Dubai Islamic Bank Personal Loan
Dubai Islamic Bank Personal Loan is offered to both- UAE Nationals & expatriates in order to meet their various personal requirements in the times of need. The loan amount can be availed at an attractive interest rate (profit rate) of 11% to 21.99% annually.
With a repayment tenor of maximum of 48 months, the loan seekers can apply for a lucrative amount of AED 2 million (for expats) and AED 4 million (for UAE Nationals), depending on the DIB personal loan eligibility. The loan is offered to both salary-transfer and non-salary transfer category, with a minimum salary requirement of AED 3,000.
Features & Benefits of the Dubai Islamic Bank Personal Loan
Yes (Fee: 1% of outstanding balance, AED 10,000 maximum )
Reducing Interest Rate (Profit Rate)
From 11% to 21.99% per annum
Up to 48 months
Payment holiday or Deferment
90 days maximum
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 AED 4 Million and expats can avail a loan amount of a maximum of AED 2 Million.
- Quick Processing & Simplified Documentation: The bank has kept things quite easy when it comes to applying for a loan. An applicant can easily avail the Dubai Islamic Bank personal loan as the documentation process is very simple and hassle-free, ensuring quicker access to funds.
- Repayment Period: The borrower can enjoy a flexible repayment tenor of up to 4 years (48 months).
- 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: Loan is available to non-salary transfer individuals as well as self-employed individuals.
Dubai Islamic Bank Personal Loan Interest Rate
Dubai Islamic Bank Personal Loan Interest rate starts from 11% to 21.99% per annum. The rate of interest is charged on reducing rate, where the interests get reduced with every installment paid by the borrower.
Dubai Islamic Bank Personal Loan Eligibility
The minimum eligibility criteria to avail Dubai Islamic Bank personal loan in UAE are given below:
Minimum Income Required:
- AED 3,000 (per month)
- An applicant working with any of the Dubai Islamic Bank personal loan listed companies and transfer their salary to DIB or another bank account
- An applicant who is not working with DIB approved company but transfer their salary to DIB or another bank account
- Self-employed individuals
- Individual with Fixed Wakala Deposits with DIB
Documents Required to Avail Dubai Islamic Personal Loan
The loan applicant has to furnish the following documents in order to avail Dubai Islamic Bank personal loan:
- Proof of Identity/Address
- Passport Copy with resident Visa (for expats)
- Copy of the Emirates ID
- 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 businessman/professionals)
How does Dubai Islamic Personal Loan Calculator Help?
Loan EMI for Dubai Islamic Bank personal loan for expats or UAE Nationals is calculated at the time of loan agreement. However, the loan seekers can calculate this on their own using Dubai Islamic Bank Personal loan EMI calculator available on the official website of the bank.
By providing certain information such as loan amount and tenor of repayment, one can easily get a rough idea on EMIs to be paid for a particular period. With this, those who are eligible in terms of Dubai Islamic Bank personal loan salary limit or other requirements, can apply for a hassle-free loan amount.
Q.1. How much DIB personal loan interest rate do I need to pay?
Ans: Dubai Islamic Bank Personal loan rate is competitive & is charged on the reducing balance method. However, the profit rate varies from 11% to 21.99%.
Q.2. Is this DIB Bank personal loan 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 application successfully approved. You should be earning a minimum monthly income of AED 3,000.
Q.5. Is there any late payment fee charged?
Ans: Yes, up to AED 210 will be charged as the late payment penalty by the bank.
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 AED 4,000,000 and expatriates can avail a finance amount of a maximum of AED 2,000,000.
Q.7. What is the maximum repayment tenor for Dubai Islamic Bank personal loan?
Ans: The maximum tenor repayment is up to 4 years or 48 months.
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 AED 262.50.
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: 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.
Q.11. Is it possible to avail a loan under Dubai Islamic Bank personal loan without salary transfer category?
Ans: Yes, the bank offers personal finance to those who do not have a salary transfer account with the bank.
Q.12. How to apply for personal loan in Dubai Islamic Bank?
Ans: The best way to apply for personal loan in Dubai Islamic bank is online. You can visit the official website of the bank and go to the personal finance section, calculate your loan EMI using online EMI calculator and click on the ‘Apply Now’ option. This will lead you to a page where you will have to provide your personal information including name, address, contact details, monthly income and applicant category. Submit the details, then the bank will review them and approve your personal loan accordingly.
Q.13. What is DIB Personal loan listed company?
Ans: Listed company means the companies that are in the list of DIB Bank who have salary accounts with the bank. Every month,salary to their employees is transferred through DIB Bank.
Q.14. What is Dubai Islamic Bank personal loan minimum salary requirement?
Ans: The minimum salary requirement is AED 3,000.
Q.15. What is the process for Dubai Islamic Bank personal loan early settlement?
Ans: The early settlement process is subject to bank’s terms and conditions. Kindly contact the bank regarding the same. You will have to pay a fee of 1% of the outstanding amount or AED 10,000 maximum as the early settlement fees.
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