CBI Personal Loans for Self Employed Professionals

Personal Loan up to 8 times your Salary

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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Get personal loan at Lowest Interest Rate

  • Dubai
  • Abu Dhabi
  • Sharjah
  • Ras Al Khaimah
  • Ajman
  • Other

Having an adequate personal loan can prove beneficial when life throws a curveball your way, whether in the form of a major broken appliance that requires repair, loss of employment and requiring funds, needing funds for marriage, and several other situations.

Irrespective of your needs, there are times in our lives when we may look to borrow money to quickly resolve an issue. An excellent option for the same in the UAE, especially for self-employed individuals, is provided by the CBI bank’s personal loan in UAE.

Features & Benefits of CBI Personal Loans for Self-Employed Professionals

A personal loan from the CBI bank is highly useful for meeting your upcoming financial obligations in a timely manner. The most notable features of this personal loan in UAE that render it beneficial are as follows:

  1. High Loan Amount Limit - In order to help customers fulfil their financial obligations, CBI Bank has set high loan amount limits for its plans regarding personal loan in UAE. However, as the approved amount differs as per the applicant’s financial conditions, the actual amount you can receive has to be verified with the bank.
  2. Affordable Interest Rates - Interest rates play a massive role in the determination of the overall loan cost. To keep that cost as down as possible, CBI personal loans facilitate access to the required funds at low rates of interest.
  3. Quick Application - With the CBI Bank providing a quick digital loan application procedure, customers are no longer required to visit the bank branch to apply for a loan.
  4. Minimal Documentation - Contrary to the popular perception of loan applications, one can easily obtain a CBI personal loan in UAE with only proof regarding identity, income, and a few other aspects. 

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Interest Rates of CBI Personal Loans for Self Employed Professionals

Find the interest rate for CBI Personal Loans for Self Employed Professionals in the table below.

Personal Loan Plan

Rate of Interest

CBI Personal Loans for Self-Employed Professionals

Between 6% and 12%

It should be noted that the actual interest offered to you may depend on your loan amount as well as its repayment duration.

Documents Required for CBI Loans for Self-Employed Professionals

All banks in the UAE request verifiable documentation of the data provided in your application to evaluate your repayment capacity and present you with the optimal loan amount & interest rate. When asking for a personal loan in UAE from the CBI Bank, you'll need to have the following documents:

  1. Valid Emirates ID
  2. Valid Passport
  3. Valid Visa details (for ex-pat customers)
  4. Valid Trade License
  5. Copy of Khulasat Qaid
  6. Last 6-month Individual Bank Statement
  7. Last 6-month Corporate Bank Statement
  8. Audited Business Financial Account Copy

Note: The bank may require some extra documents to approve your loan application besides the ones mentioned in the list. 

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Eligibility Criteria of CBI Loans for Self Employed Professionals

Listed below are the minimum requirements for CBI Personal Loans for Self Employed Professionals as set by the bank:

  • Age: Applicants above the age limit of 21 years are eligible for CBI Personal Loans.
  • Residency: UAE nationals and ex-pats are both eligible to apply for a CBI Personal Loan.
  • Salary: Self-employed individuals are required to have a minimum annual turnover of AED 240,000 to qualify for this loan

*Additional Requirement: The applicant’s business needs to be at least 3 years old.

Tabled below are the major numbers and requirements related to CBI personal loans for self-employed professionals.

Age Requirement

21 years or older

Residency

UAE Nationals and Ex-pats

Salary Requirement (Annual Turnover)

At least AED 240,000 

Loan Amount

Between AED 1,000 and AED 1,000,000

Applicable Interest

From 6% to 12%

How to Apply for CBI Personal Loans for Self Employed Professionals?

Applicants can apply for CBI Personal Loans for Self Employed Professionals via the official CBI website or a branch in their vicinity.

Via the Official Website

  • Log in to the bank's website first. 
  • From the section of Personal banking services of the submenu, select 'Personal and Services'.
  • Select ‘Loans’ from the drop-down menu. You will find a fresh list of available personal loan products after this. 
  • Select 'Personal Loan' and click on 'Apply Now' for your chosen plan. 

Once you complete the steps mentioned above, it's only a matter of filling out the loan application form and submitting it along with the specified documents to complete the application procedure. After the submission of your form, a salesperson will connect with you for the remaining procedure.

Applying at a Branch

You can also choose to apply offline for this CBI personal loan in UAE. In this case, you will have to locate a CBI bank branch near you and visit it. After obtaining an application form (in print) for your plan on the branch, you will be required to fill it up and submit it with the documents prescribed by the bank. Generally, the online loan application process is more advisable as you can quickly finish the procedure without much effort.

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FAQ's

What are the necessary documents for a CBI Personal loan application?

CBI Bank requires identity proof and financial statements of your business to approve your loan applications.

What is the age requirement of a CBI Personal Loan?

Anyone above the age of 21 years can apply for a CBI Personal Loan in UAE. However, as the upper age requirement varies with salary and other factors, it is more advisable to verify the same directly at a bank branch.

How to apply for CBI Loans for Self Employed Professionals?

You can visit the bank’s website, go to the personal loans section, and apply for the loan plan of your choice quickly. You can also apply for the same at a CBI bank branch.

What is the maximum amount of loan I can apply for through service Ijarah?

As an Emirati, you can apply for a maximum amount of AED 3 million. For ex-pat individuals, the maximum amount available is AED 1 million. However, the approved amount depends on the discretion of the bank. 
If you want to explore more plans related to a personal loan in UAE, you can also check out the section for the same on our website, i.e., policybazaar.ae.

Can ex-pats apply for CBI Personal Loan in UAE?

Yes, ex-pats are allowed to apply for CBI Personal loans.

Can I apply for a personal loan for my 12-month-old business?

No. In order to be considered eligible for a personal loan from CBI Bank, your business must be at least 3 years old.

Why do I need to submit audited financial statements to the bank?

The bank requests an audited financial statement to have a better understanding of your business's financial fundamentals and status.

What happens if I fail to pay a monthly instalment in time?

In case of a missed instalment payment, the bank will provide you with a short grace period within which you must complete the payment. For any delay beyond that, the bank can levy the late payment fee. 

Notably, as most personal loans in the UAE are ‘unsecured loans’ (not requiring any collateral), you won’t risk losing your vehicle or property in the form of collateral.

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