Comparison between Dubai Islamic Bank Personal Loan & Emirates NBD Personal Loan

By PolicyBazaar
  | Published: 10 July 2020 | Last Updated On: 13 January 2021

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A personal loan is basically an unsecured loan that is procured by individuals from a bank or financial institution in order to meet their various financial needs right from higher education and marriage to international travel and debt consolidation. It is known as an unsecured loan because unlike a car finance and home loan, it’s not secured against any kind of asset. Thus, the borrower will not have to submit any collateral or guarantor to procure it.

Lenders provide personal loans on the basis of specific eligibility criteria such as repayment capacity, income level, credit score, and employment history. An individual can opt for it easily if he/she meets the eligibility criteria of the respective lender.

But now the main concern is that there is a wide range of banks and financial institutions in the UAE that offer personal loans so which one is the best?

Well, Dubai Islamic Bank (DIB) Personal Loan and Emirates NBD Personal Loan are among the two top personal loans in the country that you can opt for. Both are the leading banks and offer personal loan at competitive interest/profit rate and high loan amount with a repayment of up to 48 months. Their exclusive features can make it tough for customers to choose the one.

Before you get also confused between these two banks, let’s compare them based on their features, loan amount, interest/profit rate, and other factors so that you can choose the right option for yourself.

Dubai Islamic Personal Loan Vs Emirates NBD Personal Loan

Key Features

DIB Personal Loan

Emirates NBD Personal Loan

Loan Amount

Up to AED 4 Million

Up to AED 5 Million

Interest/Profit Rate

Reducing Profit rate from 11% to 21.99%/per annum

Reducing Interest Rate from 5.24% to 18.99%

Processing Fee

From AED 1050 to AED 2620

1% of loan Amount (From AED 500 to AED 2500)

Repayment Tenure

Up to 48 months

Up to 48 months

Comparative Insight between Dubai Islamic Bank Personal Loan Vs Emirates NBD Personal Loan

1.      Interest/Profit Rate

An interest rate on the personal loan varies from customer to customer, depending on their nationality, income, credit score, etc. Moreover, the profit rate of the Dubai Islamic Bank Personal Loan is currently from 11% to 21.99%/per annum for self-employed professionals/businessman and salaried individuals. And the rate of interest of Emirates NBD personal loan starts from 5.24% to 18.99%.

2.      Loan Amount

You can apply for Dubai Islamic Personal Loan amount from AED 2 million to AED 4 million.

And you can apply for ENBD personal loan amount from as low as AED 2 million to AED 5 million.

However, the approval of the loan amount for both the banks depends on your financial record and repayment history since the lender check whether you would be able to make the loan repayment on time or not.

3.      Loan Tenure

Both the banks provide the flexible repayment tenure of up to 48 months (i.e. 4 years) to its borrowers so that they can make the loan repayment on time without taking any financial burden.

4.      Loan Availability

Both Dubai Islamic Bank and ENBD personal loan is available for self-employed professionals/businessmen as well as individuals. They also provides personal loan without salary transfer options in UAE

Eligibility Criteria of Dubai Islamic Personal Loan Vs Emirates NBD Personal Loan

Although the eligibility criteria for personal loans in UAE differ from one bank to another, there are some generic criteria’s too. It includes the borrower’s age, income, occupation, repayment capacity, place of residence. Moreover, a borrower’s eligibility also gets affected by the organization he/she works with and credit score, among all factors. Here are the eligibility criteria of both the lenders for a personal loan:

Eligibility Criteria

DIB Personal Loan

ENBD Personal Loan

Minimum Age Criteria

21 years

21 years

Minimum Monthly Income Required

AED 3000

AED 5000

Documents Required for Dubai Islamic Bank Personal Loan Vs Emirates NBD Personal Loan

Below is the list of required documents that the borrower will need to submit to procure DIB and ENBD personal loan:

DIB Personal Loan

ENBD Personal Loan

  • Passport Copy (with UAE Residence Visa for expats)
  • Copy of Emirates ID
  • Salary & End of Service Benefit Transfer or certificate from the employer
  • Account Statement of last 3 months in case of salary transfer to another bank or (6 months for self-employed professionals/businessman)
  • Copy of Trade License for self-employed professionals/businessman
  • Emirates ID
  • Passport Copy (with UAE Residence Visa for expats)
  • Bank statement of last 3 months or (6 months for self-employed professionals/businessman)
  • Salary Transfer Certificate
  • Trade License, Memorandum of Association, and Power of Attorney for self-employed professionals/businessman

Closing Thoughts

So before you make a final decision, make sure you compare Dubai Islamic Bank Personal Loan and Emirates NBD Personal Loan based on their interest/profit rate, loan amount, and some other important features. Comparing both the loans will certainly help you to make a well-informed decision as per your financial needs.