Emirates Islamic Bank Personal Loan
Emirates Islamic Bank was established in the year 2004. Like all other Emirates Islamic bank products, the Emirates Islamic Bank personal loan is Shariah-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.
Emirates Islamic Personal Loan- Features and Benefits
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:
Maximum Loan Amount
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.
Emirates Islamic Personal Loan Eligibility and Required Documents
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 5,000 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 Emirates Islamic Bank 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:
- Application Form: The Emirates Islamic personal loan application form can be found on the Emirates Islamic Bank website and can be filled and submitted online.
- Id and Address Proof: Emirates Islamic Bank personal loan applicant will be required to submit proof of identification and address. The proofs can be submitted in the form of an Emirates ID only for UAE nationals and in the form of 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.
- Bank Statement: The applicant will be required to submit the latest three months of their bank statement in order to avail of an Emirates Islamic Bank personal loan.
- Trade License: Applicable only for self-employed applicant, Emirates Islamic Bank personal loan applicants will be required to submit a valid UAE trade license in addition to the above-mentioned Emirates Islamic Bank personal loan requirements.
Emirates Islamic Bank Personal Loan Profit Rates
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||5% - 7% p.a.||Reducing|
|For Expats||AED 2 million||Up to 4 years||5% - 7% p.a.||Reducing|
(Updated as of May 2019)
Frequently Asked Questions
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.
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