CBI Personal Loan
The Commercial Bank International, better known as CBI, was set up more than 25 years ago, in 1991. CBI personal loans are one of the many amazing financial services that have helped CBI earn a positive investment rating from the globally renowned rating agency Fitch. CBI operates out of its headquarters in Ras Al Khaimah and is listed on the Abu Dhabi Securities Exchange under the tag of ADX: CBI.
The CBI bank personal loan is offered to all UAE residents, be it UAE nationals, expats, self-employed professionals or salaried individuals. The CBI personal loan offers huge amounts of up to AED 1 million and can be availed quickly via the online application form.
CBI Personal Loan Features & Benefits
CBI personal loans offer innovative and industry-leading features and benefits as mentioned below:
CBI bank personal loan applicants are eligible for loan amounts that are 20 times their salary. The maximum loan amount offered to Commercial Bank International personal loan applicants is AED 1 million.
Customers are offered a maximum repayment period of 48 months for a CBI personal loan. This lengthy tenor allows loan holders to set up flexible instalment amount that falls within their spending capacity.
The CBI personal loan application is extremely simple and convenient. Interested applicants can initiate the CBI bank personal loan application process online, at CBI branches or via the phone.
Loan holders and new applicants alike are offered around the clock customer support via CBI personal loan phone banking. The Commercial Bank International personal loan support staff is highly trained and friendly, offering guidance and query resolution at all stages of the loan’s tenor.
CBI bank personal loan holders also receive complimentary life insurance, which protects their outstanding loan payments in the event of unforeseen medical emergencies.
Customers may opt-in for the added benefit of a pre-approved CBI Rewards credit card on approval of the CBI personal loan The CBI Rewards credit card grants loan holders access to an additional line of credit as well as the opportunity to earn CBI rewards points, which can be redeemed for a variety of lifestyle vouchers, retail purchases and more.
CBI Personal Loan Eligibility & Documentation
To qualify for a CBI bank personal loan, applicants are required to meet the eligibility criteria listed below:
Minimum & Maximum Age
UAE nationals and expatriates share a common CBI personal loan minimum age requirement of 21 years. However, UAE national may avail of a Commercial Bank International personal loan up to the age of 65 years, while the maximum age cap for expatriates is 60 years.
The CBI personal loan mandates salary transfer. Applicants will be required to make a salary transfer to their CBI bank account, which is possible only with the employer’s permission. Certain organizations may not allow salary transfers, which is why applicants should first contact CBI personal loan customer care to confirm their employer lies on the CBI approved list.
Length of Service
In addition to belonging to a CBI approved employer, CBI bank personal loan applicants should also have a minimum of 3 months of job experience (for UAE nationals). Whereas, expatriates are required to have at least 6 months of work experience. Additionally, self-employed CBI personal loan applicants must also have an established business in the UAE for at least 3 years.
One of the most crucial factors to eligibility for a Commercial Bank International personal loan is the applicant’s monthly income. The CBI personal loan requires a minimum monthly income of AED 8,000.
Applicants may refer to the following documents checklist for a smooth CBI personal loan application process. Note that the list of the required documents for self-employed CBI bank personal loan applicants differs only slightly from the requirements for salaried applicants.
The CBI personal loan application form can be submitted online.
ID & Residency Proof
Both salaried and self-employed CBI personal loan applicants alike are required to submit the following set of ID proofs:
- Emirates ID
- UAE Visa (applicable only for Expatriates)
- Khulasat Qaid (applicable only for self-employed UAE nationals)
Salaried CBI personal loan applicants are required to turn in their latest 3 months of banking statement. Self-employed CBI bank personal loan applicants are required to show 6 months of banking statement for either a personal account or their company account, as requested.
Applicants will have to submit a Salary Transfer Certificate to avail of a Commercial Bank International personal loan.
Self-employed CBI personal loan applicants will be asked to submit proof of a legitimate business in the UAE. This can be done by presenting a UAE trade license, which is usually offered by the UAE Chamber of Commerce.
CBI Personal Loan Interest Rates
The CBI personal loan offers a reducing balance interest rate. This means that the CBI personal loan interest rate decreases as more of the outstanding loan amount is repaid by the loan holder. Details on the CBI personal loan interest rates and tenor can be found in the table below.
|CBI Personal Loan|
|Category||Max. Loan Amount||Tenor||Rate of Interest||Type of Interest|
|For Salaried Applicants||AED 1 Million||48 months||6.0% - 12.0%||Reducing|
|For Self-Employed Applicants||AED 1 Million||48 months||6.0% - 12.0%||Reducing|
(Updated: May 2019)
Q.1. How do I use the CBI personal loan calculator?
Ans: The CBI personal loan calculator is available for free use on the CBI website. Applicants can simply enter the details of their desired loan into the CBI bank personal loan calculator to get an estimate of their monthly EMI.
Q.2. How can I apply for a CBI personal loan?
Ans: UAE residents may apply for a Commercial Bank International personal loan through the online application form, by visiting any CBI branch across the UAE or directly over the phone.
Q.3. What is a salary transfer?
Ans: Salary transfers are a mandatory requirement of the CBI bank personal loan. CBI personal loan holders are required to transfer their salary into a CBI account every month. Salary transfers require approval from one’s employer. CBI personal loans ask for a salary transfer in order to monitor the applicant’s financial status and to automatically deduct any pending fees and payments.
Q.4. What is a Rewards credit card?
Ans: CBI bank personal loan holders are eligible for a pre-approved CBI Rewards credit card. A rewards credit card usually enrols the cardholder into a loyalty program, through which the cardholder earns rewards points. These rewards points are redeemable for various shopping, lifestyle, travel and other such discounts.
Q.5. What is a loan deferment?
Ans: Commercial Bank International personal loan holders may be offered a fixed number of yearly loan deferments at the bank’s sole discretion. Loan deferment features allow loan holders to postpone payment for a monthly CBI personal loan instalment. Loan deferment services can be availed of for a fee of AED 100 per request.
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