Al Hilal Bank Settlement of Liabilities

No one prefers to be in debt. With those high-interest rates driving your monthly expenses up, it can be challenging to be in debt for a prolonged period. Liability settlement loans are highly advantageous here, as they can help you pay off your debts with lower interest rates and profit margins. Al Hilal Bank can assist you in settling all your existing liabilities with other UAE banks through the Islamic Financing method of Commodity Murabaha, which makes this type of Al Hilal Bank personal loan an excellent option for your purpose.

This article will provide a detailed description of the Al Hilal Bank Settlement of Liabilities loan and all the associated queries.

Features and Benefits of Al Hilal Bank Settlement of Liabilities

With Commodity Murabaha, Al Hilal Bank lets you consolidate and settle your liabilities with other UAE banks. This can enhance your fund liquidity and free you up to utilise them in other places. Moreover, this personal loan in UAE by Al Hilal Bank provides you with a Sharia-compliant facility that involves easy payments and multiple benefits.

Given below are the features of the Al Hilal Bank Settlement of Liabilities loan:

• High Loan Amount - Al Hilal Bank provides these personal loans with credit limits going up to AED 2,000,000.
• Low Profit Rates - AHB Personal Loans provide affordable profit rates so that you can settle other loans at considerably lower profit rates. The bank offers flat profit rates starting at 2.90% per annum for UAE nationals and flat interest rates beginning from 3.40% per annum for expatriate customers.
• Flexible Loan Tenure - You can avail of a loan settlement tenure of up to 48 months with this AHB Personal Loan. However, it should be noted that a longer loan tenure is associated with high-interest payments but also keeps your monthly instalments low. Ultimately, with such a choice of tenure available, you can pick one at your convenience. 
• Shariah-Compliant - Al Hilal Bank Personal Loan in UAE is completely Shariah-compliant. Following the Murabaha, Al Hilal Bank is required to reveal the exact cost of acquiring the loan before selling it to the client for an agreed-upon profit.
• Minimal Documentation - AHB has ensured that its personal loan application process is simple and requires minimal effort. The candidate only needs to provide verification of their identification and income to complete the application process.

Profit Rates of Al Hilal Bank Settlement of Liabilities

AHB Personal Loans are affordable and can be obtained at the following profit rates:

Personal Loan Plan	Annual Profit Rate
Al Hilal Bank Settlement of Liabilities for UAE Nationals	Starting from 2.90%
Al Hilal Bank Settlement of Liabilities for Expatriates	Starting from 3.40%

Documents Required for Al Hilal Bank Settlement of Liabilities

To verify the details provided in your personal loan application, the bank will require the following documentation from you:

1. Valid Passport
2. Last 6-month Bank Statements
3. Residence Visa page
4. Liability Letters

Keep in mind that the bank may request additional documents during the loan application procedure.

Eligibility Criteria of Al Hilal Bank Settlement of Liabilities

While numerous factors can affect the approval or rejection of your loan application as well as the granted terms, these major criteria are to be noted when you apply for an AHB personal loan in UAE:

• Age: Al Hilal Bank has established the minimum age to 21 years for applicants. 
• Residency: Both UAE Nationals and expatriates are eligible for an Al Hilal Bank Personal Loan in UAE.
• Salary Requirement: You can apply for this Al Hilal Bank personal loan if your monthly salary is at least AED 5,000.

Minimum Age Requirement	21 years
Residency	UAE Nationals and Expatriates
Monthly Salary Requirements	At least AED 5,000

How to Apply for Al Hilal Bank Settlement of Liabilities?

You can apply for an AHB Personal Loan on the official website of the bank or its offline branch

1. Online Application

• Log in to the bank’s website and select ‘Finance’ from the menu. 
• Select ‘Personal’ from the financing options. 
• Choose the ‘Settlement of Liabilities’ from the available options and fill in the requested details.
• Once you provide all the required details (and documents, if required), a bank representative will contact you to further process your personal loan.

2. Offline Application

Customers can also apply for a personal loan in UAE by visiting any Al Hilal Bank branch near them. Nevertheless, the online alternative makes for a more convenient option due to the streamlined application process.

If you wish to explore some more plans regarding the personal loan in UAE, you can check out them on policybazaar.ae. Unlike the traditional method of obtaining quotes from different places and noting them down to compare, you can access all the top plans at one place on our website and buy one right away.

Remembering the details discussed in the article will be sufficient if you wish to apply for an Al Hilal Bank personal loan.

FAQ's