Sharjah Islamic Bank Personal Loan Eligibility in UAE

Founded in 1975, Sharjah Islamic Bank (SIB) shifted from commercial banking to Islamic banking in 2002. At present, the bank offers a wide range of banking solutions in the UAE including retail, corporate, Sharia'a-compliant, and investment products and services.

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If you are looking to get finance or a loan for personal requirements like education, travel, marriage, business expansion, and others, you can certainly choose Sharjah Islamic Bank personal loan for the same. In order to obtain personal finance from SIB, however, you must meet the eligibility requirements specified by the bank.

Read the article below to understand the Sharjah Islamic bank personal loan eligibility criteria in the UAE. 

Top Sharjah Islamic Bank Personal Loans with Eligibility

Let’s have a look at the Sharjah Islamic bank personal loan eligibility criteria in the UAE with the table below -  

Type of Personal Finance

Eligibility Criteria

Travel Finance

  • The applicant must have a minimum monthly income of AED 5,000.
  • The applicant must be at least 21 years old.
  • The maximum age of the applicant at maturity must be 60 years (for expatriates) and 65 years (for nationals)
  • The employer of the applicant must be on the SIB-approved list of employers.
  • A valid AECB report would be required.
  • Salary transfer to an SIB account is mandated.

Rent Finance

  • The applicant must have a minimum monthly income of AED 5,000.
  • The minimum age of the applicant must be 21 years.
  • The employer of the applicant must be on the SIB-approved list of employers.
  • The maximum age of the applicant at maturity must be 60 years (for expatriates) and 65 years (for nationals)
  • A valid AECB report would be required.
  • Salary transfer to an SIB account is mandated.

Medical Finance

  • The applicant must have a monthly income of AED 5,000 or more.
  • The minimum age limit is 21 years.
  • The maximum age of the applicant at maturity must be 60 years (for expatriates) and 65 years (for nationals)
  • The applicant must be working with an employer listed in the SIB-approved list of employers.
  • A valid AECB report is required.
  • Salary transfer to an SIB account would be necessary.

Takeover Liability

  • The applicant must be at least 21 years old.
  • The applicant must have a minimum monthly income of AED 5,000.
  • The maximum age of the applicant at maturity must be 60 years (for expatriates) and 65 years (for nationals)
  • A valid AECB report would be required.
  • Salary transfer to an SIB account is mandated.
  • The employer must be present in the SIB-approved list of employers.

Additional Personal Finance

  • The applicant’s monthly income must be AED 5,000 or more.
  • The minimum age limit for applicants is 21 years.
  • The maximum age of the applicant at maturity must be 60 years (for expatriates) and 65 years (for nationals)
  • The employer must be present in the SIB-approved list of employers.
  • A valid AECB report is required.
  • Salary transfer to an SIB account is mandated. 

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Common Sharjah Islamic Bank Personal Loan Eligibility Criteria 

Here are the general eligibility requirements for a Sharjah Islamic bank personal loan: 

  • Age - As per the guidelines of the bank, you must be at least 21 years old at the time of applying. Note that an upper age limit (at the maturity of the loan) is also applicable. The maximum age for this personal finance product is 60 years for expatriates and 65 years for UAE nationals. 
  • Nationality - The financial institution offers personal loans to both UAE nationals and expatriates. However, depending on your nationality, other eligibility and documents required will vary. 
  • credit ScoreSubmitting a credit report is necessary whenever you are applying for Sharjah Islamic bank personal loan in UAE. The bank would ask for your credit score to check if you are a trustworthy borrower and whether you can repay the loan amount promptly.  Your credit score would also impact your eligibility, as most banks in the UAE prefer borrowers with high credit scores. While the minimum credit score requirements for personal loans are generally on the lower side, you can expect high interest or profit rates on your loan if you have a low score.
  • Salary Transfer - As regulated by Sharjah Islamic Bank, you must transfer your monthly salary to an SIB account to be eligible for a personal loan. 
  • Monthly Income - As an applicant, you must have a minimum monthly salary of AED 5,000 to be considered eligible for Sharjah Islamic Bank personal finance. 

Documents Required for Sharjah Islamic Bank Personal Loan Eligibility

Refer to the following list to find the documents required to apply for Sharjah Islamic bank personal loan in the UAE -  

Travel Finance

  • Signed and completed application form
  • A valid copy of Emirates ID
  • A valid copy of passport
  • A valid copy of passport with visa page (only for expatriates)
  • Salary transfer letter or a salary certificate addressed to the bank
  • Latest 3 months’ bank statements (in case salary is not transferred to SIB) 

Rent Finance

  • Signed and completed application form
  • A valid copy of passport
  • A valid copy of passport with visa page (only for expatriates)
  • A valid copy of Emirates ID
  • Salary transfer letter or a salary certificate addressed to the bank
  • Latest 3 months’ bank statements (in case salary is not transferred to SIB) 

