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Emirates Islamic Bank (EIB) Credit Card Loan

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Credit card loans are assuredly one of the most convenient ways of acquiring funds during financial emergencies. Not to mention, being one of the preferred Islamic banks in the UAE, Emirates Islamic Bank comes with numerous credit card loans suiting the customers' financial needs that can't wait for the month-end. As a credit cardholder, you can conveniently obtain an Emirates Islamic credit card loan and get it transferred into your bank account or issue a manager's cheque without any documentation and gruelling approval process. 

Furthermore, with a quick and convenient application process, you can also avail yourself of low-profit rates and a repayment period of as long as two years, depending on the type of credit card loan. Correspondingly, these features make the Emirates Islamic credit card loans incredibly affordable and convenient to acquire during emergencies. 

To know in-depth about the features of Emirates Islamic credit card loans, along with the various ways of disbursal and repayment, please carry on!

What is Emirates Islamic Credit Card Loan?

Emirates Islamic credit card comes with a broad range of shopping, lifestyle, travel and entertainment benefits. However, the privileges are not limited to your daily expenses, and you can acquire funds during financial emergencies using your credit card. Moreover, with an Emirates Islamic credit card loan facility, you can acquire cash or non-cash loans following a few simple steps and get the borrowed amount transferred to your bank account directly. Alternatively, you can request manager's cheques or instantly withdraw cash loans through CCDMs and ATMs across the globe. 

Additionally, Emirates Islamic bank offers a flexible repayment tenure of up to 24 months for credit card loans with a profit rate as low as 1.19% of the loan amount. Additionally, there are no upfront fees or hidden charges on credit card loans. By the same token, as an Emirates Islamic credit cardholder, you can borrow an amount of up to 80% of your available credit limit, while the minimum loan you can acquire is AED 1,000. 

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Types of Emirates Islamic Credit Card Loans in UAE

Emirates Islamic bank offers numerous credit card loans depending on the cardholder's requirements. For example, you can request the bank to transfer the borrowed amount directly to your bank account with an excellent cash on-call loan facility. Over and above, you can pay to the merchants, outlets, or sales points using the easy payment plans. And here's the best of the lot - You can enjoy up to 0% profit rates at the participating merchant outlets on easy payment plans. To delve deeper into the types of Emirates Islamic credit card loans in the UAE, read on! 

Emirates Islamic Cash On Call

With the Emirates Islamic cash on call facility, you can obtain a loan using your credit card and get it transferred into your bank account. Additionally, you can also withdraw the borrowed amount directly from an ATM or CCDM using your credit card. However, don't forget that there can be additional charges for withdrawing funds directly from ATMs and CCDMs. Moreover, for transferring the funds into your bank account or delivering a manager's cheque, the bank can take up to 48 hours. Additionally, depending on your requirements and the borrowed amount, you get a convenient loan repayment tenure of 6, 12, 18 and 24 months. For good measure, the bank charges a profit rate of 1.19% on your principal amount without any upfront fee. To know extensively about the Emirates Islamic cash on call is given in the table below. 

Particulars

Emirates Islamic Cash On Call Loans Details

Eligibility

An individual with an Emirates Islamic credit card

Documents Required

No documentation is needed for Emirates Islamic credit cardholder

Loan Amount

Up to 80% of your available credit limit

Loan Tenure

Flexible tenure from 6 to 24 months

Profit Rate

1.19% for cash on call loans

Up to 3.50% on cash advances

Processing Fee

No Processing fee for cash on call

Up to 3.15% or AED 103.95, whichever is higher (for cash advances)

Disbursal Time

Up to 48 hours for fund transfers into your bank account through NEFT 

Early Settlement Fee for Cash On Call Loans

AED 157.60

Emirates Islamic Easy Payment Plans

Another form of Emirates Islamic credit card loan is the Easy Payment Plan. Using easy payment plans, you can convert your bigger purchases into convenient instalments and repay a portion of your loans every month. Equally essential and beneficial, the funds in easy payment plans are directly paid to the merchants or at the point of sale, and you can decide the monthly instalment and the loan tenure based on your borrowed amount. The bank can charge up to 3.50% profit rates with a processing fee of up to 3.68% on the transaction amount. 

