Emirates Islamic Bank Personal Loan

Established in 2004, Emirates Islamic Bank offers Shariah-compliant personal loans to both UAE nationals and expatriates with low-profit rates and long loan repayment tenures. It provides high loan amounts to UAE residents - up to AED 4 million for UAE nationals and AED 2 million for expatriates. An additional benefit of the personal finance of this bank is that borrowers can receive a pre-approved credit card at no cost. ...read more

Emirates Islamic Bank Personal Loan
Emirates Islamic Personal Loan
Personal Loan Starting from 2.59%* 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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  • Dubai
  • Abu Dhabi
  • Sharjah
  • Ras Al Khaimah
  • Ajman
  • Other

Founded in 2004, Emirates Islamic Bank (EIB) has grown to become one of the leading institutions in the UAE. EIB offers a wide array of products and services that blend the principles of Islamic banking with modern finance.

One of the bank’s standout products is its personal finance offering. Accessible to both UAE nationals and expatriates, Emirates Islamic Bank personal loan caters to a wide customer base.

In the article below, we will cover the key features, benefits, eligibility criteria, and documents related to Emirates Islamic Bank personal loan to provide you with comprehensive information so that you can easily make an informed decision.

Emirates Islamic Bank Personal Loan – An Overview

Tabled below are the prominent details of the Emirates Islamic Bank personal loan -

Emirates Islamic Bank Personal Loan
Category Max. Loan Amount Tenor Type of Profit Rate
For UAE Nationals AED 4 million Up to 4 years Flat and Reducing Rate
For Expats AED 2 million Up to 4 years Flat and Reducing Rate

Disclaimer: Profit Rates are subject to change at any time. 

Features and Benefits of Emirates Islamic Personal Loan

The Emirates Islamic Bank personal loan is one of the finest examples of a Shariah-compliant personal finance solution in the UAE. The world-class features and benefits offered by Emirates Islamic Bank personal loans are listed below - 

  • Maximum Loan Amount

With the Emirates Islamic personal loan, you can get a loan amount of up to AED 4 million as an Emirati. Expats may avail of Emirates Islamic Bank personal loans of up to AED 2 million.

  • Loan Tenure

UAE residents can avail of a long tenor of up to 4 years for any Emirates Islamic Bank personal loan. This repayment tenor allows much-needed flexibility for loan borrowers.

  • Shariah-Compliant

Emirates Islamic personal finance follows the principles of Islamic Banking. As such, the Emirates Islamic Bank personal loan offers interest-free funding. 

  • Cheaper than Credit Cards

Emirates Islamic Bank personal loans come with a significant advantage over credit cards in that they are usually less expensive. This means that the profit rate is generally lower for a personal loan compared to the rate charged on credit card balances.

  • Debt Consolidation Made Easy

One of the key features of Emirates Islamic Bank personal loan is that it can be used to consolidate all your existing debts. Thus, you can easily pay off various debts and liabilities by merging them into a single, easy-to-manage loan.

  • Pay Off External Credit Cards

Another advantage of Emirates Islamic Bank personal loan is that you can use it to pay off balances on external credit cards. This would help you save on interest charges, as the personal loan profit rate may be lower than the interest rate on your credit cards. Subsequently, you can also reduce your monthly payments.

  • No Over Limit or Extra Charges

Emirates Islamic Bank does not charge any over-limit fees or extra charges on your personal loans. This indicates that as long as you make payments on time, you won’t have to pay any additional costs, which might not be the case with other forms of credit.

  • Minimal Processing Fees

The processing fees associated with Emirates Islamic Bank personal loans are on the lower side. This way, you can keep the upfront cost of obtaining a loan to a minimum and focus your resources on repaying the borrowed amount.

  • Free Takaful Coverage

Get the free takaful with Emirates Islamic personal finance. 

  • First Instalment Payment

Expats are required to pay the first instalment of their Emirates Islamic personal loan within 90 days of obtaining the loan. 

  • Holiday Period

The Emirates Islamic Bank provides a personal loan offering that notably includes a generous grace period of up to 120 days, allowing borrowers some respite before they need to start making repayments.

