Deem Finance Personal Loan

Deem Finance is a leading financial institution in the UAE with a robust portfolio of offerings that is regulated by the Central Bank of the UAE. The institution’s dynamic product range, encompassing personal loans, credit cards, and corporate deposits among others, has garnered a wide customer base and continues to grow. ...read more

Deem Finance Personal Loan
Deem Finance Bank Personal Loan
Personal Loan Starting from 2.63%* Interest rate
  • Minimum Salary 5000 AED
  • EMI Tenure up to 48 Months
  • Lowest Interest Rates

Get personal loan at Lowest Interest Rate

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Get personal loan at Lowest Interest Rate

  • Dubai
  • Abu Dhabi
  • Sharjah
  • Ras Al Khaimah
  • Ajman
  • Other

This article will delve into one such offering, namely Deem Finance personal loan. From a comprehensive analysis of its distinct features and benefits to a clear explanation of its eligibility criteria and more, this article will provide an in-depth understanding of this financial instrument.

Features and Benefits of Deem Finance Personal Loan

Deem Finance Personal Loans have become one of the most coveted personal loan options among UAE residents due to their extensive suite of benefits that cater to diverse financial needs. Let's examine these benefits in detail –

  • Financial Flexibility for Personal Needs - With Deem Finance Personal Loans, your financial goals and significant expenditures are well within your reach. The loan amount that you can avail of is carefully calibrated based on your consistent income stream, making it a tailor-fit solution for your unique financial landscape.
  • Convenient and Flexible Repayment - The repayment of both the principal and interest on a Deem Finance Personal Loan is smoothly facilitated through Equal Monthly Instalments (EMI), debited directly from your account. The repayment timeline is flexible, ranging from a minimum of 12 months to a maximum of 48 months. This gives you the autonomy to choose a duration that best fits your financial capacities.
  • Reducing Balance Interest Calculation - One standout feature of Deem Finance Personal Loans is the calculation of interest on a reducing balance basis using a 365-day year model. This means that as you continue to pay your EMI, the interest portion deducted from your instalment steadily decreases, while the principal portion paid off correspondingly increases throughout the loan tenure.
  • Five-Day 'Cooling-off' Period - Deem Finance offers a customer-friendly 'cooling-off' period of 5 business days from the date of acceptance of the loan offer. Within this period, you can opt to cancel the facility without incurring any penalties, with any fees or charges being refunded (net of any direct costs already borne by Deem).
  • Enhanced Security with Cheque Guarantee - In accordance with Central Bank regulations, you're required to submit a security cheque in favour of Deem for an amount equal to 120% of the loan amount being offered. This cheque serves as additional security and can be enforced and liquidated by Deem in cases of continuous default on your loan repayment.
  • Comprehensive Insurance with Deem Credit Life Plus - Deem Credit Life Plus, provided by Union Insurance, is a specially curated insurance program for Deem Finance Personal Loan customers. It ensures that your outstanding loan is insured against unforeseen events like untimely death or permanent total disability to provide financial security for your family. It also covers repatriation expenses to your home country, if necessary.
  •  Minimal Documentation - Deem Finance streamlines the application process by reducing paperwork, making it more convenient and faster for customers.
  • Competitive Interest Rates - The interest rates on Deem Finance Personal Loans vary between 15.99% and 34.99% per annum, with the exact rate contingent upon the individual borrower's eligibility. This competitive pricing strategy enhances the loan's affordability for various customer segments.

Eligibility Criteria for Deem Finance Personal Loan

Prior to embarking on your journey to secure a Deem Finance Personal Loan, it's crucial to ensure that you meet the loan's eligibility criteria. This preemptive check will minimise the risk of immediate rejection of your loan application.

The basic eligibility requirements for a Deem Finance Personal Loan are as follows:

  • Minimum Monthly Income Requirement - One of the fundamental criteria for qualifying for a Deem Finance Personal Loan is a minimum monthly salary requirement. Applicants must have a consistent monthly income of at least AED 5,000. This parameter is in place to ensure that potential borrowers have the financial capacity to manage loan repayments along with their other living expenses.
  • Flexibility with Salary Transfers - Deem Finance offers the advantage of not mandating a salary transfer to their bank. This flexibility allows you to maintain your existing banking arrangements while still being eligible to apply for a Deem Finance Personal Loan, which broadens the accessibility to potential loan applicants and simplifies the loan application process.