Uniquely, at the participating merchants and outlets, you can enjoy as low as 0% profit rates. However, you may need to pay the processing fee depending on your purchase. So, does this easy Payment Plan align with your financial goals? To know more about various Emirates Islamic easy payment plan offers and participating brands, you can log on to the bank's official website. Together with, you can go through the following details of Emirates Islamic easy payment plans: 

Particulars

Emirates Islamic Cash On Call Loans Details

Eligibility

An individual with an Emirates Islamic credit card

Documents Required

No documentation is needed for Emirates Islamic credit cardholder

Loan Amount

Up to 80% of your available credit limit

Loan Tenure

Flexible tenure from 3 to 24 months depending on the merchant

Profit Rate

As low as 0% profit rates

Up to 3.50% at non-participating merchants outlets

Processing Fee

Up to 3.68% of the transaction amount

Disbursal Time

Transferred into the merchants' accounts instantly

Early Settlement Fee for Easy Payment Plans 

AED 157.60

Emirates Islamic Balance Transfer 

Using this brilliant Emirates Islamic balance transfer feature, you can consolidate outstanding balances from another bank's card to an Emirates Islamic credit card and avail of low-profit rates and a more extended repayment period. In cases where your credit debts have risen to a level above your budget, a balance transfer is undoubtedly a smart and viable choice for you. Yet another benefit of the Emirates Islamic Balance Transfer is that you can transfer up to 80% of your credit limit as a balance transfer and enjoy as low as a 0% profit rate for the first 6 months. 

However, you need to pay a one-time processing fee of 2% of your principal amount. After fund approval, you can repay your loan amounts in convenient monthly installments. Nevertheless, if the fixed installments are not linked, the bank treats it as a regular transaction, and you need to pay 5% of the outstanding balance every month. Let's have a quick look at the details of Emirates Islamic Balance Transfer in the table below. 

Particulars

Emirates Islamic Balance Transfer Details

Eligibility

An individual with an Emirates Islamic credit card

Documents Required

No documents are required for an Emirates Islamic credit cardholder

Loan Amount

Up to 80% of your available credit limit

Loan Tenure

No fixed tenure

Profit Rate

0% profit rates for first six months

Preferential Rates thereafter

Processing Fee

Up to 2% of the principal amount

Disbursal Time

Online transfer or cheque payment can take up to 2 working days

Early Settlement Fee for Emirates Islamic Balance Transfer 

AED 157.50

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How to Apply for EIB Credit Card Loans?

You can conveniently apply for an Emirates Islamic credit card loan using various online and offline modes. To apply online, you can visit the bank's official website or use the Emirates Islamic mobile application. Alternatively, the bank also accepts loan applications through SMS or phone call. So, you can contact the bank through the contact number provided on the official website and request a credit card loan.  

  • Credit Card loan Application through Emirates Islamic Bank Website - To apply for a credit card loan online, you can visit the Emirates Islamic bank's official website and log into your credit card account. Subsequently, you need to scroll through the credit card services section and choose the type of credit card loan you need. Once approved, the bank will credit the loan amount into your bank account or issue a manager's cheque within two working days. Yes, it is as easy as it sounds!
  • Credit Card Loan Application through Mobile Application - You can conveniently apply for an Emirates Islamic credit card loan using the bank's mobile application. In this mode, you simply need to open the app and scroll through the credit card services section. Subsequently, you need to choose the type of loan and enter the details asked. After approval, you will receive the loan into your bank account or get a manager's cheque delivered to your registered address. 
  • Credit Card Loan Application Through Phone Call - Emirates Islamic bank accepts credit card loans application through phone calls and SMS as well. To apply for a credit card loan through a phone call, you can reach out to the bank's customer support team and request a credit card loan with a few simple steps. Or you can also use the SMS service for acquiring Emirates Islamic credit card loans. Alternatively, you can contact the bank on the mob - 600 599 995 anytime and apply for a credit card loan.

