Dubai Islamic Bank grants personal finance which is based on the Sharia principle of Murabaha. The finance option works on profit rates rather than rate of interest. The bank has set an eligibility criteria that needs to be fulfilled by the applicant if they intend to avail Dubai Islamic Bank personal loan. Listed below is the eligibility criteria for Dubai Islamic personal loan.
- The applicant should earn a minimum salary of AED 3000
- The applicant should be a resident of UAE
- The applicant should have a good credit history
Factors that affect Dubai Islamic Bank Personal Loan Eligibility
Listed below are some of the most common factors that affect Dubai Islamic Personal finance eligibility.
- Income of the applicant- The applicant needs to earn a minimum amount as salary in order to be eligible for the loan.
- Existing debt (if any) - If the applicant has a lot of debt, it will ruin their chance of availing a personal loan.
- Relationship with the bank-The customer’s relationship with the bank matters a lot.
- Credit history of the applicant-If the applicant has a bad credit history, the chances of availing a personal loan is less.
How to increase your Dubai Islamic Bank Personal Loan Eligibility?
Listed below are some of the easiest and common ways through which one can increase their Dubai Islamic personal loan eligibility.
- Do not default on your loans
- Pay off existing loans
- Don’t apply for too many loans
- Maintain a good credit track record
- Maintain good relationship with banks
- Opt for longer tenure periods with loans
Frequently asked questions - Dubai Islamic Bank Personal Loan Eligibility
- What is the minimum salary requirement for Dubai Islamic personal loan?
- Are expats eligible for the personal loan?
The applicant needs to earn a minimum income of AED 3000 in order to avail Dubai Islamic personal loan.
Yes, expats are eligible for the loan.