Documents Required for Deem Finance Personal Loan

To ensure a smooth application process for a Deem Finance Personal Loan, you must keep the following documents readily available -

  • Valid Emirates ID: Your valid Emirates ID is necessary to verify your identity and residency status within the UAE.
  • Passport: Your passport is an essential document that validates your identity and nationality.
  • Proof of Income: Documents demonstrating your income are crucial for the bank to ascertain your ability to repay the Deem Finance Personal Loan. This can be in the form of:
    • Bank Statements: Bank statements provide a detailed overview of your financial health and regular income flow.
    • Pay Slips or Salary Certificate: These documents provide direct evidence of your stable and recurring income, helping to determine your eligibility and loan repayment capacity.

Important: The list of the required documents above contains the basic documents required. If any additional documents are necessary during the application process, Deem Finance will promptly inform you.

Fees and Charges Associated with Deem Finance Personal Loan

Tabled below is the schedule of fees and charges associated with Deem Finance Personal Loan - 

Fee Type Amount Details
Processing Fee 1% of the loan amount (Min. AED 500, Max. AED 2,500) This one-time fee is applicable at the time of personal loan booking. It equates to 0.95% of the loan amount + 5% VAT.
Early Settlement Fee 1.05% of the remaining principal balance (Max. AED 10,500) It is a one-time fee applicable for early settlement of the loan and equates to 1% of the remaining balance + 5% VAT.
Loan Rescheduling Fee AED 105 per rescheduling request This fee is equivalent to AED 100 + 5% VAT.
No Liability Certificate Fee AED 63 per certificate request This fee is equivalent to AED 60 + 5% VAT.
Liability Letter Fee AED 63 per letter request Equivalent to AED 60 + 5% VAT
Partial Payment Fees 1.05% of the partial payment (Max. AED 10,000) This one-time fee is applicable for every partial prepayment on your personal loan. It equates to 1% of partial payment + 5% VAT.
Loan Top-Up Fee 1% of the loan amount (Min. AED 525, Max. AED 2,625) This one-time fee is applicable at the time of personal loan top-up booking. It equates to 0.95% of the loan amount + 5% VAT.
Delayed Payment Penal Interest Charge 2.1% of the delayed amount (Min. AED 52.5, Max. AED 210) This monthly recurring fee continues until the delayed amount is fully settled. It is calculated as 2% of the delayed amount + 5% VAT.
Loan Cancellation Fee AED 105 This is a one-time payment, equivalent to AED 100 + 5% VAT.

It's important to remember that these charges help maintain the operations and services offered by Deem Finance and may vary depending on the specific loan conditions agreed upon between the bank and the customer

Terms and Conditions of Deem Finance Personal Loan

Before applying for a Deem Finance Personal Loan, it's crucial to familiarise yourself with the terms and conditions associated with this financial product. This knowledge can help you manage your loan effectively and avoid potential complications.

  • Consequences of Payment Default - It's important to understand that if there is a default in your loan payment, a delayed payment penal interest charge may be applied to your Deem Personal Loan account. This extra charge is designed to encourage timely loan repayments and maintain the financial balance of the lending agreement.
  • Re-presentation of Direct Debit Authority - Deem reserves the right to re-present a Direct Debit Authority (DDA) that has been returned unpaid. Note that the financial institution may also levy applicable charges or fees for each returned or bounced DDA. This clause underscores the importance of ensuring sufficient funds in your account to facilitate your EMI payments.
  • Impact of Irregular Payments on Credit Rating - Irregular or missed payments can potentially result in a negative rating from the Credit Information Agency. Such a negative impact on your credit Score, in turn, could limit your ability to borrow or secure financing in the future and affect your overall financial health.
  • Consequences of Persistent Default - In cases of persistent default, Deem may demand immediate repayment of all the outstanding amounts including the principal, accrued interest, charges, and fees to fulfil your obligations. If you fail to make such immediate payment, the bank holds the right to enforce and liquidate any security or collateral you may have provided. In extreme cases, Deem may also initiate legal proceedings through the courts.

How to Calculate Deem Finance Personal Loan EMI?

Understanding your monthly repayment amount, also known as Equated Monthly Instalment (EMI), is essential when managing your Deem Finance personal loan. To help with this calculation, you can utilise online tools such as the personal loan calculator available on the official website of Policybazaar.ae.

