Dubai Islamic Bank (DIB) Credit Card Loan

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Serving over 2 million customers worldwide, Dubai Islamic Bank offers a range of financial services and products. Along with various bank accounts, it provides investments, loans, and credit card services in line with Sharia and Islamic banking laws. In addition to quick loans, DIB credit cards accompany numerous shopping, travel, entertainment, and lifestyle benefits. In the case of urgent financial needs, you can also avail yourself of DIB credit card loans without any documentation or approval. 

Loans against DIB credit cards are affordable and include a low-profit rate for an extended period. You also have the option of transferring your borrowed funds into your bank account or getting a manager’s cheque. The article below gives an insight into the features of DIB credit card loans and various ways to apply for them. 

What is a DIB Credit Card Loan?

DIB credit card loans are one of the most convenient ways of acquiring urgent loans during emergencies. Since the credit card loans are pre-approved, you don’t need to submit proof and documents for loan approval. With no documentation, you can save your time and effort and acquire funds in your bank account within 48 hours. Alternatively, you can also request the bank to issue a manager’s cheque in your name. After your loan is approved, you can repay the amount in flexible installments of up to 48 months. 

Dubai Islamic Bank does not charge any early settlement fee if you wish to repay your borrowed funds in lump sum. You can obtain a credit card loan for up to 80% of your available credit limit or 100% of your cash limit. The bank deposits cash loans directly into your savings or current account with Dubai Islamic Bank. Additionally, you can also withdraw the amount from any DIB ATMs or CCDMs across the UAE. 

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Types of DIB Credit Card Loans

Dubai Islamic Bank offers various credit card loans depending on your eligibility and credit limit. You can avail of cash loans and get them transferred into your bank account or withdraw cash through ATMs and CCDMs anywhere across the UAE. Using the easy payment plans, you can make expensive purchases from merchants and outlets and pay in convenient installments at low profit rates. At participating outlets and brands, you can get up to 0% profit rates for using easy payment plans. Following are the various types of DIB credit card loans. 

  • DIB Cash on Card Loan
  • DIB Easy Payment Plans
  • Dubai Islamic Balance Transfer 
  • DIB Cash Advance Feature

DIB Cash on Card Loan

With cash on card loans, you can acquire a credit card loan directly into your DIB savings or current account. A cardholder must have an active account with the Dubai Islamic Bank. Using the loan facility, you can receive cash loans of up to 80% of your credit limit or up to 100% of your available cash limit. 

The bank charges a low profit rate of up to 3.5% per month, and you can repay your loan amount in convenient monthly installments for a tenure of up to 48 months. The details of cash on card loans are mentioned in the table below. 

Particulars

Dubai Islamic Cash On Card Loan Details

Eligibility

An individual with a Dubai Islamic credit card

Documents Required

No documentation needed for Dubai Islamic credit cardholder

Loan Amount

Up to 80% of your available credit limit

Loan Tenure

Flexible tenure from 6 to 48 months

Profit Rate

Up to 3.50% per month on the principal loan amount

Disbursal Time

Within 48 hours for fund transfers into your bank account through NEFT 

Early Settlement Fee for Cash On Card Loans

No early settlement charges

DIB Easy Payment Plans

Easy Payment Plan is a type of DIB credit card loan that allows you to make expensive purchases at shopping outlets across the UAE and repay the funds in easy installments for an extended period. The bank offers a flexible tenure of up to 48 months depending on your loan amount and the participating merchant or outlet. You need to spend a minimum of AED 1,000 using your credit card to convert it into an easy payment plan. You can be charged a profit rate of up to 3.5% per month. 

The bank accepts easy payment plan applications through various online and offline channels and can take up to 7 days to process your loan request. Following are the details of DIB easy payment plans in the UAE. 

Particulars

Dubai Islamic Easy Payment Plans Details

Eligibility

An individual with a Dubai Islamic credit card

Documents Required

No documentation needed for Dubai Islamic credit cardholder

Minimum loan amount

AED 1,000

Loan Amount

Up to 80% of your available credit limit

Loan Tenure

Flexible tenure from 6 to 48 months

Profit Rate

Up to 3.50% per month on the principal loan amount

Processing time

Up to 7 business days

Early Settlement Fee for Cash On Card Loans

No early settlement charges

Dubai Islamic Balance Transfer 

With a balance transfer facility, you can transfer the outstanding card balance from another credit card to a DIB credit card and repay your debts at low profit rates and flexible tenures. A balance transfer feature is a feasible option when you have a large credit card debt whose repayment is getting out of your budget. Within the credit limit, you can opt for multiple balance transfers without any documentation or approval. 

The bank can take up to 3 business days to process your loan request and transfer it directly to the other bank’s credit card held by you. The maximum transferable amount in a balance transfer is AED 250,000, irrespective of your DIB credit card. You may also need to pay a processing fee and a monthly profit rate of up to 3.15% on your borrowed amount. The details of DIB balance transfer loans are given in the table below. 

Particulars

Dubai Islamic Balance Transfer Loan Details

Eligibility

An individual with a Dubai Islamic credit card

Documents Required

No documents required for a Dubai Islamic credit card

Minimum loan amount

AED 100

Maximum Loan Amount

AED 250,000

Loan Tenure

Flexible loan tenure of up to 48 months

Profit Rate

Up to 3.15% per month

Processing time

1 to 3 business days

Early Settlement Fee for Cash On Card Loans

No early settlement charges

DIB Cash Advance Feature

Using the cash advance feature, you can withdraw cash from any ATM or CCDM across the UAE using your credit card. However, the charges for cash withdrawal using credit cards are quite high, and you should use the facility only during emergencies. With your DIB credit card, you can withdraw a cash loan of up to 80% of your credit limit. Additionally, you can transfer your cash loan into your DIB savings or current account. 