Modes of Emirates Islamic Credit Card Loan Disbursal

Out of the plethora of ways the Emirates Islamic Bank offers for disbursing credit card loan amounts, you can request the bank to transfer the borrowed amount into your bank account or issue a manager's cheque depending on the type of credit card loan. Alternatively, you can choose to withdraw cash loans directly from ATMs or CCDMs. Following are the various modes of disbursal of Emirates Islamic credit card loans:

  • Account Transfers - Once your loans are approved, you can request the bank to transfer the amount into your savings or current account. For this matter, you just need to provide your account and your credit card details in order to get your funds transferred. Since the bank transfers the funds using NEFT, it can take up to 48 hours to reflect the funds into your bank account. 
  • Manager's Cheque - You can also opt for a manager's cheque in your name to access the Emirates Islamic credit card loans. In this mode also, the bank can take up to 2 working days to process the loan and mail the cheque to your registered address. Moreover, to avail your loan through the manager's cheque, you need to provide your credit card details and choose cheque as the preferred loan disbursal mode. 
  • Cash Withdrawal - The Emirates Islamic bank also offers an option of cash withdrawal through credit cards. Under cash withdrawal mode, you can withdraw cash loans instantly through ATMs across the UAE. However, credit card cash withdrawal incurs hefty charges; therefore, you should use this option only in unavoidable situations.

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How to Repay Emirates Islamic Credit Card Loans?

After your credit card loan disbursal, you need to repay the borrowed amount at the end of every billing cycle, along with other credit card bills. The total amount to be paid reflects in your credit card account. You can choose to pay your installments in online or offline modes.

Following are the ways for Emirates Islamic credit card loan repayments. 

  • Online Credit Card Loan Repayments - With your online banking account, you can conveniently pay your credit card bills along with the loan installments. Talking about the convenience, you can log into your credit card account and choose the amount you wish to pay to pay your bills online. To begin with, enter your net banking credentials and proceed with the bill payment. Paying your bills online includes minimal charges and can be done instantly. Similarly, you can also use this process to pay your credit card loans using the mobile application as well. 
  • Credit Card Loan Repayments through Exchange Houses - Emirates Islamic bank has affiliated several exchange houses for payment collection. In the same fashion, you can visit a nearby exchange house to repay your credit card bills through cheques and cash. Also, keep in mind that using an exchange house for bill payment can take up to 2 working days, so you need to pay your credit card loan installments well within the due date. 
  • Credit Card Loan Repayments through Emirates Islamic Bank Branch -  To pay your credit card bills through cash or cheque, you can visit the nearest bank branch. Subsequently, you need to provide your credit card details, deposit the cheque or cash to the banking personnel, and collect the payment receipt.  

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FAQ's On EIB Credit Card Loan

Q1. How to acquire loans using an Emirates Islamic Credit Card?

Ans. You can conveniently acquire a loan using an Emirates Islamic credit card. You can contact customer support, apply using the mobile app or online banking and request a loan against your Emirates Islamic credit card.

Q2. What is the processing fee for acquiring cash-on-call loans using an Emirates Islamic credit card?

Ans. There are no processing fees or any hidden charges for obtaining an Emirates Islamic cash on call loan.

Q3. What is the maximum amount of loans that can be acquired using an Emirates Islamic credit card?

Ans. With an Emirates Islamic credit card, you can borrow an amount of up to 80% of your credit limits.

Q4. What is the processing fee for Emirates Islamic balance transfer facility?

Ans. Using the balance transfer feature, you need to pay a processing fee of 2% on the principal amount.

Q5. What is the minimum amount of credit card loan that can be converted into an instalment plan?

Ans. You need to spend a minimum of AED 1,000 using your Emirates Islamic credit card to convert it into an easy instalment plan.

 

Q6. What is the profit rate on Emirates Islamic easy payment plans?

Ans. You get as low as 0% profit rates at participating merchants and outlets on easy payment plans. For non-participating brands, the bank offers low preferential profit rates.

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