Emirates Islamic Personal Finance for Expats

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

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

Established in 2004, Emirates Islamic Bank has quickly carved a niche in the financial world of the UAE with a wide spectrum of Islamic banking products such as credit cards, prepaid cards, auto finance, and, importantly, personal finance. 

A distinguishing feature of Emirates Islamic is the accessibility of its personal finance services to not only UAE nationals but to the expatriate population as well. 

In this article, we will take a deep dive into the specifics of Emirates Islamic personal finance for expatriates. The article will shed light on the benefits, distinct features, eligibility criteria, and all pertinent information that expats residing in the UAE would need to know. We will also answer common queries and provide invaluable insights on what others have been inquiring about Emirates Islamic personal finance for expats.

Emirates Islamic Personal Finance for Expats

  • Minimum Salary AED 10,000
  • Monthly Payment NA
  • Fixed Rate  3.39%*
  • Reducing Rate 6.26%* 
  • Islamic Finance
  • Salary Transfer
  • Flexible Repayment
  • Low Profit Rate

Features and Benefits of Emirates Islamic Personal Finance for Expats

Take a look at the key features and benefits of Emirates Islamic personal finance for expats - 

  1. Adherence to Islamic Principles: The Emirates Islamic personal finance for expats is a Shariah-compliant product that aligns with the Murabaha structure, ensuring ethical and fair financing solutions that adhere to the principles of Islamic finance.
  2. High Finance Amounts: The product offers significant financing capabilities with a finance amount of up to AED 2 million, providing expats with a sufficient amount to meet various financial needs or commitments.
  3. Flexible Repayment Tenure: Emirates Islamic personal finance for expats allows customers a flexible repayment tenure of up to 4 years. Notably, in special circumstances for debt settlement, this period can be extended to 300 months, offering clients ample time to manage their repayments.
  4. Comprehensive Takaful Coverage: Emirates Islamic personal finance offers complimentary Takaful coverage, which provides an additional layer of protection for its customers.
  5. Attractive Profit Rates: Another major feature of this personal finance product is its attractive rates, with flat profit rates starting from just 2.89% per annum and reducing rates from 5.29%. 
    Note: The exact rates are dependent on the borrower's profile and their AECB report.
  6. Swift and Easy Approvals: The application process is a straightforward one, while the finance approval is typically swift, thus minimising delays and ensuring that your financial requirements are met promptly.
  7. An Apt Solution for Debt Consolidation: Emirates Islamic personal finance is ideal for individuals looking to consolidate their debts, as they can manage multiple debts more efficiently with this product.
  8. Transparency: There are no over-limit charges or extra costs associated with this personal finance option.
  9. External credit card Debt Repayment: There's an option to use the finance to settle external credit card debts with an affordable monthly payment plan, which offers a practical solution for credit card debt management.
  10. Minimal Processing Fees: The processing fee is minimal, keeping the overall cost of the loan affordable.
  11. More Affordable than Credit Cards: This Emirates Islamic personal finance for expats service is generally more affordable than credit cards, which often have higher interest rates.
  12. Extended Grace Period: A grace period of 90 days allows customers ample time to get their finances in order before repayments commence.
  13. Mandatory Salary Transfer: Salary transfer is mandatory to obtain Emirates Islamic personal finance for expats. 

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Interest Rates on Emirates Islamic Personal Finance for Expatriates

Before we delve into the specifics, it's essential to understand the two primary types of interest rates associated with Emirates Islamic personal finance for expats: Fixed Rate and Reducing Rate.

  1. Fixed Rate: The fixed rate, as the name suggests, is a constant rate that does not change over the loan tenure and is also known as a flat rate. With this rate, your monthly repayments will remain the same throughout the loan period.
    Emirates Islamic Bank offers an indicative fixed rate of 2.89% per annum on personal finance for expats
  2. Reducing Rate: On the other hand, the reducing rate, also known as the diminishing or declining rate, is a type of interest rate that effectively decreases the interest amount as you pay off the principal loan amount. Here, your interest is calculated on the outstanding loan balance, which reduces over time. 

The bank provides a reducing rate starting at an indicative 5.29% per annum on Emirates Islamic personal finance for expats. 

