• Dubai Islamic Bank Personal Loan

    Dubai Islamic Bank Personal Loan

    Personal loans from Dubai Islamic Bank are a popular financial product. There are two broad categories under which Dib offers personal finance to its customers.

    • Dubai Islamic Bank Al Islami Goods Finance for UAE Nationals
    • This personal loan has been designed specifically by the bank for catering to the purchase of goods such as furniture and electronics

    • Dubai Islamic Bank Al Islami Salam Finance for UAE Nationals
    • Al Islami Salam personal finance scheme is for UAE nationals who require cash up front


    You’re probably eligible for Dubai Islamic Bank Personal Loan if you are

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    Dubai Islamic Bank Personal Loan Minimum Age

    At least 21 years old

    Dubai Islamic Bank Personal Loan Maximum Age

    No Info

    Dubai Islamic Bank Personal Loan Eligible Employment Type

    Salaried / Self – Employed
    with regular income

    Dubai Islamic Bank Personal Loan Minimum Income

    Earn more than the minimum
    income required


    Your Dubai Islamic Bank Personal Loan amount eligibility is based on these factors

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    Dubai Islamic Bank Personal Loan Minimum Salary

    Minimum income required
    AED 3000 per month

    Dubai Islamic Bank Personal Loan Maximum Loan Funded

    Maximum allowed personal loan is AED 2,000,000

    Dubai Islamic Bank Personal Loan EMI

    EMIs of other loans lower
    your eligibility


    Increase your eligible Dubai Islamic Bank Personal Loan amount by these steps

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    Dubai Islamic Bank Personal Loan Payoff Outstanding Credit Card Bills

    Pay off your credit card bills

    Dubai Islamic Bank Personal Loan Tenure

    Choose longer tenure loan up to 4 years


    Documentation needed to apply for Dubai Islamic Bank Personal Loan

    • 1. Quotation for the required Goods addressed to Dubai Islamic Bank
    • 2. Copy of Passport (with Residence visa for expatriates)
    • 3. Salary and the End of Service Benefit Transfer Letter/Certificate from the employer
    • 4. Security Cheque equivalent to total Murabaha amount.

    Dubai Islamic Bank Personal Loan Interest RatesUpdated on 08 Dec 2016

    Dubai Islamic Bank Personal Loan Details
    Interest Rate (Monthly reducing balance) No info
    Processing Fees No info
    Loan Tenure 4 Years

    Features of Dubai Islamic Bank Personal Loan

    Personal Loans from DIB can be availed for any miscellaneous expense that you may face in your everyday life. From a vacation in Europe to buying a new electronic gadget, you can now sit back and spend without having to worry about burning a hole in your pocket. DIB personal loans are popular because of some amazing features a few of which are listed below.

    Fast Loan Processing: 

    DIB has a rapid turnaround time on their personal loan applications. Hence, you need not wait for days and weeks to get the loan disbursed to your bank account. Meet your financial needs as soon as they arise and enjoy a hassle-free banking experience.

    Flexible Loan Tenure:

    The loan repayment tenure is flexible and can be repaid in a maximum of 4 years. The loan tenure can range between 12 months and 48 months.

    Documents Required:

    • 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.

    Eligibility Criteria:

    • Minimum salary required – AED 5,000 per month
    • Eligible Age – At least 21 years of age
    • Nationality – UAE national or Expat staying in UAE
    • Employment Status – At least 3 years of service with the current employer

    Benefits of Dubai Islamic Bank Al Islami Goods Finance for UAE Nationals

    Al Islami Goods Finance for UAE Nationals is a popular finance scheme from Dubai Bank. Here are some of the most significant benefits of this personal loan.

    Following are some of the distinct features of DIB Salary Transfer personal finance scheme:

    • Low repayments make this loan ideal to avail
    • A nominal processing fee is charged on this DIB personal loan
    • The rate of interest is calculated on a reducing basis and is also subject to factors like customer’s salary and whether that salary is transferred to the bank.
    • Higher loan amounts can be availed as compared to other personal finance schemes
    • Salary transfer to the bank is not required for availing this loan
    • Fast loan approval ensures that the loan amount is disbursed to your account within a short period of time
    • Flexible loan tenure of up to 48 months. This means that you can plan your monthly installments according to your monthly budget
    • Upfront cash payment is made to the customer
    • If salary is not transferred and company is not listed with the bank then minimum salary required goes up
    • Early settlement fee is nil

