bank provides Shari\u00e2\u20ac\u2122a compliant personal finance through Shares or Wakala Certificates? This loan is available for both UAE nationals and expatriates for salaried and self-employed customers at competitive profit rates.<\/span><\/p>\nMinimum Salary & Interest Rates:\u00c2\u00a0<\/span><\/p>\n\n- Minimum Salary: AED 5000\u00c2\u00a0<\/span><\/li>\n
- Interest Rate: From 4.69% \u00e2\u20ac\u201c 5.78% (Per annum)<\/span><\/li>\n<\/ul>\n
Some other benefits of Emirates Islamic Bank personal loan are:<\/span><\/p>\n\n- UAE Nationals can avail a loan up to AED 3 Million and Expats can get loan up to 1 Million.<\/span><\/li>\n
- You get can quick approval of the loan.<\/span><\/li>\n
- Avail a pre-approved credit card with 0 annual fees in the 1st year<\/span><\/li>\n
- Nominal arrangement fees is charged.<\/span><\/li>\n
- Exclusive terms for buyout loan applicants<\/span><\/li>\n
- Certificate of Takaful \/ Insurance Cover\u00c2\u00a0<\/span><\/li>\n<\/ul>\n
\n- Commercial Bank of Dubai Personal Loan<\/b><\/li>\n<\/ol>\n
Commercial Bank of Dubai<\/b> allows you to borrow up to 20 times of your salary. They also provide free life insurance to cover the outstanding loan.\u00c2\u00a0<\/span><\/p>\nMinimum Salary & Interest Rates:\u00c2\u00a0<\/span><\/p>\n\n- Minimum Salary: AED 5000\u00c2\u00a0<\/span><\/li>\n
- Interest Rate: From 4.69% \u00e2\u20ac\u201c 5.78% (Per annum)<\/span><\/li>\n<\/ul>\n
Some Benefits of <\/span>Commercial Bank of Dubai<\/b><\/p>\n\n- Minimum Salary Required is 10,000 AED.<\/span><\/li>\n
- Huge Finance Amount to Expats and UAE Nationals.<\/span><\/li>\n
- Free Life Insurance to cover the outstanding loan amount.<\/span><\/li>\n
- Processing Fee is 1% of the Finance amount.<\/span><\/li>\n
- Personal Loan buys out is possible with or without topping up the loan amount.<\/span><\/li>\n
- CBD offers deferment options to their customers.<\/span><\/li>\n<\/ul>\n
<\/p>\n
Tips to get your personal Loan in UAE approved<\/b><\/h3>\n
A personal loan is recommended only to fulfill emergency financial needs. So when you apply for one, it is important to make sure it gets approved without any complications. Banks approve the personal loan quickly if the applicant fits into their eligibility criteria perfectly and all the documents provided are valid. Check these tips to get your personal loan approved<\/span><\/p>\n\n- Check your credit score before applying.<\/span><\/li>\n
- Make sure you have a good credit score and credit report.<\/span><\/li>\n
- Check if your previous loan records are good.<\/span><\/li>\n
- Make sure you meet the eligibility criteria.<\/span><\/li>\n
- Fill in the personal loan application form properly with appropriate details.<\/span><\/li>\n
- Make sure all the details provided are right.<\/span><\/li>\n
- There should be no errors in the bank loan application form.<\/span><\/li>\n
- Have a stable job i.e you must be working in your current organization for more than a year.<\/span><\/li>\n
- Avoid applying at various banks at the same time.<\/span><\/li>\n
- Have all the required documents ready without missing out on anything.<\/span><\/li>\n
- You should not apply for a loan amount beyond your capability or requirement.<\/span><\/li>\n
- Check and make sure your debt to burden ratio (DBR) is less than 50%.<\/span><\/li>\n
- Ensure you have not got any other loan in the past 6 months as this will increase your DBR.<\/span><\/li>\n<\/ul>\n
Components to compare while getting a personal loan<\/b><\/h2>\n
There are many banks in the UAE that provide personal loans. So to pick one bank amongst various others requires a good comparison. There are certain components to be compared while getting a personal loan, like<\/span><\/p>\n\n- Interest rates <\/b>– The first and foremost thing to be compared in different personal loan products is the interest rates. Not all banks provide loans on the same interest rates. Check which bank can offer you a personal loan with low-interest rates comparatively. High-interest rate loans can end you up with paying more than what you have borrowed. So compare interest rates on different loan products.<\/span><\/li>\n
- Loan tenure<\/b> – The loan tenure on a personal loan must be compared along with the interest rates. In some cases, a high-interest loan with low tenure can be beneficial or similar to the one with a low-interest rate and longer tenure one. The loan holder must check the tenure and interest rate and calculate the EMI of the personal loan before picking up a product.<\/span><\/li>\n
- Monthly installment<\/b> – As said, the personal loan applicant must calculate the loan EMI and check how much he will be going to pay monthly. If he can afford the high monthly payments on a lesser tenure and save money on interest rates, then he can pick the right one.<\/span><\/li>\n
- Processing fees<\/b> – The processing fees on personal loan in UAE is a minimum of 1%. Some banks do provide a discount on the processing\/arrangement fees. It can also be a limited period discount. Loan applicants must compare and pick the one that offers the lowest processing fees.<\/span><\/li>\n
- Early settlement fees<\/b> – Not all the banks charge fees for the early settlement of the loan. You should find the ones that offer discounts on early settlement fees or provide any free partial settlement facility.<\/span><\/li>\n