Eligibility Criteria for Emirates Islamic Personal Finance for Expats

Before applying for Emirates Islamic personal finance, it's important for you to know the required eligibility criteria. 

Given below is a detailed breakdown of the eligibility criteria to help you ascertain whether you qualify for this Emirates Islamic personal finance - 

Aspects Eligibility Criteria
Minimum Monthly Salary Expatriates must have a minimum monthly salary of AED 10,000. This requirement ensures that borrowers have the financial stability to manage their loan repayments effectively.
Length of Service Expatriates are required to have a minimum service length of one month with their first salary credited into an Emirates Islamic account. This stipulation aids in assessing the borrower's job stability and regular income flow.
Age Requirement Applicants must be at least 21 years old at the time of applying. 
Maximum Age at Maturity For expatriates, the maximum age at the time of the loan's maturity is 60 years. This limit ensures that the loan is fully repaid before the typical retirement age.
Salary Transfer A mandatory requirement for this personal finance is a salary transfer to Emirates Islamic Bank. This allows for seamless loan repayments and helps maintain a smooth banking experience.

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Documents Required for Emirates Islamic Personal Finance for Expats

To expedite your loan application process for Emirates Islamic personal finance, it's crucial to have all the necessary documents readily available. These documents are essential for the bank to verify your identity, assess your financial status and eligibility, and understand your specific requirements better. 

Here is a list of the documents required to apply for the Emirates Islamic personal finance for expats and a brief explanation of why each one is necessary - 

  1. Completed Application Form: The filled-out application form provides the bank with all the necessary information about you as an applicant such as personal details, employment information, and financial status.
  2. Copy of Valid Passport and UAE Residence Visa: It confirms your identity and your legal status as an expatriate residing in the UAE.
  3. Last 3 Months’ Bank Statements: These statements provide the bank with an overview of your recent financial history and help in assessing your financial stability and ability to repay the loan.
  4. Salary Transfer Letter/Salary Certificate: For salaried customers, these documents prove their regular income and employment and demonstrate their ability to service the loan.
  5. Account Opening Forms for Shares Trading: This documentation assists the bank in understanding your broader financial portfolio and potential risks or benefits associated with your shares trading account (if any).
  6. Liability Letter: Required for buyout cases only, this letter details any existing liabilities that might impact your ability to repay the loan.
  7. Trade License: For self-employed customers, a trade licence is necessary to confirm the legitimacy of your business and give the bank insights into your financial situation from a business perspective.

Schedules of Fees and Charges Associated with Emirates Islamic Bank Personal Finance for Expats

Tabled below are the fees and charges applicable for Emirates Islamic Bank personal finance for expats -

Service/Fee Charge (AED) Frequency
Personal Finance - Certificates/Shares Murabaha Processing Fee*
Certificates Murabaha 0.7875% of the finance amount (Min AED 525, Max AED 2,625) Per Application
Shares Murabaha 1.05% of the finance amount (Min AED 525, Max AED 2,625) Per Application
Takaful (Insurance) Fees
Noor Takaful 0.01194% x Finance Amount x Tenure (months) Per Application
Arabian Scandinavian Insurance Company (PLC) - Takaful - Ascana Insurance  (ASCANA) 0.01474% x Finance Amount x Tenure (months) Per Application
Dubai Islamic Insurance & Reinsurance Company (AMAN) 0.01439% x Finance Amount x Tenure (months) Per Application
Deal Cancellation Fee 105 Per Request
Balance Liability Certificate 63 Per Request
Clearance Letter (No Liability Certificate) 63 Per Request
DDS/Cheque Return Fee 0 -
Deferment of Installment AED 105 per installment Per Request
Obligated Amount to Charity (Late Payment fee)** 210 Per Instance
Early Settlement 1.05% of the outstanding balance (up to AED 10,500) Per Request
Partial Payment 1.05% of the payment made (max AED 10,500) Per Request

Here are some important notes regarding the same - 

  • The processing fee is non-refundable post-approval.
  • Emirates Islamic Bank has a different schedule of fees and charges for cabin crews and pilots. 
  • * The rates mentioned indicate the minimum ones and are indicative only. The Takaful rate may increase based on the reports of medical tests.
  • ** If a customer is late or fails to make a payment, the bank will pay a certain amount to a charity. This charity is approved by the bank's Internal Shariah Committee. Before the bank makes this donation, it will subtract any costs that have come up because of the customer's delayed or missed payment.

