• Emirates Islamic Bank Personal Loan Eligibility

    Emirates Islamic Bank Personal Loan Eligibility

    The personal loan offered by Emirates Islamic are completely compliant with the Shariah rules of Islamic banking and come with Murabaha arrangements. The can provide high loan amounts that can go up to AED 3 million and offer very competitive profit rates. The processing fee for these loans are also very low and they also offer credit cards along with the loan that are free for the first year. They also offer Takaful cover for the loans that are taken. The best part is that if the applicants meet all the eligibility criteria then the bank can process the loan in 24 hours.

    Emirates Islamic Bank Personal Loan Eligibility criteria

    To be able to apply for a personal loan from Emirates Islamic, the applicants need to fulfil the following criteria.

    • The applicant need to be between the ages of 21 years and 65 years.
    • The maximum age for expatriates is 60 years.
    • The monthly income needs to be a minimum of AED 5,000.
    • They also need to have been working for a minimum of one month.
    • The first salary needs to be credited in an account held with Emirates Islamic.

    Factors affecting Emirates Islamic Bank Personal Loan Eligibility

    The factors that can cause a person not to be eligible for a personal loan are:

    • Monthly income which is below the minimum required.
    • The applicant is too young or too old to apply for the loan.
    • The salary is not being transferred to Emirates Islamic banks.
    • Documents needed are not complete.

    How to increase Emirates Islamic Bank Personal Loan Eligibility

    • In case the monthly income is not adequate, the applicant will have to wait till it is.
    • In the matter of age, those that are too young will have to wait till they turn 21 years of age before applying.
    • If the salary is being transferred to some other bank, then the applicant can have it switched to Emirates Islamic.
    • Make sure you have all the documents needed before applying for the loan.

    FAQ - Emirates Islamic Bank Personal Loan Eligibility

    1. Who can take these loans?
    2. These loans are available to all UAE nationals and expatriates who are salaried or self-employed.

    3. If I am self-employed, will I need to provide any additional documents?
    4. For self-employed individuals a copy of the trade licence will be required.

    5. Can this loan be taken in case I want to buyout another loan?
    6. Yes, it can be taken for that purpose. The only thing required will be a buyout letter.

    Other Products from Emirates Islamic Bank

    Emirates Islamic Bank Personal Loan

    Emirates Islamic Bank Credit cards

    Emirates Islamic Bank Car Loan

    Emirates Islamic Bank Home Loan

    Emirates Islamic Bank Life Insurance

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