    Other specifications of Dubai Islamic Bank Al Islami Goods Finance for UAE Nationals

    • Nationality of applicant: UAE Nationals
    • Flat Rate on interest applicable - 6.00%
    • Reducing Rate applicable - 10.97%
    • Min. Salary required - AED 3,000 per month
    • Max. Loan Amount - AED 2,000,000
    • Max. Repayment Period - 4 years or 48 months
    • Processing Fee - AED 825
    • Early Settlement Fee - 0.00%
    • Insurance Fee - 0.00%
    • Islamic Banking Product - Yes
    • Salary Transfer Required - No

    Al Islami Salam Finance for UAE Nationals is a popular finance scheme from Dubai Bank. Here are some of the most significant benefits of this personal loan.

    Following are some of the distinct features of DIB Salary Transfer personal finance scheme:

    • Low repayment options are a plus which do not burden the customer with hefty loan repayments
    • Minimum processing fee is charged on this personal finance scheme from DIB
    • The rate of interest is on reducing basis and is subject to factors like customer’s salary
    • Higher loan amounts can be availed as compared to other personal finance schemes
    • Salary transfer to the bank is not required for availing this loan
    • Fast loan approval ensures that the loan amount is disbursed to your account within a short period of time
    • Flexible loan tenure of up to 48 months which means you can choose to pay off at a pace that is most suitable to you
    • Upfront cash payment is made to the customer
    • If salary is not transferred and company is not listed with the bank then minimum salary required goes up
    • Early settlement fee is nil which enables you to pay off your loan earlier than the stipulated time frame
    • Nationality of applicant: only for UAE Nationals
    • Flat Rate on interest applicable - 6.00%
    • Reducing Rate applicable - 10.97%
    • Min. Salary required - AED 3,000 per month
    • Max. Loan Amount - AED 5,000,000
    • Max. Repayment Period - 4 years or 48 months
    • Processing Fee - AED 825
    • Early Settlement Fee - 0.00%
    • Insurance Fee - 0.00%
    • Islamic Banking Product - Yes
    • Salary Transfer Required - No

    Dubai Islamic Bank, DIB, is a leading bank in the UAE and specializes in Islamic banking. Islamic banking currently is one of the fastest growing banking segments of the world and the Dubai Islamic bank has shown exceptional growth and innovation in the same.

    Dubai Islamic Bank was created in the year 1975 and is the first bank of UAE to incorporate all the principles of Islamic banking. The bank currently has over 62 branches across UAE. DIB aims to become the most progressive Islamic financial institution of the world and has a mission of becoming the most preferred Islamic entity to bank with, among the customers.

    The bank has several accolades to its name for best customer experience, best Islamic card, the best regional commercial bank and so on. Following are the various kinds of loans offered by Dubai Islamic Bank for all your urgent financial needs.

    1. Are financial products offered by the Dubai Islamic Bank Sharia-compliant?
    2. Yes. Financial products offered by the Dubai Islamic Bank are Sharia-compliant.

    3. What is Salam Finance offered by Dubai Islamic Bank?
    4. Salam is essentially a sale contract which allows a buyer to pay up in advance in return for goods (of desired quality and specifications) delivered by the seller on a fixed date in the future.

    5. What is the minimum salary requirement to avail of Salam Finance offered by Dubai Islamic Bank?
    6. The minimum salary requirement for UAE nationals to avail of Salam Finance is AED 3,000 per month.

    7. What are the main benefits offered by Salam Finance?
    8. The Dubai Islamic Bank offers upfront cash facility and a quick loan approval process in addition to simple documentation procedures for the benefit of customers.

    9. What is the maximum loan amount offered to Expatriates and UAE nationals under the Salam Finance scheme?
    10. UAE nationals can receive up to AED 2,000,000 while expatriates can avail up to AED 1,000,000 as finance from the Dubai Islamic Bank.

    11. Which commodity is sold to Dubai Islamic Bank (under the Salam Finance scheme) and who is the supplier?
    12. The principal commodity sold is sugar. The Al Khaleej Sugar Company is the supplier of raw molasses (raw) and sugar (syrup). The Dubai Islamic Bank transfers the money into the account of the supplier (who already has an account with it) after receipt of the purchase price based on the standing instructions of the buyer.

