Dubai Islamic Bank Personal Loan in UAE

Established in 1975, Dubai Islamic Bank (DIB) has been a keystone in the UAE financial industry, offering a plethora of financial products ranging from credit cards and bank accounts to a diverse range of loan products.

Dubai Islamic Bank Personal Loan
Dubai Islamic Bank Personal Loan
Personal Loan Starting from 2.63%* Interest rate
  • Minimum Salary 7000 AED
  • EMI Tenure up to 48 Months
  • Lowest Interest Rates

Get personal loan at Lowest Interest Rate

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

Amidst this wide spectrum of offerings, the Dubai Islamic Bank Personal Loan has emerged as a well-admired choice for residents of the UAE, earning commendations for its flexibility, comprehensiveness, and more.

This article aims to uncover the basics of the Dubai Islamic Bank Personal Loan, providing you with an in-depth understanding of its various features, the eligibility criteria, and the required documents needed to secure this loan.

Features and Benefits of Dubai Islamic Bank Personal Loan

Without further ado, let’s take a look at the notable features of Dubai Islamic Bank personal loan -

  • Adherence to Shariah Principles - Dubai Islamic Bank Personal Loan adheres to a Shariah-compliant structure and documentation to ensure that its practices are in line with Islamic law. This incorporates principles of transparency, ethical banking, and the avoidance of usury or interest, providing peace of mind to customers with faith-based financial concerns.
  • High Loan Amount - The bank offers a loan amount of up to AED 4 million for UAE nationals and up to AED 2 million for expatriates. This ensures that a wide array of personal needs can be met, regardless of the size of the financial requirement.
  • Competitive Profit Rate -The profit rate* of the Dubai Islamic Bank Personal Loan is reducing in nature, starting from as low as 5.99% per annum and capping at 21.99% per annum. This structure gives borrowers the advantage of paying less over time as the outstanding principal decreases. *Profit rates vary as per the profile of the applicant
  • Deferred First Instalment - UAE nationals have the advantage of postponing their first instalment for up to 120 days, while expatriates can avail of this benefit for up to 90 days. This provides borrowers with ample time to organise their finances post-disbursement.
  • National Financing Scheme - Eligible UAE nationals can take advantage of a special national financing scheme under the Dubai Islamic Bank Personal Loan facility, designed to cater to their specific financial needs in a more accessible manner.
  • Easy Processing and Minimal Documentation - Dubai Islamic Bank Personal Loan is renowned for its easy processing and simplified documentation. This makes the loan application process less daunting, enabling customers to access funds with relative ease.
  • Online Loan Calculator - An easy-to-use Dubai Islamic Bank Personal Loan calculator is available on the official bank website. This tool provides an estimated EMI amount and assists borrowers in making informed decisions based on their financial capabilities.
  • Flexible Repayment Period - Borrowers can enjoy a repayment period of up to 48 months, giving them ample time to repay the loan without facing any financial stress.
  • Instalment Postponement Option - Customers who transfer their salary to DIB have the added benefit of postponing their Dubai Islamic Bank Personal Loan instalments via DIB Alt phone banking. This flexible feature ensures that the bank provides a solution for customers facing temporary financial difficulties.

Eligibility Criteria for Dubai Islamic Bank Personal Loan

Before applying for the Dubai Islamic Bank Personal Loan, it's important to ensure that you meet the eligibility criteria. This preliminary step is crucial in saving both time and effort and avoiding potential disappointments or credit rating impacts due to rejected applications. Fulfilling the eligibility criteria significantly increases your chances of loan approval and ensures a smoother application process.

Let’s take a look at the eligibility criteria for Dubai Islamic Bank Personal Loan -

  • Salary Threshold - A minimum salary of AED 7,000 is required to apply for Dubai Islamic Bank Personal Loan. This ensures that the borrower has a stable income that can accommodate the repayment of the loan.
  • Flexible Salary Transfer Requirements - The transfer of salary to Dubai Islamic Bank is not mandatory. 
  • Special Considerations for UAE Nationals - For UAE Nationals seeking long-term Dubai Islamic Bank Personal Loan, the eligibility varies based on salary, employer classification, and other factors. This allows for a more tailored loan offering that takes into account the unique financial circumstances and needs of each individual.

Documents Required for Dubai Islamic Bank Personal Loan

In order to streamline the process of applying for a Dubai Islamic Bank Personal Loan, it's crucial to have the necessary documentation at hand. Preparing these documents in advance can expedite the processing time for your loan application.

  • Copies of your passport (along with a residence visa for expatriates) and your Emirates ID are required to verify your identity and residency.
  • A letter or certificate confirming your salary and end-of-service benefits should be obtained from your employer.
  • If your salary is transferred to a different bank, you'll need to provide a statement of account for at least the previous 3 months (6 months for self-employed professionals or business owners).
  • Self-employed applicants must also submit a copy of their valid trade licence.
  • Since the loan follows a Shariah-Compliant structure, the submission of an al etihad credit bureau (AECB) consent form is mandatory.

Important: The bank may request additional documents for verification purposes. Prompt submission of these documents within the given timeframe is advised to avoid any potential delays or complications.

Dubai Islamic Bank Personal Loan Calculator

Navigating the financial landscape can sometimes feel like a challenging task, especially when considering loan products. To help simplify this process, Dubai Islamic Bank (DIB) offers a free automated tool known as the Dubai Islamic Bank Personal Loan Calculator.

This valuable resource helps potential borrowers estimate their monthly loan instalments based on specific input parameters and can be accessed on the bank's official website.

To utilise this intuitive tool, you need to enter your desired loan amount and the chosen loan tenure. Once you enter these values, the calculator will automatically compute the estimated monthly instalments. With this, you can have a clear understanding of what the repayment schedule might look like for a particular loan, which can help you make well-informed decisions.