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Emirates Islamic Personal Finance Calculator

Prior to applying for a loan, it can be quite useful to have an approximate idea of your prospective equated monthly instalments. The Emirates Islamic personal finance calculator, accessible on the bank's official website, is a convenient tool designed to provide this insight.

This user-friendly calculator allows you to tailor the loan amount and tenure in accordance with your unique financial circumstances and needs. By simply adjusting these parameters, you can quickly understand how different scenarios would affect your repayment obligations, and, thus, select the most suitable options.

In order to derive your monthly instalment amount, you'll need to provide the following details into the calculator - 

  1. Your chosen finance amount
  2. The proposed profit rate
  3. The intended loan tenure (expressed in months)

By efficiently utilising this tool, you can enhance your financial planning and make well-informed decisions about your Emirates Islamic personal finance options.

How to Apply for Emirates Islamic Personal Finance for Expats?

Securing Emirates Islamic Personal Finance for Expats in the UAE is a straightforward process with Policybazaar.ae. Our platform is designed to offer a seamless user experience and guide you to the most suitable personal finance services that cater to your unique needs.

Start your journey towards financial empowerment by clicking on the personal finance tab on our website. This will direct you to a lead form page, where you'll be asked to enter key details such as your income and nationality. Upon completing this form, you'll be directed to a page displaying various personal loan quotes.

On this page, you can carefully examine the features of Emirates Islamic Personal Finance for Expats and compare them to other available plans. Once you have thoroughly considered your options and decided on the best fit, simply click on the apply button to begin your application process.

Choosing to secure your personal finance in the UAE through policybazaar.ae comes with added advantages such as - 

  1. 24/7 customer support to resolve queries and offer practical advice
  2. Free consultation from financial experts to help you make well-informed decisions
  3. Quick access to all account-related services for enhanced convenience and flexibility
  4. Platform to compare personal finance products from leading institutions in the UAE, ensuring that you make the best choice tailored to your requirements

Check out some frequently asked questions related to Emirates Islamic personal finance for expats - 

Frequently Asked Questions (FAQs)

What is Emirates Islamic Personal Finance for Expats?

Emirates Islamic Personal Finance is a Shariah-compliant financial product that helps expatriates residing in the UAE borrow money for their personal requirements. This product follows the Murabaha structure, offers flexible repayment tenures, and competitive profit rates, and provides various benefits such as complimentary Takaful coverage.

How much can I borrow from Emirates Islamic Personal Finance?

You can borrow up to AED 2 million (as per your eligibility and credit profile).

What is the tenure for Emirates Islamic Personal Finance?

The bank offers a flexible loan repayment tenure of up to 4 years. However, in special debt settlement cases, the tenure can be extended to 300 months.

How can I calculate my prospective monthly installments?

You can use the Emirates Islamic personal finance calculator available on the bank's official website to compute your instalments. For this, you will need to input the finance amount, profit rate, and tenure.

What is the eligibility criteria for Emirates Islamic Personal Finance for Expats?

The key eligibility criteria include a minimum monthly salary of AED 10,000, a minimum of one month of service or first salary credit into the Emirates Islamic account, a minimum age of 21 years and a maximum age of 60 years at the time of maturity. Note that salary transfer to Emirates Islamic is mandatory as well.

 

What documents are needed to apply for Emirates Islamic Personal Finance?

The documents needed for this personal finance in UAE include a completed application form, a copy of your valid passport with a UAE residence visa, last three months' bank statements, salary transfer letter or salary certificate, account opening forms for shares trading, liability letter (for buyout cases only), and trade licence (for self-employed customers).

How can I apply for Emirates Islamic Personal Finance for Expats?

You can seamlessly apply for the Emirates Islamic Personal Finance for Expats through policybazaar.ae. After providing the necessary details in the lead form on our ‘personal loan’ page, you can compare various plans and choose ‘apply’ against the Emirates Islamic personal finance option to initiate the application process.

What support can I expect after applying for personal finance with policybazaar.ae?

With policybazaar.ae, you get 24/7 customer support, free consultations from financial experts, access to banking–related services on the go, and the ability to compare personal finance products from leading institutions in the UAE.

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