Medical Finance

  • A valid copy of Emirates ID
  • A valid copy of passport
  • Signed and completed application form
  • A valid copy of passport with visa page (only for expatriates)
  • Salary transfer letter or a salary certificate addressed to the bank
  • Latest 3 months’ bank statements (in case salary is not transferred to SIB) 

Takeover Liability

  • Signed and completed application form
  • A valid copy of Emirates ID
  • Liability certificate issued by the other lending institution
  • Latest 3 months’ bank statements (if salary is not transferred to SIB)
  • Salary transfer letter or a salary certificate addressed to the bank
  • A valid copy of passport
  • A valid copy of passport with visa page (only for expatriates)

Additional Personal Finance

  • A valid copy of Emirates ID
  • A valid copy of passport with visa page (only for expatriates)
  • Signed and completed application form
  • A valid copy of passport
  • Salary transfer letter or a salary certificate addressed to the bank
  • Latest 3 months’ bank statements (if salary is not transferred to SIB) 

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Factors Affecting Sharjah Islamic Bank Personal Loan Eligibility

While we have covered the eligibility criteria for the SIB personal loans, let’s dive deeper and understand the primary factors that influence your Sharjah Islamic bank personal loan eligibility -   

  • Age - Your age plays a major role with respect to your Sharjah Islamic bank personal loan eligibility. Generally, as your age increases, the rate of interest for your loan also tends to increase. On the contrary, the bank may charge a lower interest rate for younger applicants.  
  • Credit Score - Generally, financial institutions in the UAE require a credit score of 580 or more to consider an applicant eligible for a personal loan. In case your credit score is very low and below the limit mentioned by the bank, your personal loan application may get rejected or get approval at a high rate of interest. 
  • Employment Status - Your current and previous employment status makes a significant impact on your personal loan eligibility. If you have worked with a reputed organisation for a long tenure, the chances of your loan application approval can be high. On the other hand, having an unstable history of frequent job changes can hamper your chances.  
  • Monthly Salary - The bank looks into your gross monthly income after you submit your Sharjah Islamic bank personal loan application. Your loan application is likely to get approved if your income is high. In this regard, it can be beneficial to mention your additional sources of income (if any) in your application.  
  • Relationship with the Lending Institution - The probability of Sharjah Islamic bank personal loan approval would be high if you have been a potential customer of SIB in the past. However, it’s crucial to remember that you must have been punctual with your repayments to have a good relationship with the bank. Thus, if you previously had a Sharjah Islamic Bank credit card or loan and you failed to pay the dues or instalments on time, the bank may not approve your current SIB personal loan application.  

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How to Improve Your Chances of Getting a Sharjah Islamic Bank Personal Loan in UAE?

We have enlisted a few tips that you can follow to improve your chances of Sharjah Islamic bank personal loan application approval -   

1. Increase Your Credit Score 

Possessing a good or excellent credit score generally results in quick loan approval as well as favourable terms and conditions, provided you fulfil other requirements as well. Make sure to keep improving your credit score. For this, you can pay your bills within the due date, restrict the number of your credit card and loan applications, and more.  

2. Reduce Your Debt Burden Ratio

As per the guidelines of the Central Bank of UAE, the debt-to-income ratio of an individual should not be more than 50%. In plain terms, your monthly debt obligations should not be more than half your income. 

The higher your debt-to-income ratio, the lower the chances of loan application approval. Thus, it is always advisable to keep your debt burden ratio as low as possible.  

3. Add a Co-Borrower 

If your monthly income does not meet the eligibility criteria for a Sharjah Islamic bank personal loan in UAE, you can always add a co-borrower. In this case, your total monthly income will be the combination of your salary and your co-borrower's salary. 

With that said, even if you meet the salary requirements, you can still add a co-borrower to increase your income and improve your chances of getting approval at good rates. Note that if you fail to repay the loan, your co-borrower would be required to repay it.  

4. Add a Secondary Source of Income 

The chances of your personal loan application automatically increase if you have a high income. For this, you can consider increasing your gross monthly salary by including an additional income source. This may include freelancing, investments, bonuses related to work performance, and so forth.  

5. Work with a Company Present in the Bank’s Approved List 

The chances of your Sharjah Islamic bank personal loan approval increase if you work in any of the organisations listed in the bank’s approved list. If possible, you should try to work in such a company.  

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FAQ's

Q1. Does Sharjah Islamic bank offer top-up options on its personal loan products?

Ans: Yes, the bank has a different top-up personal loan product named ‘Additional Personal Finance’.

Q2. Is there a different age criterion for Sharjah Islamic bank personal loans for nationals and ex-pats?

Ans: Yes, the maximum age for SIB personal loan eligibility differs. For UAE nationals, it is 65 years, whereas, for expatriates, it is 60 years.

Q3. What is the minimum salary required to apply for travel finance at Sharjah Islamic bank?

Ans: You must have a monthly salary of AED 5,000 or more to be eligible for a Sharjah Islamic bank personal loan.

Q4. What is the repayment tenure for a personal loan offered by SIB?

Ans: The bank offers a repayment tenure of up to 48 months for personal loans.

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