Emirates Islamic offers great personal finance schemes to its customers. There are basically two broad categories of personal loans offered.
- Emirates Islamic Personal Finance
The personal finance scheme from Emirates Islamic bank offers loan to salaried as well as self-employed customers. The margin of finance depends upon the nationality of the applicant. Generally, UAE nationals are offered a higher loan amount than expats.
- Emirates Islamic Goods and Services Finance
This loan is an extension of the personal finance scheme and is an extraordinarily beneficial product when money is required for expenses pertaining to miscellaneous things such as house furnishing, renovation, purchase of electronic gadgets, wedding expenses as well as air travel or vacation.
You’re probably eligible for Emirates Islamic Bank Personal Loan if you are
At least 21 years old
Less than 65 years old
Salaried / Self – Employed
with regular income
Earn more than the minimum income required
Your Emirates Islamic Bank Personal Loan amount eligibility is based on these factors
Minimum income required
AED 5,000 per month
Maximum allowed personal loan is 3 million
EMIs of other loans lower your eligibility
Increase your eligible Emirates Islamic Bank Personal Loan amount by these steps
Pay off your credit card bills
Documentation needed to apply for Emirates Islamic Bank Personal Loan
- 1. Completed application form
- 2. Copy of valid passport with valid UAE residence visa for expatriates
- 3. Last three months bank statements
- 4. Salary transfer letter / salary certificate
- 5. Account opening forms for shares trading
- 6. Liability letter
Emirates Islamic Bank Personal Loan Interest RatesUpdated on 06 Dec 2016
|Interest Rate (Monthly reducing balance)||No info|
|Processing Fees||No info|
|Loan Tenure||No info|
About Emirates Islamic Bank
Hassled about a sudden expenditure that has come your way while you have no immediate means to meet it? Get your hands on the Emirates Islamic personal loans which are the most sought after personal finance products due to their hassle-free service and amazing delivery.
Established in the year 2004, the bank was set up to offer the highest standards of Islamic banking to its customers in line with the Sharia principles of banking. The bank offers a broad spectrum of banking services to individual customers as well as business enterprises. Today, Emirates Islamic is a well-known and trusted bank in the UAE and has a wide network of bank branches across the country.
Why Emirates Islamic Bank Personal Loans?
Personal finance from Emirates Islamic is a great financial tool to help you in times on shortage of cash. Following are some of the most prominent benefits of availing this personal finance scheme.
- Fast loan approval
- Nominal processing charges
- Free for first year, pre-approved credit card is offered with the Emirates personal loan scheme
- Credit card at 50% annual fees for the first year comes along with the goods and services personal loan offering
- High financing amounts
- Minimum documentation is required
- Salary transfer to the bank is not mandatory; however, customers can choose to do so
Emirates Islamic Goods and Services Finance
Emirates Islamic Goods and Services loan is an extension of the personal finance scheme and is an extraordinarily beneficial product when money is required for expenses pertaining to miscellaneous things such as house furnishing, renovation, purchase of electronic gadgets, wedding expenses as well as air travel or vacation.
A host of goods and services are covered under this personal finance scheme. Services like medical treatment, travel services, home renovation and education can be availed by using the cash obtained via the Goods and Services loan from Emirates Islamic. Goods that can be bought using this loan include electronic equipment, furniture, motorcycles and so on.
High financing amounts of up to 20 times your monthly salary can be obtained at an extremely competitive interest rates. A credit card at 50% annual fees for the first year comes along with this loan offering. The loan processing is simple and quick with minimum documentation. Also, this loan can be applied by customers who are willing to transfer their salary to the bank as well as by customers who are not willing to do so.
Fees and Charges involved with Personal Loans from Emirates Islamic Bank
The below table shows the schedule of fees and charges involved with Emirates Islamic personal loans
|Type of Charge||Amount|
|Processing fees for New loans||The fee is 1% of the loan amount with a minimum processing fee of AED 500 and a cap on the maximum processing fee at AED 2500|
|Processing fees for top-up of existing loans||The fee is 1% of the top up amount availed with a minimum processing fee of AED 500 and a cap on the maximum processing fee at AED 2500|
|Fee for providing Enhanced credit life insurance or double cover||The fee ranges between 1.24% to 1.99% and has a minimum fee of AED 1000|
|Fees for Personal Overdraft||The fee is AED 200|
|Fees for late payments||The fee is AED 50 per instance of late payment|
|Fees for deferring loan instalments||The fee is AED 100 for every instance of deferment of loan instalment|
|Fees for rescheduling||The fee is AED 250|
|Fees for Early settlement of new loans||The fees is 1% of the outstanding amount and can go to a maximum of AED 10,000 if it is a buy over|
|Fees for Early settlement on top up loans||The fee is 1% of the outstanding amount|
|Charge for Paying advance EMIs||Free for paying up to 3 EMIs in advance|
|Fees for partial payment||The fee is 1% of the payment made|
|Fees for acquiring no liability letter||The fee is AED 100|
|Fees for loan cancellation||The fee is AED 100|
Following are some of the basic documents required by the bank when you apply for any of the above stated personal loans offered by Emirates Islamic Bank –
- Duly filled application form
- Copy of valid passport
- Bank Statements for last 3 months
- Salary Certificate copy
- Copy of trade license in case of self-employed customers
- Copy of liability letter (for buyout cases)
Loan Eligibility Criteria
UAE nationals can apply for personal loans by Emirates Islamic
Applicant needs to be above 21 years of age
Other Products from Emirates Islamic Bank
Emirates Islamic Bank Personal Loan FAQs
- Who can avail of personal loans offered by Emirates Islamic Bank?
