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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 additional benefit of the personal finance of this bank is that borrowers can receive a pre-approved credit card at no cost.read more
Get personal loan at Lowest Interest Rate
Emirates Islamic Bank was established in the year 2004. Like all other Emirates Islamic bank products, the Emirates Islamic Bank personal loan is compliant. Emirates Islamic Bank is governed by an expert Shariah Board. The bank offers a host of products that merge the traditional values of Islamic Banking with modern finance.
The Emirates Islamic personal loan offers large loan amounts for expats and UAE nationals alike. With low-profit rate charges and long tenors, the Emirates Islamic bank personal loan offers a completely honest system of banking.
Being a Shariah-compliant personal loan, the Emirates Islamic Bank personal loan interest rates are substituted for nominal profit rates instead.
|Emirates Islamic Bank Personal Loan|
|Category||Max. Loan Amount||Tenor||Profit Rate||Type of Profit Rate|
|For UAE Nationals||AED 4 million||Up to 4 years||From 5.29% p.a||Reducing|
|For Expats||AED 2 million||Up to 4 years||From 5.40% p.a.||Reducing|
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 offers are:
The Emirates Islamic personal loan offers a maximum loan amount of up to AED 4 million for Emiratis. Expats may also avail of generous Emirates Islamic Bank personal loan offers 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 loans follow the principles of Islamic Banking. As such, the Emirates Islamic Bank personal loan offers interest-free funding. As a result, loan borrowers are charged a reducing profit rate.
While there is no option for an Emirates Islamic Bank personal loan without a salary transfer, the bank mandates only one month’s salary transfer.
The Emirates Islamic personal loan is one of the most rewarding personal finance solutions in the UAE. Loan borrowers can get quick approvals on requested loans. They are not charged any over-limit Furthermore, Emirates Islamic personal loan borrowers also receive a pre-approved credit card absolutely free of charge.
The Emirates Islamic Bank personal loan requirements are as follows:
The applicant of 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:
Q1- How can I calculate my Emirates Islamic Bank personal loan EMI?
Ans: You can use the Emirates Islamic Bank personal loan calculator to compute your monthly instalment amount.
Q2- Are there any late charges applicable on the Emirates Islamic personal loan?
Ans: For every late instalment, Emirates Islamic personal loan borrower is charged AED 200. They should aim at maintaining timely payment for their Emirates Islamic Bank personal loan as every late or missed payment can adversely affect their credit score.
Q3- 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, Emirates Islamic Bank personal loans provide No Liability Certificate at a fee of AED 100. The certificate can be requested after the loan has been fully settled.
Q4- 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.
Q5- 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.