Dubai Islamic Bank Personal Loan

Overview

Dubai Islamic Bank offers personal finance for UAE Nationals & expatriates in order to meet their various personal requirements. From home renovation & education funding to home rent & investment, Dubai Islamic Bank personal loan is offered to provide additional funds in times of need. The personal finance offered by the Dubai Islamic Bank can be availed at an attractive interest rate. In addition to this, the lender offers multiple loan tenor options, quick approval, and amazing customer care service to its borrowers.

Features & Benefits of the Dubai Islamic Bank Personal Finance

Below specified are the main features & benefits of the personal finance offered by the Dubai Islamic Bank:

  • Loan Amount: UAE Nationals can avail a high loan amount of up to 4 Million AED and expats can avail a loan amount of a maximum of 2 Million AED.
  • Quick Processing & Simplified Documentation: The bank has kept things quite easy when it comes to a personal loan. An applicant can easily avail the Dubai Islamic Bank personal loan as the documentation process is very simple and stress-free, ensuring quicker access to funds.
  • Repayment Period: The borrower can enjoy the flexible tenor period of up to 4 years.
  • Profit Rate: Dubai Islamic Bank Personal Finance is offered at attractive profit rates, ensuring that the borrower saves money while enjoying pocket-friendly EMIs.
  • First Installment Payment: The bank offers the installment free grace period for the first 90 days along with this personal finance.
  • Loan Availability: Dubai Islamic Bank personal loan is available to non-salary transfer individuals as well as self-employed individuals.

Eligibility & Documents Required For Dubai Islamic Bank Personal Finance

Eligibility Criteria

Minimum Income Required

3,000 AED (per month)

Other Requirement

  • An applicant working with DIB approved company and transfers their salary to DIB or another bank.
  • An applicant who is not working with DIB approved company but transfers their salary to DIB or another bank.
  • Self-employed individuals

Documents Required

Proof of Identity/Address

  • Passport Copy with resident Visa (for expats)
  • Copy of the Emirates ID

Other Documents

  • AECB Consent Form
  • Salary & End of Service Benefit Transfer Letter or Certificate from the Employer
  • Bank Statement
  • Security Cheque(s)
  • Trade License Copy (for self-employed businessmen/professionals)

Profit Rate Charged on Dubai Islamic Bank Personal Finance

Dubai Islamic Bank Personal Finance profit rate starts from 11 percent to 21.99 percent per annum.

Frequently Asked Questions

Q.1. What profit rates do I need to pay?

Ans: Profit rates charged on Dubai Islamic Bank Personal loan are competitive & are on a reducing balance mode. However, the profit rate varies from 11% to 21.99%.

Q.2.  Is this Dubai Islamic Bank personal finance applicable only to UAE Nationals?

Ans: No. Both UAE nationals, as well as expatriates, can avail personal finance offered by Dubai Islamic Bank.

Q.3.  Do I need to pay any processing fee?

Ans: Yes, you need to pay from 1050 AED to 2620 AED as a processing fee for documentation & due diligence.

Q.4. Will my personal finance application get rejected if I don’t meet the income eligibility criteria mentioned for the Dubai Islamic Bank?

Ans: Yes, your monthly income should meet the eligibility criteria specified by the Dubai Islamic Bank in order to get your DIB personal finance application successfully approved.

Q.5. Is there any late payment fee charged?

Ans: Yes, 183.75 AED will be charged as the late payment penalty.

Q.6. What is the maximum personal finance amount offered by Dubai Islamic Bank?

Ans: UAE nationals can avail a finance amount of up to 4,000,000 AED and expatriates can avail a finance amount of a maximum of 2,000,000 AED.

Q.7.  What is the maximum repayment tenor for Dubai Islamic Bank personal loan?

Ans: The maximum tenor repayment is up to 4 years.

Q.8. Is there an option of rescheduling the DIB personal finance? If yes, what the charges required to do so?

Ans: Yes, the facility of rescheduling personal finance is available with a fee of 262.50 AED.

Q.9. Is the personal finance offered by Dubai Islamic Bank based on the Shariah compliant laws?

Ans: Yes, Dubai Islamic bank Personal Finance is based on Shariah-compliant laws.

Q.10.  Do I need to visit Dubai Islamic Bank branch in order to apply for personal finance?

Ans: Well, it is not mandatory to visit the Dubai Islamic Bank’s branch in order to apply for personal finance as you can apply for DIB personal finance online also.