    13. What is the documentation required to be submitted under Salam Finance scheme?
    14. The list of documents to be submitted under the Salam Finance scheme are as follows:

      1. Trade license (only for businessmen)
      2. Salary certificate
      3. Statement of Account (3 months in case the salary is in another bank; 6 months for businessmen or self-employed professionals)
      4. Passport (expatriates have to produce residence visa)
    15. What are the Sharia-compliant goods which are covered by the Goods Murabaha scheme, Al Islami Personal Finance?
    16. The list of goods which are covered by the Goods Murabaha scheme, Al Islami Personal Finance are listed below:

      1. Automobiles (mortgage free)
      2. Furniture
      3. Machinery
      4. Motorcycles
      5. Computers
      6. Equipments
      7. Building Materials
      8. Boats
    17. Do customers have to ensure salary transfer for Goods Murabaha, Al Islami Personal Finance?
    18. No. Customers do not have to transfer their salaries to the Dubai Islamic Bank to avail of the for Goods Murabaha, Al Islami Personal Finance

    19. What are the maximum loan amounts available for UAE Nationals and expatriates under Goods Murabaha, Al Islami Personal Finance?
    20. The maximum loan amounts offered to UAE Nationals and Expatriates are AED 2,000,000 and AED 1,000,000 respectively.

    21. What are the documents required to be submitted for availing the Goods Murabaha scheme, Al Islami Personal Finance?
    22. The documents required to be submitted for availing the Goods Murabaha scheme are listed below:

      1. Quotation
      2. Salary certificate
      3. Passport (copy) (expatriates have to submit residence visas)
      4. Trade license (only for businessmen)
      5. Statement of Account (6 months for businessmen)
      6. Security cheque
    23. What is the maximum repayment period for personal loans offered by the Dubai Islamic Bank?
    24. The maximum repayment period for personal loans offered by the Dubai Islamic Bank is four years.


     

    News About Dubai Islamic Bank Personal Loan

    • Dubai Islamic Bank Honoured for its Efforts Towards Emiratisation

      The Dubai Islamic Bank (DIB) has been felicitated by the Sharjah Human Resources Department for its investments towards promoting Emiratisation.

      DIB, the largest Islamic bank in the UAE, supported several social and government initiatives for the Emiratisation campaign. It conducted many open recruitment days in 2015 along with the Human Resource Department. The bank also actively participated in the annual Sharjah career fairs, offering professional growth to several Emirati youths.

      The bank also sponsored students and organised summer training programmes to encourage bright Emirati youths to work on various services offered by the DIB. They also helped the youths to secure jobs and enrich their careers.

      08th February 2016

    • Dubai Islamic Bank joins the billion dollar profit club!

      Dubai Islamic Bank recently joined the billion dollar profit club, thanks to the hike in its total income. The total income of the bank increased by 21% to Dh 7.55 billion in 2015 as compared to the net income of Dh 6.23 billion in the year 2014. The bank owes the increase in the net income to consistent growth across all sectors. With this, the bank has joined the billion dollar wagon.

      04th February 2016

    • Dubai Islamic Bank breaks record by bagging 8 awards!

      Dubai Islamic Bank, one of the leading banks in UAE recently broke records at the recent Islamic Business & Finance awards 2015 by bagging 8 awards and proving its status as the leader in Islamic Banking. The bank won these awards for its accomplishments in all sectors of banking including consumer, wholesale and retail markets. The bank won many awards including ‘Best Islamic Bank’ ‘Best Retail Bank Middle East’ ‘Best Corporate Bank’ and many more.

      27th December 2015

    • DIB introduces Emirati Family Banking services

      The Dubai Islamic Bank (DIB) has launched a new range of Emirati Family Banking services aimed at making banking more beneficial and convenient for families. The service is available to both new and existing customers and will allow individuals to bring multiple family members under a joint plan. The main benefit of this service is the upgrade of the accounts of all members to the same level as that of the highest designated account holder in the family, thus allowing the entire family to avail of a whole range of new privileges and benefits.

      DIB Chief Executive Officer, Mohammed Al Nahdi, stated that the service was a way of recognising the contribution Emirati families make towards economic growth as well as rewarding them for their banking relationship with DIB. Chief of Consumer Banking at DIB, Sanjay Malhotra, also added that the move was a way to meet the growing demand for a multi-faceted service offering that allows families to bank together as a combined relationship.

      15th December 2015

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