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Emirates Islamic Personal Loans in UAE
| Emirates Islamic Personal Loan Details | |
|---|---|
| Minimum Salary | AED 10000 per month |
| Age | 21 - 60 years(Expats) & 65 years(UAE Nationals) |
| Tenure | 48 months |
| Arrangement Fees | 1% of the approved loan amount |
| Early Settlement Fees | 1% of the outstanding amount |
| Maximum Loan Amount | AED 2000K - AED 4000K(depends on the nationality and type of loan) |
| Profit Rates | Flat rate: 2.99% - 3.99% | Reducing rate: 5.5% - 7.34% |
Features of Emirates Islamic Personal Loan
- Both salaried and self-employed customers are eligible for Emirates Islamic Bank Personal Loan
- Competitive profit rates are charged
- UAE Nationals can get a loan up to AED 4 Million and Expats can avail up to 1 million.
- Quick approval of loan
- Can get a pre-approved credit card and no annual fees are charged in the first year.
- Nominal processing fees
- Can avail takaful insurance coverage
Emirates Islamic provides personal finance to salaried and self-employed individuals in accordance with Murabaha arrangement by trading the Shariah-compliant instruments like Wakala or Shares Certificates.
Personal Finance
- Maximum loan amount of up to AED 4 million for UAE nationals and AED 1 million for expatriates
- Competitive profit rates
- Quick Processing of application
- Minimum monthly salary requirement of AED 10000
- Minimum one month/first salary credit into Emirates Islamic account
- Exclusive policy terms on buyout loans/finances
- Pre-approved credit card with first year’s annual fees waived off
Eligibility Criteria of Emirates Islamic Personal Loan
- AED 10000 is the minimum monthly salary required
- Loan applicant must have at least 1 month Length of service at work or transfer first salary to Emirates Islamic Bank account
- The applicant must be minimum 21 years and maximum 65 years (UAE Nationals) and 60 years (Expatriates) at the time of maturity
Check here for the Eligibility Criteria of Emirates Islamic Bank Personal Loan
Documents Required of Emirates Islamic Personal Loan
- Duly-filled bank application form
- Valid Passport of the applicant
- Valid UAE resident visa for expats
- Latest 3 months bank statements where to the salary is transferred
- Salary transfer letter/salary certificate (for salaried customers only)
- Liability letter (for buyout cases only)
- Trade license (for self-employed customers)
Emirates Islamic Personal Loan Profit Rates
2 Emirates Islamic Bank Personal Loans
Personal Finance for UAE Nationals
Features
- Repayment period is up to 4 years
- Only UAE Nationals can apply for this scheme
- The reduction rate and the flat rate is 5.5% and 2.99%.
Features
- Repayment period is up to 4 years
- Only UAE Nationals can apply for this scheme
- The loan is provided for a interest rate of 5.5%
- Minimum salary of AED 10,000 is required
- The reduction rate and the flat rate is 5.5% and 2.99%.
- It is mandatory to transfer your salary to apply for this scheme
- Finance up to AED 4,000,000
- Early settlement fee is 1.05% of finance amount
- Arrangement fee is 1.05% of loan amount
Benefits
- Free Credit Card is provided along with this scheme
- For the first year free of annual fee
- Repayment period is long
- Low minimum salary requirement is there for this scheme
Personal Finance for Expats
Features
- Repayment period is up to 4 years
- The flat rate and the reduction rate is 3.99% and 7.34%.
- The loan is provided for a interest rate of 7.34%
Features
- Repayment period is up to 4 years
- The loan is provided for a interest rate of 7.34%
- Minimum salary of AED 10,000 is required
- The flat rate and the reduction rate is 3.99% and 7.34%.
- It is mandatory to transfer your salary to apply for this scheme
- Finance up to AED 2,000,000
- Early settlement fee is 1.05% of finance amount
- Arrangement fee is 1% of loan amount
Benefits
- Free Credit Card is provided along with this scheme
- For the first year free of annual fee
- Repayment period is long
- Low minimum salary requirement is there for this scheme
Frequently Asked Questions
⭐ What benefits can I attain from Emirates Islamic Bank personal loan?
A. Free credit card with 100% discount on fees for an year, loan approval within 24 hours, insurance coverage, less processing fees.
⭐ Is transfer of salary to Emirates Islamic bank necessary to avail personal loan?
A. Yes. Minimum salary transfer of one month is needed to avail personal loan.
⭐ Are there any fees for loan cancellation?
A. Yes. AED 100 is charged for loan cancellation.
⭐ What’s the fees for late payments of the loan?
A. AED 50 per instance of late payments.
⭐ Can I skip the monthly loan payment?
A. Yes you can skip the monthly loan payment but it’s chargeable of AED 100 per every instance of skipping the instalment.
⭐ Is liability letter mandatory for personal loan?
A. Yes, it is. But if in any case, you don’t acquire a liability letter for buyout cases you should pay a fee of AED 100.
⭐ What’s the fees for personal overdraft?
A. It’s AED 100.
⭐ How can I repay the loan amount?
A. Loan amount can be repaid in the form of EMIs ( Equated monthly installment).
⭐ Can I pay the loan in partial payments?
A. Yes. And the fees is 1% of the payment.
⭐ What are the other personal loans available in UAE?
A. There are several banks providing personal loans. You can check various personal loan in UAE here.
⭐ How do I contact the Emirates Islamic Bank?
A. You can visit Emirates Islamic Customer Care page for the phone number, mail address, branch address and other contact details.
About Emirates Islamic
In order to deliver high standards of banking services, Emirates Islamic Bank was established in the year 2004. The bank is aimed to deliver services in accordance with the standards of Shariah principles. It offers a wide range of products that are designed exclusively for individuals, small businesses and large corporations.
Get in touch with Emirates Islamic Bank Customer Care
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