- Additional fees<\/b> – Compare other fees and charges levied on the loan and apply for the one which is best for you.<\/span><\/li>\n
- Other perks<\/b> – Banks also offer perks like a free debit card or credit card on the personal loan or discounts on the fees like pre-payment fees or early settlement fees, etc. These can be an advantage for the applicant. So check if you can get any extra perks from the loan.<\/span><\/li>\n
- Application process<\/b> – There are two ways to apply for a personal loan in UAE, either online or visit the bank personally. See which can be beneficial for you to finish the process by applying online and save time or visit the bank for a detailed study and apply.<\/span><\/li>\n<\/ul>\n
Benefits of Personal Loan<\/b><\/h2>\n
UAE offers a host of benefits for people availing Personal Finance. Let\u00e2\u20ac\u2122s look at a few of them:<\/span><\/p>\n\n- Different options are available for salaried and self-employed individuals.<\/span><\/li>\n<\/ul>\n
\n- Many banks in the UAE offer free debit cards and credit cards to the personal loan holders.<\/span><\/li>\n
- Few banks also offer a payment-free period for the first few months. The instalments start after the end of this grace period.<\/span><\/li>\n
- Personal loan holders can avail Repayments holiday facility i.e can skip installments payment for 1-2 months.<\/span><\/li>\n
- You can also go for an insurance cover for your loan to hedge against exigencies.<\/span><\/li>\n
- Personal loans compliant with the Islamic laws are available with most of the banks in the UAE.<\/span><\/li>\n
- Top-up options are also\u00c2\u00a0 available in proportion to the increase in salary.<\/span><\/li>\n
- Takaful coverage is available on Personal loans in UAE which offers financial security in case of disability or death of the individual.<\/span><\/li>\n<\/ul>\n
Features of a Personal Loan in UAE<\/b><\/h2>\n\n- Do you know that both UAE Nationals and Expats can avail personal finance in UAE?<\/span><\/li>\n
- The maximum finance provided is AED 5 Million.<\/span><\/li>\n
- The personal loan interest rate in UAE depends on your income and the loan amount. It can start from 3.99% p.a. (reducing) or 2.19% p.a. (fixed) which varies with the bank.<\/span><\/li>\n
- The minimum salary requirement for getting a Personal Finance in UAE is AED 3,000.<\/span><\/li>\n
- Majority banks provide loan amount based on the applicant\u00e2\u20ac\u2122s your gross monthly salary.<\/span><\/li>\n
- The tenure of the bank loan can stretch up to 48 months (4 years).<\/span><\/li>\n
- 1% of the approved loan amount is charged as processing fees at most of the banks.<\/span><\/li>\n
- 1% of the outstanding loan amount will be\u00c2\u00a0 charged as early settlement fees.<\/span><\/li>\n
- You can settle loan partially on paying partial settlement fees.<\/span><\/li>\n<\/ul>\n
<\/p>\n
\n- Eligibility for Personal Loan in UAE<\/b><\/li>\n
- So as we know that <\/span>Every bank has its own eligibility criteria which need to be checked individually. However, some basic requirements are as follows:<\/span><\/li>\n<\/ul>\n
\n- Only UAE residents are eligible.<\/span><\/li>\n
- The Loan applicant must be 21 years old.<\/span><\/li>\n
- Both Salaried and Self employed individuals are eligible.<\/span><\/li>\n
- Salaried individuals must be currently employed somewhere and working for around one-to-six months minimum and it varies from bank to bank.<\/span><\/li>\n
- Minimum salary should be around AED 3,000 (again each bank has its own minimum requirement).<\/span><\/li>\n
- You must pay back the bank loan before you turn 65 years (for expatriates) and 60 years (for UAE Nationals).<\/span><\/li>\n
- In most of the banks, an employment company must be listed with them.<\/span><\/li>\n
- Salary transfer criterion also depends on the bank and loan type.<\/span><\/li>\n<\/ul>\n
Documents required for Personal Loan in UAE<\/b><\/h2>\n
Like eligibility, documentation can also vary from bank to bank. Some basic documents needed are:<\/span><\/p>\n\n- Bank loan application form(Provided at the banks).<\/span><\/li>\n
- Identity proofs like Emirates ID, Driving licence etc. for validation.<\/span><\/li>\n
- For Expatriates \u00e2\u20ac\u201c Valid Passport with a valid UAE residence Visa.<\/span><\/li>\n
- Salary certificate and\/or salary transfer letter.<\/span><\/li>\n
- Latest 3-6 months bank account\u00c2\u00a0 Statement where salary is transferred.<\/span><\/li>\n
- For self-employed individuals \u00e2\u20ac\u201c Trade License.<\/span><\/li>\n<\/ul>\n
<\/h2>\n
Fees and Charges on a Personal Loan<\/b><\/p>\n
Apart from the eligibility criteria, interest rates, personal loan applicants must look into other components as well, like fees and charges on the personal loan. There are few fees and charges levied on a personal loan.<\/span><\/p>\n\n- Processing Fees<\/b> – There is a processing fee charged on a personal loan which ranges from 1% – 2% of the loan amount at most of the banks in the UAE. This is also called as arrangement fees. Some banks provided a discount on the processing fees. There will be a processing fee charged on loan top-up, loan transfer from one bank to another bank.<\/span><\/li>\n