- What is the minimum salary requirement to avail of personal loans by Emirates Islamic Bank?
- What is the maximum loan amount offered by the Emirates Islamic Bank?
- What is the maximum tenure for which loan is issued?
- Do customers have to transfer their salaries to Emirates Islamic Bank to avail of the personal loans offered by it?
- What are the main benefits of personal loans offered by Emirates Islamic Bank?
- What is the minimum and maximum age requirements to avail of the personal loans offered by Emirates Islamic Bank?
- What are the documents required to avail of personal loans?
All salaried and self-employed professionals can avail of personal loans offered by the Emirates Islamic Bank.
Customers should earn a minimum of AED 5,000 to avail of personal loans by Emirates Islamic Bank.
The Emirates Islamic Bank offers up to AED 1 million to expatriates and AED 3 million for UAE nationals.
The Emirates Islamic Bank offers loan for a maximum tenure of four years.
No. Salary transfer to avail of personal loans offered by the Emirates Islamic Bank is not mandatory.
Some of the main benefits offered by the Emirates Islamic Bank include free credit card, competitive interest rates, murabaha arrangement, insurance cover, small processing fees and fast loan approval process among others.
The minimum age to avail of personal loans offered by Emirates Islamic Bank is 21 years while the maximum age is 60 years for expatriates and 65 years for UAE nationals.
The main documents required to avail of personal loans offered by Emirates Islamic Bank are listed below:
- Liability letter
- Account opening forms
- Passport (expatriates should submit UAE residence visa)
- Salary certificate (for salaried customers only)
- Bank statements (three months)
- Trade license (self-employed)
- Application form (completed)
The Emirates Islamic Bank offers a credit card (pre-approved) as part of its loan scheme.
It covers various expenses related to house renovation, house furnishing, wedding expenses, electronic gadgets and so forth.
News About Emirates Islamic Bank Personal Loan
Emirates Islamic Bank Introduces Personal Finance Offers during Ramadan
During the holy month of Ramadan, Emirates Islamic, which happens to be among the leading Islamic financial institutions in the country has introduced a range of promotional offers to benefit its customers and also introduced a slew of CSR initiatives to help those in need.
Emirates Islamic Bank offers 10 lucky winners a chance to avail a promotional finance offer which offers personal finance at 0% profit rate. The CSR initiatives include providing free transportation to the nearest mosque for Isha and Taraweh prayers by partnering with Careem.
Free Iftar meals are also provided in partnership with their long-time associate, Dar Al Ber. In 2016 alone, the bank has donated up to 3 Million Dirhams towards charitable causes.
17th June 2016
Emirates Islamic projects loan growth for 2016 to be in double digits
Even though the economy of the UAE is showing signs of slowing down, Emirates Islamic has announced that it is expecting to see an 11% growth in 2016. The chief executive of the bank, Jamal bin Ghalaita, said that he was expecting too add another AED 3 billion to the loan books of the bank in the coming year. He also admitted that the economy is slowing down but also said that the bank will continue to work with SMEs to fund them and switch sectors if one slows down too much. In addition to this the bank has also launched an online Islamic Trade portal with the intention of letting business apply for and open letters of credit and access other financing tools so as to reduce the time that it takes them to receive financing.
20th November 2015
Emirates Islamic announced a net profit of Dh 534 million
With the increase of 109% from 2014, the Emirates Islamic announced a net profit of Dh 534 million for the first 9 months of 2015. The operating income of the bank has increased by 27% to an amount of Dh 32 billion from the previous Dh 26 billion in 2014. The Islamic Banking sector in UAE, has grown strong with great support from individuals, entrepreneurs, corporates and SMEs in the UAE.
30th October 2015