Emirates Islamic Personal Finance for Expats

For expatriates living and working abroad, one of the primary challenges is how to finance their lifestyle or emergency requirements while they are abroad. This is particularly the case for individuals having a family back home. While it could be difficult for expats to get a personal loan in UAE, Emirates Islamic Bank has adequate provision for such individuals in the form of Emirates Islamic personal loan.

Benefits and Features of Emirates Islamic Personal Finance for Expats

When it comes to getting the right loan, it comes down to finding a company that has a distinguished status due to its excellent services. This requirement is fulfilled with Emirates Islamic Bank (EIB), which can give you some of the best possible deals with Emirates Islamic personal loans. 

The key features of Emirates Islamic Personal Finance for Expats are as follows:

1. Adequate Finance Amount Limit - EIB Personal Loans for expats are suitable for individuals looking for flexible personal loans with a high finance amount. With the concerned plan here, expats can avail of up to AED 2 million as the loan amount.
2. Low Profit Rates - While profit rates for personal (and all the major) loans are higher for expats compared to UAE nationals, EIB still keeps the rates low and provides personal loans in UAE at profit rates starting at 2.89% to expats. 
3. Easy Repayment - Emirates Islamic Bank personal loans are suitable for individuals looking for long-term loans.  Borrowers can have a repayment tenure as high as 48 months and select a duration under the maximum limit as per their requirements and financial planning.
4. Quick Approval - Emirates Islamic Bank personal loans are easy to apply for and provide easy access to the required funds soon after the approval.
5. Shari’a approved  - Emirates Bank offers Shariah-compliant personal loan products, making it an attractive choice for customers seeking financial aid while following the Islamic financing regulations.

Profit Rates of Emirates Islamic Personal Finance for Expats

Listed below are the profit rates offered by Emirates Islamic Personal Finance for Expats. However, before checking the table, it should be kept in mind that the actual profit rate for your loan will depend on your finances and other factors as well.

Documents Required for Emirates Islamic Personal Finance for Expats

Have the following documents ready when applying for an EIB Personal Loan in UAE:

1. Copy of valid passport 
2. Valid UAE residence Visa 
3. Salary transfer letter or Recent salary certificates
4. Last 3-month Bank Statements
5. Account opening forms
6. Liability letters
7. Trade License (for self-employed applicants)

It should be noted that the bank may ask for additional documents as part of the loan application process for verification.

Eligibility Criteria for Emirates Islamic Personal Finance for Expats

When you apply for a personal loan in UAE, the bank will look at several factors to examine your financial management and whether you will be able to repay the loan without any difficulty.

The following are the major eligibility requirements for EIB Personal Loans:

• Age: If you're at least 21 years old, you can apply for an EIB personal loan in UAE as an expat. On the other side, the maximum permissible for expatriates for the same is 60 years old.
• Residency: Emirates Islamic Personal Finance for Expats, as the name may indicate, is tailored specifically for ex-pat customers.
• Salary: Expats having a monthly salary of AED 10,000 or more can apply for this loan.

How to Apply for Emirates Islamic Personal Finance for Expats?

You can digitally apply for Emirates Islamic Personal Finance for Expats via Policybazaar.ae or the official bank website. Here is a breakdown of both the application procedures:

Policybazaar UAE

1. Visit the Policybazaar UAE website, i.e., policybazaar.ae.
2. Click on the ‘Personal Loans in UAE‘ category.
3. After providing basic information such as your age, salary, nationality, and so on, you will be presented with numerous loan options.
4. Select a plan from the available list and directly apply for it there.
5. A representative from Policybazaar UAE will connect with you for the remaining application procedure.

Emirates Islamic Bank Website

1. Go to the Emirates Islamic Bank website.
2. Click on ‘Finance’ from the homepage.
3. Select ‘Apply Now’ under Personal Finance.
4. A new page with the loan application form will be presented. 
5. Fill in the form and submit it.
6. An executive from the bank will get in touch with you to process your loan.

Applying for an Emirates Islamic personal loan in UAE online is a highly convenient process, as you could be done with the procedure in just a few clicks. You can make the process easier by applying with policybazaar.ae, as you will be able to view all the leading plans under this category in one place as well as buy one from the displayed list in an instant. 

Besides the two online methods discussed, you can also apply for a personal loan in UAE by visiting a local bank branch of Emirates Islamic in person. Instead of downloading an application form, you will have to obtain one from a branch executive and submit it back after filling it out. However, an online application is generally recommended as users can complete most of the processes from the convenience of their room.