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Sharjah Islamic Bank Murabaha Personal Finance for Expats
Murabaha Personal Finance for Expats
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
Frequently Asked Questions
⭐ Who all can avail Sharjah personal finance?
A. Only expats with minimum salary AED 5,000 can avail for Sharjah personal finance for expats.
⭐ How are rates calculated for the given finance?
A. Rates are calculated on a reducing balance for the given finance .
⭐ Do UAE Nationals get any extra benefits on applying for Sharjah personal finance?
A. Yes, UAE Nationals get high finance amounts by applying for Sharjah personal finance .
⭐Do we get grace period while paying installments of Sharjah personal finance?
A. Yes you get grace period of 3 months on first installment for the given finance.
⭐ If I default on a loan, does that affect my co-applicant?
A. Yes, If you are unable to repay your loan installments then it will affect your co-applicant's credit history.
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