Interest Rates of Emirates Islamic Personal Finance

Tabled below are the profit rates applicable for Emirates Islamic personal finance -

Nationality Flat Rate Reducing Rate
UAE Nationals Flat profit rate: 2.59% Reducing profit rate: 4.74%
Expats Flat profit rate: 2.85% Reducing profit rate: 5.22%

Note: This is for indicative purposes only. The actual profit rate will depend on your profile.

Eligibility Criteria of Emirates Islamic Personal Loan 

Before applying for the Emirates Islamic Bank personal loan, it is important to qualify for the following criteria - 

  • Minimum and Maximum Age

The applicant for an Emirates Islamic Bank personal loan has to meet the minimum age requirement of 21 years. Furthermore, Emiratis can avail of Emirates Islamic personal loans up to the age of 65 years, while expats are restricted to a maximum age of 60 years.

  • Minimum Income

The Emirates Islamic Bank personal loan minimum salary requirement is AED 10,000 per month only. This is one of the lowest salary requirements for a personal loan in the UAE.

  • Minimum One Month or First Salary Transfer

Another Emirates Islamic Bank personal loan requirement is that the applicant will be required to transfer their salary. It means the applicant can avail of the exclusive personal loan offers by simply transferring their one month’s salary to their Emirates Islamic personal loan 

Necessary Paperwork for Emirates Islamic Personal Loan

The applicant will be required to submit the following documents as per the Emirates Islamic Bank personal loan requirements - 

  • ID and Address Proof: As an Emirates Islamic Bank personal loan applicant, you will be required to submit proof of your identification and address. The proof can be submitted in the form of an Emirates ID (only for UAE nationals) and an Emirates ID, passport and UAE visa for expats. Address proof can be submitted in the form of utility bills that bear the applicant’s name.
  • Salary Transfer Letter: For customers who earn a regular salary, the bank requires either a salary transfer letter or a salary certificate. These documents verify your current income and employment status and are crucial for the bank to assess your ability to repay the loan.
  • Account Opening Forms for Shares Trading: In cases where the loan is intended for shares trading, Emirates Islamic Bank requires specific account opening forms to be filled out and submitted. These documents help the bank understand the nature of your trading activities and to comply with regulatory requirements.
  • Liability Letter: If you're seeking a loan for the purpose of buying out existing debts or liabilities (a process known as a 'buyout'), you'll need to provide a liability letter. This document details your current financial obligations and is required only in specific buyout scenarios. It helps the bank assess the total debt you wish to consolidate with the new loan.
  • Bank Statement: The applicant will be required to submit their bank statements for the last three months to apply for this personal loan.
  • Trade Licence: If you are a self-employed applicant, you will be required to submit a valid UAE trade licence in addition to the above-mentioned Emirates Islamic Bank personal loan-specific documents.

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Schedule of Fees and Charges Associated with Emirates Islamic Bank Personal Loan

The section below provides a detailed overview of the fees and charges associated with obtaining a personal loan from Emirates Islamic Bank. It includes details such as the processing fees, insurance fees, and possible additional charges that may arise during the loan tenure. 

Please note that these charges are inclusive of Value Added Tax (VAT) or any similar sales tax and that the customers are liable to pay any applicable VAT amount.

Service/Fee Charge (AED) Frequency
Personal Finance - Certificates/Shares Murabaha Processing fee*    
Certificates Murabaha 0.7875% of finance amount (Min AED 525, Max AED 2,625) Per Application
Shares Murabaha 1.05% of finance amount (Min AED 525, Max AED 2,625) Per Application
Takaful (Insurance) Fees    
Noor Takaful 0.01194% x Finance Amount x Tenure (months) Per Application
Arabian Scandinavian Insurance Company (PLC) - Takaful - Ascana Insurance  (ASCANA) 0.01474% x Finance Amount x Tenure (months) Per Application
Dubai Islamic Insurance & Reinsurance Company (AMAN) 0.01439% x Finance Amount x Tenure (months) Per Application
Deal Cancellation Fee 105 Per Request
Balance Liability Certificate 63 Per Request
Clearance Letter (No Liability Certificate) 63 Per Request
DDS/Cheque Return Fee 0 -
Deferment of Installment AED 105 per installment Per Request
Obligated amount to charity (late payment fee)** 210 Per Instance
Early Settlement 1.05% of outstanding balance (up to AED 10,500) Per Request
Partial Payment 1.05% of the payment made (max AED 10,500) Per Request