When withdrawing funds from an ATM using your credit card, you need to pay a processing fee of AED 94.50 per AED 3,000 withdrawn. Additionally, the bank levies a profit rate of up to 3.50% per month on the funds withdrawn. Following are the details of the DIB cash advance facility. 

Particulars

DIB Cash Advance Details

Eligibility

An individual with a DIB credit card

Documents Required

No documentation needed for a DIB credit cardholder

Maximum Loan Amount

Up to 80% of your credit card limit

Loan Tenure

Up to 48 months depending on the amount and credit card

Profit Rate

Up to 3.50% per month

Processing Time

Instantly withdraw cash from any ATM across the UAE

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How to Apply for Dubai Islamic Credit Card Loans?

You can conveniently apply for DIB credit card loans using numerous online and offline modes. For an online application, you can log in to your credit card account by visiting the bank’s official website or using the DIB mobile app. Additionally, you can contact the bank’s customer service team to process your loan application. Following are the various ways to apply for a DIB credit card loan in the UAE. 

  • DIB Credit Card Loan Application through Bank Portal - You can visit the official website of Dubai Islamic Bank and apply for a credit card loan by logging into your credit card account. To apply online, you need to go to the credit card services section and choose the type of loan you require. After selecting the loan amount, you need to follow a few simple steps and finally submit the application. The bank will credit the loan amount into your bank account within 2-3 business days. 
  • DIB Credit Card Loan Application through Mobile App - The loan application process through the mobile app is similar to the application through the bank portal. You can tap on credit card services and choose the loan type and amount. Subsequently, enter the required information and apply for a DIB credit card loan. 
  • DIB Credit Card Loan Application through Phone Call - You can also apply for a DIB credit card loan through a phone call. You simply need to contact the customer support team of Dubai Islamic Bank and request a loan against your credit card. To retrieve the customer support number, you can visit the bank’s official website. 

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Mode of DIB Credit Card Loan Disbursal

Depending on the type of credit card loan, you can choose various disbursal options. For convenience, you can request the bank to transfer the borrowed amount into your DIB bank account and use the funds whenever you require or get a banker’s cheque issued in your name. Following are the various DIB credit card loan disbursal modes in the UAE. 

  • Loan Disbursal through Account Transfer - As a DIB saving or current account holder, you can request the bank to transfer your credit card loan into your DIB bank account. The bank needs your account and credit card details to transfer the funds. Since the bank transfers the funds through NEFT, it may take 2-3 business days for funds to reflect into your account. 
  • Loan Disbursal through Banker’s Cheque - If you don’t wish to receive the amount into your bank account, you can opt for a banker’s cheque. After loan approval, the bank will send a cheque in your name to your registered address. Again, it can take 2-3 business days to process and deliver your DIB credit card loan through cheque. 
  • Cash Withdrawal through ATMs/CCMDs - Using a DIB credit card, you can directly withdraw funds from an ATM or a CCDM. Such loan disbursements are known as cash advances, and you can withdraw up to 80% of your credit limit as cash advances. 

How to Repay DIB credit card loans? 

With various online and offline loan repayment methods, you can conveniently repay your credit card loans. After you receive your loan, the installments will be reflected along with the outstanding balance in your credit card account. You need to pay the mentioned amount every month within the due date to avoid any penalties. Following are the repayment methods for DIB credit card loans. 

  • DIB Credit Card Loan Repayment through Online Mode - To pay your credit card loan installments online, you simply need to log in to your credit card account, select the installment amount and pay using net banking or a debit card. Online payments are quick, secure, and hassle-free. The process remains the same for repayments through the DIB mobile app.
  • DIB Credit Card Loan Repayments through Exchange Houses - You can visit a nearby exchange house affiliated with DIB and pay the installment conveniently. During the payment, you need to provide your credit card details and pay using cash or cheque. Paying your DIB credit card loans back via exchange houses involves additional charges, and it can take up to two business days to process your payment. So, you need to repay your credit card loans well within the due date to avoid any penalties.
  • DIB Credit Card Loan Repayment through Bank Branch - Credit card bill payments can also be made at the nearest bank branch by cash or cheque. However, the banks levy a service charge on your credit card bill payments. You need to deposit the installment amount along with the charges. 

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FAQ's On DIB Credit Card Loans

Can I apply for loans using a DIB credit card?

Yes, along with numerous benefits, Dubai Islamic Bank offers loans against your DIB credit card. You can contact the bank through various online and offline modes to apply for a credit card loan. 

What is the maximum amount of loan I can acquire through the DIB cash on card facility?

With the cash on card facility, you can obtain cash loans of up to 80% of your available credit limit (100% of your cash limit) and get it transferred into your bank account or request a banker’s cheque to access the funds.

What is the maximum amount that can be transferred using the balance transfer facility?

Using the DIB balance transfer option, you can transfer up to 80% of your credit limit and a maximum amount of AED 250,000, irrespective of the DIB credit card you use.

Do I need to pay a processing fee for withdrawing cash loans from ATMs using my DIB credit card?

Yes, for cash withdrawals using your credit cards, you need to pay AED 94.50 for every AED 3,000 you withdraw.

What profit rate does the bank charge on DIB credit card loans?

For balance transfer, cash on card, and easy payment plans, you need to pay a profit rate of 3.15% on the principal loan amount.

What is the loan tenure for DIB Easy Payment Plans?

With Easy Payment Plans, you can make expensive purchases and repay the amount in convenient monthly installments. Depending on your loan amount, the bank offers a repayment period of up to 48 months.

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