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Dubai Islamic Bank Personal Loans in UAE
| Dubai Islamic Personal Loan Details | |
|---|---|
| Minimum Salary | AED 3000 |
| Profit Rates | Flat rate: 6% - 11% | Reducing rate: 11% - 21.99% |
| Maximum Loan Amount | AED 4000K(depends on the nationality and type of loan) |
| Early Settlement Fees | 1% of the outstanding amount |
| Arrangement Fees | AED 1050 to AED 2620 |
| Tenure | 36 - 48 months |
| Age | 21 - 60 years(Expats) & 65 years(UAE Nationals) |
Features of Dubai Islamic Personal Loan
Personal loans offered by DIB will help you meet your financial requirements in a Shariah-compliant manner.
- The maximum loan amount provided is AED 4,000,000 for UAE nationals and AED 2,000,000 for expats
- Maximum tenure provided for both UAE nationals and expats on DIB loan is 48 months
- The interest rates charged on Dubai Islamic bank personal loan starts from 6%(flat rate) and from 11%(reducing rate)
Eligibility Criteria of Dubai Islamic Personal Loan
| Eligibility | UAE Nationals | Expats |
| Minimum Salary | AED 3000 per month | AED 3000 per month |
| Age | 21 - 65 Years | 21 - 60 Years |
| Self Employed individuals | Yes | Yes |
| Salaried individuals | Yes | Yes |
Check here for the Eligibility Criteria of Dubai Islamic Bank Personal Loan
Documents Required of Dubai Islamic Personal Loan
- Copy of Passport (with Residence visa for expatriates)
- Copy of Emirates ID
- Salary and the End of Service Benefit Transfer Letter/Certificate from the employer
- Statement of Account for minimum 3 months if the salary is transferred to another bank (6 months for self-employed professionals/ businessmen)
- Copy of valid trade license (for self-employed professionals/businessmen)
Dubai Islamic Personal Loan Profit Rates
8 Dubai Islamic Bank Personal Loans
Liability Consolidation Finance
Features
- The repayment period is up to 4 years
- Can combine multiple finances into one
- Interest rate starts at 7%
Features
- The repayment period is up to 4 years
- Can combine multiple finances into one
- Interest rate starts at 7%
- Minimum salary of AED 3000 is required
- Early settlement fee is 1% of outstanding finance amount
- Arrangement fee is 1.05% of the finance amount
Benefits
- Finance is provided to consolidate existing loans
- Additional finance is provided after consolidating the loans
- Repayment period is long
- High loan amount is provided
- Can pay the first instalment upto 120 days
- Processing is quick
Al Islami Services Ijarah for UAE Nationals
Overview
- Provides finance to fund services
- Services include: Rent in advance, wedding, education, travel finance, etc that are sharia approved
- Can get the high loan amount
Overview
- Provides finance to fund services
- Services include: Rent in advance, wedding, education, travel finance, etc that are sharia approved
- Can get the high loan amount
- Low salary requirement
- Longer tenure is provided
- Hassle-free documentation
- Eligible for UAE nationals
Personal Finance
Overview
- Quick processing of a loan
- Provides loan on low salary requirement
- Can avail payment holiday benefit
Overview
- Quick processing of a loan
- Provides loan on low salary requirement
- Can avail payment holiday benefit
- Applicant’s company must be listed with the bank
- Salary transfer is mandatory
Liability Settlement Finance for UAE Nationals
Overview
- Can settle existing debts
- Only UAE nationals are eligible
- Salary transfer is mandatory
Overview
- Can settle existing debts
- Only UAE nationals are eligible
- Salary transfer is mandatory
- Can get finance based on sharia principles
- Interest rates are based on the applicant’s profile
Al Islami Goods Finance for UAE Nationals
Overview
- Provides finance to purchase goods
- Can get finance to purchase electronics, furniture, boat, jet skies, etc. and also sharia-compliant goods will be funded
- Maximum finance approved will be dependent on the applicant’s profile
Overview
- Provides finance to purchase goods
- Can get finance to purchase electronics, furniture, boat, jet skies, etc. and also sharia-compliant goods will be funded
- Maximum finance approved will be dependent on the applicant’s profile
- Provides finance for a low salary requirement
- Only UAE nationals are eligible
Liability Settlement Finance for Expats
Overview
- Can settle existing debts
- Only expats are eligible
- Salary transfer is mandatory
Overview
- Can settle existing debts
- Only expats are eligible
- Salary transfer is mandatory
- Can get finance based on sharia principles
- Interest rates are based on the applicant’s profile
Al Islami Services Ijarah for Expats
Overview
- Provides finance to fund services
- Services include: Rent in advance, wedding, education, travel finance, etc that are sharia approved
- Can get the high loan amount
Overview
- Provides finance to fund services
