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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 ...read more
Get personal loan at Lowest Interest Rate
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.
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: Interest Rates are subject to change at any time.
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 -
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.
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.
Emirates Islamic personal finance follows the principles of Islamic Banking. As such, the Emirates Islamic Bank personal loan offers interest-free funding.
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.
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.
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.
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.
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.
Get the free takaful with Emirates Islamic personal finance.
Expats are required to pay the first instalment of their Emirates Islamic personal loan within 90 days of obtaining the loan.
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.
Tabled below are the interest rates applicable for Emirates Islamic personal loan -
|Nationality||Fixed Rate||Reducing Rate|
Note: This is for indicative purposes only. The actual profit rate will depend on your profile.
Before applying for the Emirates Islamic Bank personal loan, it is important to qualify for the following criteria -
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.
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.
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
The applicant will be required to submit the following documents as per the Emirates Islamic Bank personal loan requirements -
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.
|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:
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 -
Given below are the 5 key benefits of applying for an Emirates Islamic Bank personal loan on policybazaar.ae -
Given below are some frequently asked questions (FAQs) related to Emirates Islamic Bank personal loans.
You can use the Emirates Islamic Bank personal loan calculator to compute your monthly instalment amounts.
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.
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.
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.