CBI Personal Loan Eligibility in UAE

CBI personal loans in UAE make for an excellent financing option for those looking to fulfil their personal requirements quickly. With these personal loans, you can get high loan amounts, competitive interest rates, a repayment term tailored to your needs, and more. 

Personal Loan in UAE
  • 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

These personal loans can be used for a wide range of purposes - from home renovations to travel expenses. However, while the loan application process is simple, you must clear the eligibility requirements to get approval for the same.

In this article, we will provide you with an overview of CBI personal loan eligibility and the related details. 

Top CBI Personal Loans with Eligibility

To get your CBI personal loan application approved, you must fulfil the following eligibility criteria - 

CBI Personal Loan

  • You must be a UAE national or an expatriate
  • You should be a salaried employee 

Overdraft

  • You must be a salaried CBI customer working with an organisation present in the approved list of companies of the bank

Check loan eligibility and apply personal loan

General CBI Personal Loan Eligibility Criteria

Here are the common eligibility of CBI personal loans in UAE -

  • Age - Age is one of the primary eligibility criteria that lending institutions assess while processing a personal loan application. You must be at least 21 years old to apply for a personal loan in UAE. The maximum age limit, on the other hand, is 60 years for expatriates and 65 years for nationals. 
  • Nationality - The bank offers personal loans to both UAE nationals and UAE expats. However, it must be kept in mind that the eligibility criteria and documents required may vary as per your nationality. 
  • credit Score - Your credit score is a key factor in deciding whether you are eligible for a CBI personal loan in the UAE. This is because your credit score represents your creditworthiness and the ability to repay the loan amount within the set timeframe. If your credit score is low, your application for a personal loan can be rejected by the bank or approved with high interest rates.  
  • Employment Type - As mentioned earlier, the bank only has a personal loan for salaried individuals. So if you are a self-employed person, you would not be eligible for a personal loan from the bank. 
  • Monthly Income - In order to be eligible for a CBI personal loan, you must have a monthly salary of at least AED 15,000.
  • Salary Transfer - To get a Commercial Bank International personal loan, you must necessarily transfer your salary to a CBI account. 

Documents Required for CBI Personal Loan Eligibility in UAE

To process a personal loan application and overdraft, you would be required to submit a few documents-

Personal Loan

  • Signed and completed personal loan application form
  • Valid Emirates ID
  • Valid passport
  • UAE residence visa (applicable to UAE expatriates)
  • Last 3 months’ bank statements
  • Salary certificate
  • Salary transfer letter
  • Clearance or liability letter (when switching loan from another bank) 

Overdraft

  • Valid Emirates ID
  • Valid original passport
  • Salary transfer letter 

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Factors Affecting CBI Personal Loan Eligibility in UAE

Let’s have a look at the major factors that influence your CBI personal loan eligibility in the UAE - 

  • Age - Your age has a significant impact on the eligibility requirements for CBI personal loan. Firstly, the maximum age for applying may vary according to your nationality. The interest rate applicable on your loan will also be impacted by the age - the interest rate is usually higher for older applicants and vice versa. 
  • Monthly Income - Your monthly income plays a key role with respect to the eligibility criteria as well as the applicable interest rates. Generally, you can expect favourable loan terms if you have a high income, as it can assure the bank that you have sufficient funds to repay the loan without any difficulty. 
  • Employment Status - When applying for a personal loan, both your past and present employment history can have an impact on the lender's decision. A steady employment record with a reputable organisation over a long period can enhance your chances, while frequent job changes may make a negative impact. 
  • Credit History and Credit Score - Having a good credit score is essential if you want to get approved for a personal loan in the UAE. Note that if you have a low credit score and your application is approved, you will most probably get the loan at considerably high interest rates. To improve your credit score, you can follow a few easy steps over a long time. This includes paying off existing loans and mortgages, clearing credit card debts, being punctual with utility bills, and more. 
  • Relationship with the Bank - If you have been consistent in repaying your loans from CBI, then your chances of approval for a CBI personal loan in the UAE will be higher. Financial institutions are likely to offer you new loans at attractive interest rates, which can help you with your financial goals.

How to Improve Your Chances of Getting a CBI Personal Loan in UAE

Here’s how you can increase your chances of CBI personal loan application approval -

1. Improve Your Income 

Increasing your monthly income can greatly improve your chances of being approved for a CBI personal loan. You can try a number of ways for this such as freelancing, investing, or receiving performance bonuses. It is always advisable to look for additional sources of income when considering a loan from CBI or any other bank.  

2. Enhance Your Credit Score 

Individuals seeking loans and credit cards must always ensure to keep a good or excellent credit score. To maintain such a credit score, it is essential to pay bills on time, limit credit inquiries, reduce the number of loan and credit card applications, and pay off existing debts. Doing so will help in enhancing your creditworthiness, demonstrate your responsibility as a borrower, and increase your credit score. 

3. Include a Co-Borrower 

If your monthly income does not meet the criteria for a FAB personal loan, adding a co-borrower can prove helpful in this case. By including a co-borrower, your total monthly income increases, which improves your chances of clearing the loan eligibility requirements.

4. Reduce Your Debt-to-Income Ratio

You should keep your debt-to-income ratio low to have a good chance of approval for a personal loan. This ratio is defined as the ratio of your monthly debt payments to your gross monthly income. As per the Central Bank of UAE guidelines, your debt burden should not be more than 50% of your monthly salary. 

5. Work with an Organisation Present in the Approved List of the Bank

If you are applying for a personal loan from Commercial Bank International, you can consider working with one of the organisations on the bank's approved list to boost your chances of approval. 

Top UAE Banks Personal Loan Eligibility
RAKBANK Personal Loan Eligibility Finance House Personal Loan Eligibility
AI Hilal Bank Personal Loan Eligibility HSBC Personal Loan Eligibility
ADCB Personal Loan Eligibility SIB Personal Loan Eligibility
Mashreq Personal Loan Eligibility EIB Personal Loan Eligibility
FAB Personal Loan Eligibility  

FAQ's

Q1. What are the benefits of availing of a CBI overdraft facility in the UAE?

Ans: You can get the following benefits by opting for the CBI overdraft service - 

  1. Facility to fulfil short-term financial needs in case of an emergency 
  2. You can get an amount of up to 2x your salary
Q2. Is salary transfer mandatory for obtaining a CBI personal loan in the UAE?

Ans: Yes, it is mandatory to transfer your salary to Commercial Bank International if you are applying for a personal loan with the bank.

Q3. Are both bank statements and salary certificates required for availing of a CBI personal loan?

Ans: Yes, you would be required to present both documents to proceed with your personal loan application.

Q4. Does CBI require any additional documents if an individual switches personal loans from another lender in the UAE?

Ans: Yes, the applicant would be required to submit a few additional documents like a liability letter or a clearance letter in this case.

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