- Services include: Rent in advance, wedding, education, travel finance, etc that are sharia approved
- Can get the high loan amount
- Low salary requirement
- Longer tenure is provided
- Hassle-free documentation
- Expats are eligible
Al Islami Goods Finance for Expats
Overview
- Provides finance to purchase goods
- Can get finance to purchase electronics, furniture, boat, jet skies, etc. and also sharia-compliant goods will be funded
- Maximum finance approved will be dependent on the applicant’s profile
Overview
- Provides finance to purchase goods
- Can get finance to purchase electronics, furniture, boat, jet skies, etc. and also sharia-compliant goods will be funded
- Maximum finance approved will be dependent on the applicant’s profile
- Provides finance for a low salary requirement
- Expats are eligible
Benefits
Dubai Islamic Bank offers a huge variety of benefits on personal loans in UAE:
- Low salary requirement
- Reduced monthly payments
- Simple documentation and quick processing
- Salary transfer is not mandatory
- Provides loan to purchase furniture, electronics, and other sharia compliant goods
- Can fund specific needs in life like rent, wedding, education, etc. through DIB Services Ijarah
A quotation for the required services needs to be submitted to the bank along with the required documents for approval. DIB also offers upto 2 months paid holiday on Personal Loan for salary transfer customers without any additional fees.
Frequently Asked Questions
⭐ Can I postpone any installment payments?
A. You can skip maximum two installments annually.
⭐ Is everyone eligible for skipping the monthly installment?
A. Only personal loan holders whose salary is being transferred to the DIB bank account are eligible to skip the mothly installments.
⭐ Is salary transfer mandatory?
A. No, DIB provides personal loan without salary transfer also. But on salary transfer DIB offers a few benefits.
⭐ How many months bank statements are required?
A. 3 months bank account statements for working individuals and 6 months statements for self-employed individuals is required.
⭐ Is there any fees charged on installment deferment?
A. If you are not eligible for payment holiday facility, then an installment deferment fee is charged.
⭐ Is the Dubai Islamic Bank personal loan in UAE provided based on the Sharia-compliant laws?
A. Yes, all the DIB personal loans are based on Sharia-compliant laws.
⭐ What are the charges on late payments?
A. AED 210 will be charged as the late payment fees.
⭐ How do I cancel my approved personal loan at DIB?
A. You can visit the branch and request for cancellation of the loan. AED 100 will be charged as cancellation fees.
⭐ Can the loan be rescheduled?
A. Yes, you can reschedule your loan by paying AED 262.50 as rescheduling charges.
⭐ Can I clear my loan amount before the end of the tenure?
A. Yes, but 1% of the outstanding loan amount is charged as early settlement fees on the loan.
⭐ What are the various personal loans available?
A. Several banks provide personal loans in UAE. You can check variouspersonal loan in UAEhere.
⭐ Are all the personal loans in Dubai are based on sharia laws?
A. No. Banks in Dubai provides personal loans based on both conventional and Islamic banking principles.
⭐ What is the interest rate charged on a personal loan in DIB?
A. The interest rates charged on a persona loan in DIB is: Flat rate- from 6% and Reducing rate-11% onwards.
⭐ What will be the maximum loan amount provided?
A.The maximum loan amount that can be availed is AED 4000K.
⭐ Should my company be listed with DIB to get a loan? ?
A. Yes. The loan applicant's company must be present in dubai islamic bank listed companies to get approved for loan.
⭐ How many installments can be skipped?
A. Only up to 2 consecutive installments of a Dubai Islamic Bank Personal Loan can be skipped.
⭐ When can I avail the benefit of installment deferment?
A. DIB loan holders who are eligible for payment holiday, can skip 2 installments after making 3 payments consecutively.
⭐ How do I get in touch with DIB customer care team?
A. You can check Dubai Islamic Bank Customer Care page for the contact details.
About Dubai Islamic
Dubai Islamic Bank (DIB), established in 1975 is the pioneer of Islamic banking that has seen a phenomenal growth. The Bank since inception has remained customer-centric organization, where honesty and customized personal service form the basis of all relationships. Though sticking to its root traditions, the bank equally blends with the commitment of innovation, flexibility, and modernity. Every customer of the bank is provided with comprehensive solutions for any financial need.
The bank works with the vision of providing unsurpassed customer service and becoming the world’s largest Islamic banking corporation.
Get in touch with Dubai Islamic Bank Customer Care
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