Some of the features of the personal loan calculator of Policybazaar UAE are as follows -

  • User-Friendly and Automated Tool - The personal loan calculator on Policybazaar.ae is designed to be user-friendly and automatic. As a result, even those with minimal financial expertise can easily understand and use this tool to compute their loan EMI.
  • Steps for Calculation - To utilise this tool, start by entering your desired loan amount, the interest rate being offered, and the tenure of the loan, i.e., the loan duration. Once these values are entered, simply click the 'calculate' button to receive an estimate of your monthly instalments.
  • Customisation and Budgeting - A major advantage of this tool is its customisation capabilities. You can effortlessly adjust the values, such as the loan term and the loan amount, to match your financial capacity and preferences. This feature allows you to make an informed decision on a repayment plan that fits your budget, ensuring that you can comfortably manage your Deem Finance personal loan repayments.

How to Apply for Deem Finance Personal Loan?

Applying for a Deem Finance Personal Loan is a seamless process via the Policybazaar.ae platform. Here's a step-by-step guide -

  • Start by visiting the official website of Policybazaar UAE, i.e., policybazaar.ae. The platform is user-friendly, making navigation simple and intuitive even for those not well-versed in online applications.
  • On the website, locate and click on the personal loan section. where you'll find a lead form that requires some basic information. Fill out this form accurately and submit it.
  • Upon submission of the lead form, you'll be redirected to a page presenting various personal loan quotes from the most eminent loan providers in the UAE. Use the available filters to sort through these options, identify Deem Finance Personal Loan, and apply for it directly.

Advantages of Applying for Deem Finance Personal Loan via Policybazaar UAE

Applying for a Deem Finance Personal Loan through Policybazaar.ae offers several benefits -

  • 24-Hour Customer Service - Policybazaar.ae provides round-the-clock customer service, ensuring that assistance is available whenever you need it during your loan application process.
  • Expert Assistance - You can easily gain access to expert guidance through the platform. Our team of knowledgeable professionals can help answer your queries, provide advice, and guide you through the application process.
  • Easy-to-Navigate Platform - Policybazaar UAE platform is designed with user convenience in mind. Its easy navigation and simple user interface make the loan application process straightforward and hassle-free.
  • Comparison Made Easy - The platform helps you easily compare different loan options. With this feature, you can make an informed decision and choose a loan that best suits your financial needs and circumstances.
  • Access to Offers and Discounts - Another great benefit of policybazaar.ae is its exclusive offers and discounts. Applying for a Deem Finance Personal Loan on this platform allows you to take advantage of these benefits, potentially making your loan more affordable.

FAQ's

Q1. What is the minimum salary requirement to apply for Deem Finance Personal Loan?

Ans: The minimum monthly salary requirement to qualify for Deem Finance Personal Loan is AED 5,000. This is one of the basic eligibility criteria for securing a personal loan from Deem Finance.

Q2. Do I need to transfer my salary to Deem Finance to be eligible for a personal loan?

Ans: No, Deem Finance does not require a mandatory salary transfer for you to be eligible for a personal loan.

Q3. How can I calculate my EMI for Deem Finance Personal Loan?

Ans: You can use the personal loan calculator on Policybazaar.ae to calculate your EMI for Deem Finance Personal Loan. Simply enter the loan amount, interest rate, and loan duration into the calculator and hit 'calculate' to receive your estimated monthly instalments.

Q4. What fees are associated with Deem Finance Personal Loan?

Ans: Several fees are associated with Deem Finance Personal Loan such as a processing fee, early settlement of loan fee, loan rescheduling fee, and delayed payment penal interest charge among others. It's important to know about these charges before applying for this loan.

Q5. What documents are required to apply for a Deem Finance Personal Loan?

Ans: To apply for a Deem Finance Personal Loan, you'll need to provide a valid Emirates ID, passport, and proof of income such as bank statements or payslips/salary certificate. Note that Deem Finance may request additional documents if required.

Q6. How can I apply for a Deem Finance Personal Loan?

Ans: You can apply for a Deem Finance Personal Loan through Policybazaar.ea. Visit our official website, go to the personal loan section, and submit the lead form after filling it out. You will then be redirected to the personal loan quotes page, where you can filter and select Deem Finance Personal Loan and apply directly.

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