Commercial Bank of Dubai (CBD) offers personal loan for both UAE nationals as well as expats. Whether it is an upcoming wedding in the family or a long-due exotic vacation, these personal loans are great financial tools to help you cross monetary hurdles each time you need financial support.
Personal loan arrangement from CBD is an ideal finance scheme which offers you flexible repayment tenures as well as attractive rates of interest.
You’re probably eligible for Commercial Bank of Dubai Personal Loan if you are
At least 21 years old
Less than 65 years old
Salaried / Self – Employed
with regular income
Earn more than the minimum income required
Your Commercial Bank of Dubai Personal Loan amount eligibility is based on these factors
Minimum income required
AED 10,000 per month
Maximum allowed personal loan is AED 2 Million
EMIs of other loans lower
Increase your eligible Commercial Bank of Dubai (CBD) Personal Loan amount by these steps
Pay off your credit card bills
Choose longer tenure loan up to 4 years
Documentation needed to apply for Commercial Bank of Dubai (CBD) Personal Loan
- 1. National ID or valid passport, residence visa and Emirates ID.
- 2. Original 3 months bank statement for new customers.
- 3. Salary Certificate.
Commercial Bank of Dubai (CBD) Personal Loan Interest RatesUpdated on 27 Oct 2016
|Interest Rate (Monthly reducing balance)||4.50%|
|Processing Fees||No info|
|Loan Tenure||4 Years|
Features of CBD Personal Loan for UAE Nationals and Expats
Some of the most significant features of this loan scheme from Commercial Bank of Dubai are listed as under.
- Flexible loan tenures ranging from 12 to 48 months
- Minimum loan processing fee
- No guarantor is required to sign the loan application
- No collaterals need to be submitted
- Loan approval is fast and loan processing is simple
- Reducing rate of 5.99% p.a. is applicable on CBD personal loans
- An equivalent flat rate of 3.3% p.a. is applicable on CBD personal loan
- Minimum salary required is AED 8,000 per month for Northern Emirates and Sharjah and is AED 10,000 per month for Abu Dhabi and Dubai
- An early settlement fee of 1% of the outstanding loan amount is charged
- A processing fee of 1% of the personal loan amount is charged for loan processing
- Maximum loan amount that can be availed is AED 100,000. This however, is dependent on the applicant’s monthly income
- Salary transfer to the bank is required for availing this personal finance scheme
- Get to earn loyalty points when you apply for CBD personal loan
- A maximum of two payment deferments per year are allowed on loan repayment
Eligibility criteria for CBD Personal Loans
- Applicant should be a UAE national between 21-65 years of age or an expat between 21-60 years of age. The upper age limit is applicable at the time of loan maturity
- Applicant should be a confirmed employee with at least 6 months of continued service with the current employer
- Monthly income of the applicant should be at least AED 8,000 (for customers from Northern Emirates and Sharjah) and at least AED 10,000 (for customers from Abu Dhabi and Dubai)
Documents required to avail personal loan from CBD
Here is a list of documents that are required by the bank for processing your personal loan request.
- Valid passport, residence visa, national ID and Emirates ID
- 3 months bank statement in original, for new customers
- Salary Certificate from the employer
About Commercial Bank of Dubai:
In the year 1969, Commercial Bank of Dubai (CBD) began in the field of banking as a joint venture between CommerzBank, Chase Manhattan Bank and Commercial Bank of Kuwait. A minor part of stakes was held by a few businessmen from UAE. The bank evolved as a national public share holding company in the year 1982. The move lead to a massive reshuffling of the processes and a huge inject of capital.
The best turn in the bank’s success came when the government of Dubai became a significant stake holder. This placed the bank as a credible and trusted financial entity among the customers. Over the years the CBD bank has progressed towards the use of new and innovative technology to yield competitive and satisfactory services to the customers.
With a good network of branches across the UAE, the CBD bank provides products and services in the field of private banking, corporate banking, wealth management, investment banking and so on.
The Commercial Bank also has a full-fledged CSR wing that indulges in functions of social responsibility thereby fulfilling its role as a leading and competitive financial institution committed to improving the society as a whole.
Why Commercial Bank of Dubai Personal Loans?Following are some of the major highlights that make personal finance from CBD, a great loan to avail.
- Minimum Documentation: CBD personal loans require minimum documentation and have a quick turnaround time.
- Attractive Rate of Interest: The rate of interest offered on CBD personal loans is extremely competitive.
- Easy Repayments: The repayment of CBD personal loans can be done either through cheques or through online EMIs both of which are extremely easy to track and pay.
- Free Insurance: You get to avail free Takaful protection scheme to cover the entire personal loan amount against death or permanent disability.
- Installment postponement: Enjoy up to 2 free installment postponements each financial year with CBD personal loans.
- Higher personal loan amounts: Avail higher loan amounts with personal loans from CBD.
Other Products from CBD Bank
CBD Personal Loan FAQs
- What are the types of personal loans offered by CBD?
- Who can avail CBD Personal Loan?
- What are the eligibility criteria that the borrower should meet?
- What is the loan tenure offered?
- What is the minimum monthly income requirement?
- What is the maximum loan amount offered?
- Is there any processing fee charged?
- Will there be any early settlement fee charged?
- Is salary transfer required?
- What are the documents required to avail personal loan from CBD?
- What is the interest rate charged?
- What are the charges that can occur?
- Will I get any insurance?
- What are the other benefits offered?
CBD offers new personal loan, buy-out or transfer of loan from another bank and top-up of existing personal loan.
UAE nationals and residents and expats can take CBD personal loan.
The borrower must be at least 21 years old and the maximum age requirement is 65 years. The borrower must be self-employed or salaried.
The personal loan is offered for period ranging from 12 – 48 months.
The minimum monthly income requirement is AED10,000.
The maximum loan amount offered is AED2 million.
Yes, 1% processing fee is charged on the loan amount.
Yes, an early settlement fee of 1% on the outstanding loan amount will be charged.
Salary transfer is required to avail personal loan from CBD.
The borrower will have to submit his or her valid passport, National ID, Residence visa and Emirates ID. If you are a new customer, then you will have to submit 3 months bank statement. Salary certificate should also be submitted.
Interest rate starts from 4.50%.
You will get charged for part payment at 1% of the partial payment amount, postponement request is charged at AED100, loan cancellation at AED100 and rescheduling of loan at AED250.
Yes, you get free life insurance to cover the loan amount that is outstanding.
Borrower can get a top-up loan, buy-out facility is available, free debit card, deferment facility and life insurance cover.