonthly paymentTotal cost
Emirates NBD (Green Auto Loan)Our pick2.29%Waived nowAED 2,285AED 157,100
First Abu Dhabi Bank2.49%1%AED 2,310AED 159,600
Dubai Islamic Bank2.65%1%AED 2,345AED 161,700
ADCB2.79%1%AED 2,375AED 163,500
Mashreq2.99%1.25%AED 2,420AED 166,200

Based on an AED 150,000 car, 20% down, 5 years - sample data for design preview.

Emirates NBD leads because it currently waives the admin fee on EVs, even though its rate is not the lowest. Dubai Islamic Bank costs slightly more per month but allows early settlement after one year with no penalty, which matters if you plan to sell early.

Before you sign

Ask about three things that are not in the ad: the early-settlement penalty, whether the home charger is financed, and the insurance quote from the bank’s partners. Differences across the three can reach AED 12,000 over the loan.

Why an EV in the UAE?
  • Fuel savings around AED 8,000 a year for typical city driving
  • Cheaper and less frequent servicing than petrol
  • Discounted parking and Salik in some emirates
  • Green loan offers currently at their best
What to budget for
  • Comprehensive insurance runs about 15% higher
  • Resale market still uncertain
  • Fast charging outside Dubai and Abu Dhabi is limited
The ElSahh Price Tracker Sample data
Tesla Model 3 Standard Range
UAE - official dealer price
AED 159,990
▼ -1.4% this month
Tracks official dealer prices in the UAE Last update: today 09:00 Riyadh time

FAQ

Do banks treat EVs and hybrids the same?
No. Most green loans are for full EVs only. Hybrids get standard auto finance at a higher rate, except Dubai Islamic Bank, which includes hybrids under conditions.
Is comprehensive insurance mandatory for the whole loan?
Yes, every bank requires it until the last installment. Expect AED 4,500-6,000 a year for an EV depending on model and driving record.
Who installs the home charger?
In Dubai and Abu Dhabi, certified contractors under the utilities authorities handle it, costing AED 5,000-7,000 including permits. Some bank offers fold it into the loan, and some dealers bundle it free with the car.
Spot a wrong figure or fact in this article? Reach us via Contact and we will review, correct, and note the correction here within 24 hours, per our corrections policy.
KO
Khaled AlOtaibi
Cars editor at ElSahh, covering prices and financing across Gulf markets.