Emirates Islamic Bank Personal Loan Interest Rate in UAE 2024

Established in 2004, Emirates Islamic Bank promises the best in class banking services along with the assurance of Sharia compliant banking. It offers a host of products that are designed for small businesses, individuals, and large corporations. Emirates Islamic bank is an ideal choice for all those who wish to manage their finances with the utmost ease. The products offered by the bank are an amazing blend of Islamic Banking with modern finance practices.

Personal finance is one of most impressive services offered by Emirates Islamic Banks. The Islamic Bank Personal Loan offers desirable loan amounts to UAE Nationals and Expats. With long and flexible repayment tenures and low-profit rates, this bank offers a transparent banking facility. The personal finance range is loaded with a variety of features & benefits that are guaranteed to help you in your financial journey.

Emirates Islamic Bank Personal Loan Interest Rate

The interest rate is the amount charged on the borrower by the banks or the lenders in exchange for lending funds. EIB levies two types of interest on the borrowed amount in the UAE- Fixed and Reducing.

Fixed Interest Rate on Personal Loan in the UAE is the rates that remain constant. This interest rate does not change with the change in the outstanding amount of loan.

Reducing Interest Rate on Personal Loan in the UAE are the rates that keep reducing with the reduction in the outstanding loan amount. This rate of interest starts off high, however, it decreases with the decrease in the principal amount.

In the case of Sharia-compliant Islamic banks, this rate of interest is known as the profit rate. In the UAE, these interest rates are subjected to change according to the discretion of the bank. However, the bank will always inform you about the same.

The Islamic bank personal loan interest rate (profit rate) starts from five percent to seven percent in the UAE. The profit rate is reducing, hence, will the rates will decrease with the decrease in the outstanding loan amount.

Other Features and Benefits on Islamic Bank Personal Loan

The Sharia-compliant Islamic Bank offers personal loans that are full of amazing features to both UAE Nationals and Expats. Listed below are some of the features and benefits of this Sharia-compliant bank.

Loan Tenure

The borrowers can enjoy the much-needed flexibility on their repayment tenure. The borrowers can avail a long repayment tenure of up to four years or 48 months for any of the Islamic Bank Personal Loan.

Maximum Amount of Loan

You can avail high and generous loan amounts on this personal loan. The Emiratis can enjoy the maximum amount of AED 4 million as personal. The Expatriates can avail up to AED 2 million as the maximum personal loan amount in the UAE.

Salary Transfer

The salary transfer is compulsory for you to obtain this personal loan in the UAE. However, as per the discretion of the bank, the salary transfer for only one month is mandatory.

Other Benefits

With low Islamic bank personal loan interest rate, this loan is amongst the most rewarding finance solutions in the Emirates. You can enjoy easy and quick approval on the loan you have requested for. Moreover, you may also receive a pre-approved free for life credit card by Emirates Islamic Bank.

How to Apply for Emirates Islamic Bank Personal Loan?

After going through the features, benefits, and profit rate of Emirates Islamic Bank Personal Finance, you need to check the eligibility criteria and the documents needed to apply for the same.

Eligibility Criteria

In order to be able to apply for this personal loan, you need to be able to meet the following eligibility criteria.

Age

Being an applicant, you should have a minimum age of 21 years while applying for the loan. The maximum age for UAE Nationals or Emiratis to apply for this loan Islamic Bank Personal Loan is 65 years. For Expats, this maximum age is 60 years.

Minimum Salary

Another requirement to be eligible to apply for this loan is the minimum income. As per the discretion of the Emirates Islamic bank, you should have a minimum monthly income of 10,000 AED.

Salary Transfer

It is compulsory for you to transfer your salary to the bank to be able to apply for the loan. You simply have to transfer your one-month salary to the Emirates Islamic bank account.

Documents Requirements for Emirates Islamic Bank Personal Loan

1. Duly filled application form
2. Bank statements for the previous three months
3. Trade License (only for self-employed)
4. Identification and residence proof

In a Nutshell!

With amazing benefits, this Islamic Bank Personal Loan is amongst the popular finance solutions in the UAE. This personal finance is available at low reducing profit rates. You can avail this finance to fulfil a lot of your needs such as home renovation, wedding, education, vacation and much more. You can enjoy quick approvals on this loan along with a flexible and long repayment tenure.