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Sharjah Islamic Bank Personal Loans in UAE
| Sharjah Islamic Personal Loan Details | |
|---|---|
| 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 300K |
| Profit Rates | Flat rate: 3.79% | Reducing rate: 6.87% |
| Minimum Salary | AED 5000 |
Features of Sharjah Islamic Personal Loan
- Maximum loan amount up to 20 times the monthly salary
- Flexible repayment tenure (varying as per the finance option availed)
- Competitive Interest rates
- Minimum salary requirement is at the discretion of the bank
- Quick approvals and minimum documentation
Fees and Charges
- Loan processing fee : 1% of the loan amount
- Early Settlement of loan : 1% of the outstanding loan amount
SIB provides Shariah-compliant personal finance tailor-made for different financial needs of customers. Some options available are :
- Goods Finance – for purchase of goods like household furniture, boats, motorcycles, electronics, domestic appliances, tools and machinery.
- Shares Finance – to invest in the list of companies in Abu Dhabi & Dubai markets
- Medical Treatment Finance – SIB has tied up with University Dental Hospital in Sharjah (UDHS) and University Hospital of Sharjah to provide finance on all types of medical treatments repayable in instalments.
- Education Finance – Complete your graduate or post-graduate studies from the University of Sharjah (UOS) or the American University of Sharjah – AUS (Ta'allam) with finance available from SIB.
- National Bonds Finance – Finance available to invest in National Bonds
- Travel Finance – SIB has tied up with National Travel Tourist Agency and offers travel finance to customers.
Eligibility Criteria of Sharjah Islamic Personal Loan
- Minimum salary of AED 5000
- Applicants should be 21 years & above
Documents Required of Sharjah Islamic Personal Loan
- Original passport & UAE National ID
- Valid UAE residence visa for expats
- 3 months bank statement
Sharjah Islamic Personal Loan Profit Rates
2 Sharjah Islamic Bank Personal Loans
Murabaha Personal Finance for UAE Nationals
Features
- Repayment period is up to 4 years
- Only UAE Nationals can apply
- The reduction rate and the flat rate is 5.69% and 3.14%. This denotes that the computation done was a division of the reduction rate by 1.814
Features
- Repayment period is up to 4 years
- Only UAE Nationals can apply
- The loan is provided for an interest rate of 5.69%
- Minimum salary of AED 5,000 is required
- The reduction rate and the flat rate is 5.69% and 3.14%. This denotes that the computation done was a division of the reduction rate by 1.814
- It is not mandatory to transfer your salary to apply for this scheme
- Finance up to AED 2,500,000
- Early settlement fee is 1% of finance amount
- Arrangement fee is 1% of loan amount
Benefits
- Can get up to AED 2,500,000 loan amount
- Repayment period is long
- They provide finance against goods
Murabaha Personal Finance for Expats
Features
- Repayment period is up to 4 years
- Only Expats can apply for this scheme
- The reduction rate and the flat rate is 6.07% and 3.35%. This denotes that the computation done was a multiplication of the flat rate by 1.814
Features
- Repayment period is up to 4 years
- Only Expats can apply for this scheme
- The loan is provided for an interest rate of 6.07%
- Minimum salary of AED 5,000 is required
- The reduction rate and the flat rate is 6.07% and 3.35%. This denotes that the computation done was a multiplication of the flat rate by 1.814
- It is mandatory to transfer your salary to apply for this scheme
- Finance up to AED 800,000
- Early settlement fee is 1% of finance amount
- Arrangement fee is 1% of loan amount
Benefits
- Can get up to AED 800,000 loan amount
- Repayment period is long
- They provide finance against goods
About Sharjah Islamic
Established in 1975 through an Amiri decree, the bank was initially known as the National Bank of Sharjah. In 2002, the bank was the first bank to convert to Islamic Banking and was renamed as Sharjah Islamic Bank (SIB). SIB has a Vision 'to be the bank of choice, delivering creative customer solutions based on Islamic principles of partnership, trust & equality for all’. The values followed by them are :
- Bonding and Harmony
- Compliance
- Learning and Self Development
- Social Responsibility
- Creativity and Innovation
Get in touch with Sharjah Islamic Bank Customer Care
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