Here are some important notes regarding the same:

  • The processing fee is non-refundable post-approval.
  • Emirates Islamic Bank has a different schedule of fees and charges for cabin crews and pilots. 
  • * The rates mentioned are minimum & indicative only. The Takaful rate may increase based on the reports of medical tests.
  • ** If a customer is late or fails to make a payment, the bank will pay a certain amount to a charity. This charity is approved by the bank's Internal Shariah Committee. Before the bank makes this donation, it will subtract any costs that have come up because of the customer's delayed or missed payment

How to Apply for Emirates Islamic Bank Personal Loan?

Applying for an Emirates Islamic Bank personal loan is quite easy through Policybazaar UAE's user-friendly website. Here's a detailed guide to help you understand the application process - 

  • Start Your Application Online: You can initiate your application process from the comfort of your home by visiting the Policybazaar.ae official website. The platform is easy to use and has a user-friendly interface that provides an easy navigation system.
  • Fill Out the Lead Form: Navigate to the personal loan section on the website. Here, you will find a lead form where you can enter your details. After completing and submitting the form, you will be redirected to a page containing various personal loan quotes.
  • Compare and Choose the Emirates Islamic Personal Loan: On the personal loan quotes page, you can compare different loan options from various providers. Use filters to narrow down your choices and select the Emirates Islamic personal loan that suits your requirements.
  • Finalise Your Application: After selecting your preferred loan option, proceed to apply for the plan directly from our website.
  • Customer Support and Guidance: If you encounter any difficulties during the application process or need expert advice on loan selection, Policybazaar.ae’s customer care and finance expert teams are readily available to provide the necessary assistance.

Given below are the 5 key benefits of applying for an Emirates Islamic Bank personal loan on policybazaar.ae - 

  • 24-Hour Customer Service: Policybazaar UAE offers round-the-clock customer service, ensuring that your queries and issues are addressed promptly no matter the time.
  • Simple Application Process: The application process is straightforward and can be completed online, ultimately leading to a hassle-free experience for you.
  • Multiple Loan Options for Comparison: Policybazaar.ae offers a variety of loan plans with different features and benefits. Our platform allows you to compare the best personal loans in UAE and select the most suitable option as per your requirements.
  • Competitive Interest Rates: You can find the top personal loans at attractive interest rates, which can potentially lower your borrowing costs.

Given below are some frequently asked questions (FAQs) related to Emirates Islamic Bank personal loans.

Frequently Asked Questions

Q1: How can I calculate my Emirates Islamic Bank personal loan EMI?

You can use the Emirates Islamic Bank personal loan calculator to compute your monthly instalment amounts.

Q2 : What is a No Liability Certificate?

Ans: No Liability Certificate is proof that the loan borrower has no outstanding Emirates Islamic personal loan payment. On request, the bank provides a No Liability Certificate to borrowers for a fee of AED 100. The certificate can be requested after the loan has been fully settled.

Q3 :What is Islamic Banking?

Ans: Islamic Banking is a form of Shariah-compliant banking that strictly adheres to the principles of Islam. Emirates Islamic Bank personal loans are an example of Islamic Banking as they do not charge interest, maintain various charitable donations, and charge no hidden fees.

Q4 : What can I do to become eligible for the maximum loan amount?

Ans: The Emirates Islamic Bank personal loan offers up to AED 4 million to Emiratis and up to AED 2 million to expats. In order to qualify for this maximum loan amount, you will have to meet certain Emirates Islamic Bank personal loan requirements. These requirements may include a large monthly income, an excellent credit history, and no other active loans or financial obligations.

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