The Dubai Islamic Bank Personal Loan Calculator serves multiple useful purposes. Here are a few ways how this tool can be beneficial -

  • Financial Planning: By providing an estimate of monthly instalments, this calculator allows you to plan your finances effectively. It ensures that you choose a loan amount and tenure that aligns with your financial capacity and goals.
  • Comparative Analysis: It enables users to compare different loan scenarios by altering the loan amount and tenure. This can help them identify the most suitable loan plan as per their specific requirements and repayment capacity.
  • Cost Analysis: Another benefit of this personal loan calculator is that it aids in understanding the cost of the loan over time. This comprehensive view of the total loan repayment amount, including principal and profit components, promotes transparency and ethical lending practices.
  • Budgeting: As this personal loan calculator provides a clear estimate of the monthly instalment amount, you can set a realistic budget with this information.
  • Efficiency: It saves time and energy by eliminating manual calculations and providing quick, accurate estimates.

Apart from DIB's calculator tool, you can also use the Personal Loan Calculator available on the official website of Policybazaar UAE. This is another trusted platform providing the same facility, wherein you can seamlessly calculate your estimated monthly instalments for a personal loan.

Dubai Islamic Bank Personal Loan Calculator

Fees and Charges Associated with Dubai Islamic Bank Personal Loan

Tabled below are the fees and charges associated with Dubai Islamic Bank Personal Loan –

Fee Category Fee Amount
Diligence and documentation fee 1.05% of the loan amount 
  • Minimum – AED 520
  • Maximum – AED 2,620
Undertaking to Donate Due to Late Payment Up to AED 210
Early Settlement from Same Bank Finance 1.05% or Maximum – AED 10,000
Early Settlement from Other Bank Finance 1.05% or Max AED 10,000
Personal Finance Rescheduling Fee AED 262.5
Instalment Deferment Processing Charges AED 105

*Note: The applicable fees may vary based on the financing frequency and specific loan terms. Please contact the bank for exact fee details.

How to Apply for Dubai Islamic Bank Personal Loan?

With the policybazaar.ae platform, the process of applying for a Dubai Islamic Bank Personal Loan becomes quite a seamless one. This intuitive and user-friendly platform guides you through the process in just a few straightforward steps so that applying for a loan is a stress-free experience.

To begin, visit the official website of Policybazaar UAE and navigate to the 'Personal Loan' section, where you'll find a lead form. Fill out this form with the necessary details and submit it. After this, you'll be redirected to a page containing personal loan quotes. At this point, you can use the filter option to sort and select the Dubai Islamic Bank Personal Loan. Once you find a relevant DIB personal loan, you can apply for it directly.

Here are the advantages of applying for a Dubai Islamic Bank Personal Loan through the Policybazaar.ae platform-

  • Comparison: Policybazaar.ae platform allows you to compare various loan products side by side, helping you choose the one that best suits your needs and circumstances.
  • Ease of Use: With its intuitive design and simple navigational structure, the platform provides a smooth user experience and makes the loan application process straightforward and efficient.
  • Detailed Information: Each loan product listed on the site comes with comprehensive information about its features, benefits, eligibility criteria, and more. This is of great help in making an informed decision before applying.
  • Time Efficiency: By allowing you to apply for a loan from the comfort of your home or office, the platform saves you a considerable amount of time that would otherwise be spent visiting a bank branch.
  • Customer Support: One of the most remarkable aspects of Policybazaar.ae is its excellent customer support. In case of any queries or issues during the application process, help is just a click or a phone call away!

Take a look at the FAQ section next to know more about the Dubai Islamic Bank personal loan.

FAQ's

Q1. What is the Dubai Islamic Bank Personal Loan?

Ans: The Dubai Islamic Bank Personal Loan is a financial product that offers funds to eligible individuals based on certain criteria. This loan is designed in accordance with Shariah-compliant principles, making it a preferred choice among UAE residents.

Q2. What is the maximum loan amount I can borrow from Dubai Islamic Bank?

Ans: For UAE nationals, the maximum Dubai Islamic Bank Personal Loan amount is AED 4 million. For expatriates, the maximum loan amount is AED 2 million.

Q3. What is the profit rate for Dubai Islamic Bank Personal Loan?

Ans: The loan operates on a reducing profit rate, which starts from 5.99% per annum and goes up to 21.99% per annum.

Q4. Is salary transfer to Dubai Islamic Bank mandatory to apply for this personal loan?

Ans: No, transferring your salary to Dubai Islamic Bank is not a mandatory requirement to apply for this personal loan.

Q5. How can the Dubai Islamic Bank Personal Loan Calculator help me?

Ans: The Dubai Islamic Bank Personal Loan Calculator is a free tool that helps potential borrowers estimate their monthly loan instalments. It requires the input of the desired loan amount and the loan tenure to provide an estimated monthly repayment amount. This tool is beneficial for financial planning, comparative analysis, cost analysis, budgeting, and saving time.

Q6. How do I apply for a Dubai Islamic Bank Personal Loan?

Ans: You can apply for this loan on the Policybazaar UAE platform. For this, visit policybazaar.ae, navigate to the 'Personal Loan' section, fill out the lead form, and submit it. You can then use the filter option to select the Dubai Islamic Bank Personal Loan and apply directly.

Q7. What documents do I need to apply for a Dubai Islamic Bank Personal Loan?

Ans: You will need to provide a copy of your passport (with residence visa for expatriates), Emirates ID, a salary and end-of-service benefits certificate from your employer, and a statement of account for a minimum of 3 months if your salary is transferred to a different bank. If you're self-employed, you'll need to provide 6 months' worth of bank statements and a copy of your valid trade licence. An Al Etihad Credit Bureau (AECB) consent form is also required.

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