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Sharjah Islamic Bank Murabaha Personal Finance for UAE Nationals
Murabaha Personal Finance for UAE Nationals
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
Frequently Asked Questions
⭐ 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.
⭐ Do we need to provide savings or guarantors to take out a loan?
A. No, while applying for personal loan, you need not provide any guarantors or savings.
⭐ How does bank decide our interest rate and monthly installment?
A. Keeping following factors in mind Sharjah Islamic bank decides interest rate and monthly installments:
1. Monthly income
2. Credit history
3. Debt obligations
4. Loan amount disbursed
⭐ What extra charges do we have to pay while applying for personal loan in Sharjah Islamic bank?
A. You need to pay processing fee, application fee and pre closure fee.
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