The CBI personal loan is a great banking product to pin your dreams on. With the borrowing process as simple as it could be, this loan will make sure you never have to think twice before taking a loan.
You’re probably eligible for Commercial Bank International (CBI) Personal Loan if you are
Salaried / Self – Employed
with regular income
Earn more than the minimum income required
Your Commercial Bank International (CBI) Personal Loan amount eligibility is based on these factors
Minimum income required
AED 35,000 per month
EMIs of other loans lower your eligibility
Increase your eligible Commercial Bank International (CBI) Personal Loan amount by these steps
Pay off your credit card bills
Documentation needed to apply for Commercial Bank International (CBI) Personal Loan
- 1. Completed application form
- 2. Copy of valid passport with valid UAE residence visa for Expatriates (original required for verification).
- 3. Copy of a valid Emirates ID.
- 4. Last 6 months bank statement.
- 5. Salary transfer letter.
- 6. Original salary certificate.
Commercial Bank International (CBI) Personal Loan Interest RatesUpdated on 21 Feb 2017
|Interest Rate (Monthly reducing balance)||4.75%|
|Processing Fees||1% of the loan amount|
|Loan Tenure||4 Years|
Features of CBI Personal Loan:
- A high loan amount can be availed. Maximum amount is AED 5,00,000
- A free-for-life credit card comes with this personal loan which can be used by the customer
- The flat interest rate is 2.62% which is low in comparison to other contemporary banks
- The reducing rate is 4.75%
- A guaranteed cashback of up to AED 2,500 is applicable on all personal loan applications
- Simple and fast documentation and processing
- Flexible loan amounts up to 20 times your current salary
- Application can be made either online, through phone or by walking in to the nearest CBI bank branch
Fees and Charges involved with Personal Loans from CBI UAE
The below table shows the schedule of fees and charges involved with CBI UAE personal loans
|Type of Charge||Amount|
|Processing fees of personal loans||The processing fee is 1% of the loan amount availed and has a minimum charge of AED 500 with a maximum charge capped off at AED 2500|
|Fees for credit life insurance||Charged as per the discretion of the bank|
|Penalty interest charges for late payment of loan||The penalty levied is 2% of the repayment amount that was delayed and has a minimum penalty amount of AED 50 with a maximum penalty amount capped off at AED 200|
|Charge for deferring loan instalment||The fee is AED 100 and it is charged per deferment of loan instalment|
|Early settlement charge from same bank loans||The charge is 1% of the remainder of the balance|
|Early settlement charge from different bank loans||The charge is 1% of the remainder of the balance|
|Ending service benefits (EOSB) or final settlement of loan from all other sources||The charge is 1% of the remainder of the balance|
|Partial payment which includes payments made from EOSB and all other sources||The charge is 1% of the partial payment amount|
|Fee for Rescheduling of the loan||The fee for rescheduling the loan is AED 250|
|Fee for revolving overdrafts||The fee for revolving overdrafts facility is AED 200|
|Fee for cancellation of the loan||The cancellation fee is AED 100|
|Relationship fee||This service is free of charge|
- Valid Emirates ID.
- Last six months bank statements.
- Salary Transfer Letter.
- Liability or Clearance Letter. (for buyout cases)
- Salary Certificate.
- Valid passport for UAE Nationals.
- Valid passport and valid UAE residence visa for Expatriates.
Commercial Bank International Overview
Commercial Bank International was established in Dubai, in the year 1991. It has been a popular and trusted name in the banking world since then. The bank is committed to offering simple and easy-to-use banking solutions to its customers and aims to build a long-term relationship with them.
The bank offers services and products to private customers as well as corporate and retail entities. The services offered range from private banking to wealth management to investment options. Also, tailor-made products and services are offered to corporate customers, if required.
CBI has 20 fully-operational branches in the UAE and has a couple of subsidiaries to look into its Real Estate and Brokerage division. The bank has been constantly keeping up with the latest trends in the banking industry to cater successfully to the existing customers and to procure new business.
Other Products from CBI UAE
CBI Personal Loan FAQs
- Who can take CBI personal loan?
- What is the minimum monthly income requirement?
- What is the interest rate offered?
- Is there any processing fee charged?
- What is the tenure offered by CBI?
- What is the maximum loan amount offered?
- What are the benefits you get by taking CBI Personal loan?
- What are the documents required?
- How can I apply for the CBI personal loan?
UAE residents and Expatriates can take personal loan from CBI. The borrower must be salaried or self-employed.
The minimum monthly income requirement is set at AED20,000.
Interest rate offered is 5.25% and it is calculated on a monthly reducing balance method.
Yes, processing fee is charged at 1% of the loan amount.
CBI offers personal loan for a tenure of 4 years.
The maximum loan offered is AED500,000.
You get loan amount that suit your requirement, loan amount can go up to 20 times your salary and you also get a credit card.
You need to submit the duly filled application form, valid passport, residence visa, latest 6 months bank statement, valid Emirates ID, for buy-out cases you must submit liability or clearance letter, salary certificate and salary transfer letter.
You can visit the nearest CBI branch or send the bank an e-mail or call at 800 224.
News About CBI UAE Personal Loan
CBI’s Offer Strengthened with Latest Islamic Banking Window
CBI (Commercial Bank International) has released Al Islami (its Islamic Banking Window) that provides a variety of Sharia’ah compliant banking services and financial solutions that benefit the corporate financial realm. The Shariyah Review Bureau has undertaken to guide the window to provide audit support and consultancy to the bank so that the product offers a host of corporate banking products and services that cater to the financial requirements and needs of its customers.
The head of Islamic Banking, Mamoon Abdelkader said during the launch of Al Islami that Islamic banking has a promising future as an increasing number of banks and customers are accepting and using Sharia’ah compliant products and services.
09th November 2015