|Type of Loan||Interest Rates||Maximum Loan Amount|
|Personal Loan||Starts from 4.75% p.a.||20 times the salary for employed applicants|
CBI offers personal loans at interest rates starting from 4.75% p.a. The bank also charges processing fees at the rate of 1% of overall loan amount, subject to a minimum of AED 500 and maximum of AED 2,500. The loan amounts can be further customized to meet the individual requirements but has a maximum limit of 20 times the salary of the applicant. The personal loans from CBI require a mandatory salary transfer.
Overview of CBI personal loan
Commercial Bank International or CBI is a Ras Al Khaimah based bank that offers a wide range of financial products and services to customers. The bank offers personal loans that are popular with its customers. The loan can be availed with minimum hassles and offers attractive interest rates.
How to calculate EMI on your CBI personal loan
You can calculate the EMI on your CBI personal loan by doing calculations either manually or through an EMI calculator available online. Manual calculations will severely limit your options to mix-and-match different amount and tenure data so as to find the right EMI figure that you are comfortable paying in the future.
Alternatively, you may use an online EMI calculator that asks basic information about the loan and gives results quickly and accurately. All you need to do is enter the loan details such as loan amount, tenure, interest rate and processing fees and you will be given the EMI figure for your particular selections. This method allows you flexibility in choosing the loan amount and tenure to get the EMI figure that is best for you.
Factors affecting CBI personal loan interest rates
There are various factors at play when considering the interest rate on your personal loan application.
- Income: How much you make in a month affects the offered interest rate. As a thumb rule, the higher your income amount, the less will be the interest rate on your personal loan.
- Tenure: The longer the loan tenure, the lower will be the offered interest rate.
- Employment history: Your employment history also plays a part in interest rate calculations. If you are working for a large and reputed company, and have a stable employment history then your interest rate can be expected to be low.
- Credit score: Finally, banks will check your credit score when lending you any money. For applicants having a high credit score, low interest rate will be offered.
Key things to know about CBI personal loan interest rates
- Interest rate starting from 5.25% p.a.
- Loan amount available up to 20 salary multiples.
- Credit card with the loan.
- Easy documentation as well as quick processing.
- Customized loan amounts.
- Available only for CBI customers working for a CBI approved employer and who transfer their salary to CBI.