The bank offers competitive interest rates starting from 4.50% p.a. This rate is applicable on a reducing basis which means that you will effectively be paying less by the end of the tenure compared to the initial repayment amount. The exact interest rate is decided after the bank considers various variables in your particular case. Also, loans are available for repayment tenures up to 48 months or 4 years, giving you ample time to repay the amount comfortably. There is also the option for buying out an existing personal loan from a different bank so that you can profit from the lower interest rate here.
Overview of CBD personal loan
The CBD or Commercial Bank of Dubai is a premier bank in the UAE and offers a vast range of financial products and services. Their personal loan products are popular among customers for various reasons. The bank offers competitive interest rates on personal loans along with higher loan amounts as well as free life insurance cover along with the loan. And what’s more, you don’t have to maintain a minimum current account balance anymore to be eligible for a CBD personal loan.
How to calculate EMI on your CBD personal loan
You can calculate the EMI on your CBD personal loan manually or by using an EMI calculator available online. The manual calculations can take a lot of time if you are still undecided about the tenure or amount of the loan. Calculating the EMI figure for every combination of amount and tenure can be redundant on the face of an online that does the same work faster and accurately.
An online EMI calculator is a simple tool that asks for basic loan information such as loan amount, repayment tenure, interest rate and processing fees. On the basis of this information, the calculator will give results that include the loan EMI figure as well as amortization details for advanced calculators. You can enter any data and mix-and-match combinations to come at a comfortable EMI figure.
Factors affecting CBD personal loan interest rates
There are different factors that affect your CBD personal loan interest rate. Primary among them are:
- Tenure: The higher the loan tenure, the lower is the interest rate in general. As such, choosing a higher tenure may help in receiving lower interest rates.
- Credit history: How you have behaved financially in the past is an important factor when banks consider your loan application. An immaculate credit history can help in getting lower interest rates.
- Employment history: Applicants who are employed by large and reputed companies and who have had a stable career history are likely to get preferential interest rates from CBD on personal loans.
- Income: The income of the applicant is also an important factor considered by CBD when deciding the interest rate for customers. Higher income generally allows for lower interest rates.
Key things to know about CBD personal loan interest rates
- Higher loan amount for applicants who are UAE residents and nationals.
- Flexible repayment tenure up to 4 years.
- Attractive interest rates starting from 4.50% p.a. on a reducing basis.
- Option for top-up loans on top of the base loan.
- No current account minimum balance requirement.
- Option for transfer or buy-out of existing personal loan from other banks.
- Complimentary debit card.
- Complimentary life insurance policy to help you secure the future of your dependents.
- Deferment facility is available.