Emirates Islamic personal finance is an Islamic product. While conventional loan products work on interest rates, Islamic finance products work on profit rates. Profit rate basically depends on the profit made and can change overtime. The bank doesn’t promise a certain amount of profit unlike in conventional loans wherein the interest rate is fixed to an extent.
Overview of Emirates Islamic Bank personal loan
Emirates Islamic Bank personal loan offers finance when you need it the most. The cash advanced can be utilized for any personal expenditure including weddings, vacation, decorating your house. The personal finance comes at an attractive profit rate. This finance option is based on a Murabaha arrangement through trading of Sharia Compliant services.
How to calculate EMI on your Emirates Islamic Personal Loan
Calculating EMI on your personal loan or finance can seem like a difficult task but it really is very easy. Personal loan/finance EMI calculators make calculating EMI very easy and hassle free. This financial tool is available on the official bank websites and third party financial websites. The user has to provide a few details such as the loan amount, the tenure period, rate of profit and processing fee charges on the finance in order to avail the EMI of the personal finance.
Once the details are entered, the calculator outputs the results. The result not only contains the payable EMI but it also contains the breakup of the total amount payable.
Factors affecting Emirates Islamic personal loan interest rates
Listed below are some of the important factors that will affect your Emirates Islamic personal loan profit rate.
- Income: A higher income can get an individual a better rate of profit. An individual who earns a higher income is more trusted by the bank.
- Job stability: The bank prefers individuals who have stayed at their current place of employment for quite some time. If you have been working at the same place for more than two years you have a higher chances of availing a better rate of profit.
- Property: Using property as a collateral can get you a better rate of profit.