Emirates Islamic Personal Loan Calculator

If you are finding it difficult to finance your personal expenses, whether related to education, medical emergencies, marriage, business expansion, or more, one of the easiest ways to resolve this financial barrier is to obtain a personal loan. Getting a personal loan in the UAE is a fairly easy task, given the wide range of options available for the same.

Emirates Islamic Bank, the UAE-based financial institution, is known for offering excellent personal loan products to both nationals and ex-pats. Moreover, the bank also provides Emirates Islamic personal loan calculator on its website that helps users calculate the monthly instalment for their loan.

Let’s understand how this calculator works in detail.

Emirates Islamic Personal Loan EMI Calculator

The Emirates Islamic personal loan EMI calculator is a free online tool that helps individuals estimate the monthly instalments for their personal loans. The calculator is easily accessible to customers on the official website of Emirates Islamic Bank.

You can use the Emirates Islamic personal loan calculator before availing of a personal loan in UAE to estimate the monthly instalment amount. This factor is of prime importance, as you can be aware of the amount you would need to keep separate from your budget for the repayment and make an informed decision consequently.

How Does the Emirates Islamic Personal Loan Calculator Function? 

Operating the Emirates Islamic personal loan EMI calculator is quite easy. As it is automated, all you need to do is enter a few details such as the loan repayment tenure, loan amount, and so forth. Once you provide the requisite data and submit it, you will get your desired result within a few seconds.

Factors Affecting the Monthly Instalment of the Emirates Islamic Personal Loan

Take note of the following factors that can affect the monthly instalment amount for your personal loan in UAE -

• Duration of the Loan: When approving your personal loan, the bank mentions a particular time period in which you would be required to pay off the entire loan amount. If you opt for a longer tenure, you would have a low instalment amount. At the same time, if you choose to pay your monthly instalments across a longer tenure, it can result in a higher interest amount.
• Amount of the Loan: The loan amount here refers to the amount sanctioned by the bank for your personal loan. As one may expect, the instalment amount increases with a rise in your loan amount.
• Rate of Interest: Before charging an interest rate on your personal loan, banks consider numerous factors, such as monthly income, debt-to-income ratio, credit Score, and more. The interest rate plays a key role in the determination of your instalment amount (besides the total interest amount). If the interest rate on your loan is high, you can the amount of your monthly instalment to be on the higher side.

Key Takeaways

Personal loan EMI calculator is a handy tool that can prove helpful when you plan to take a personal loan in UAE. You can use this online calculator to find out the instalment amount for multiple personal loan plans, compare them, and get the best one for yourself. You would simply need to provide all the crucial details about your loan, like the loan amount, loan tenure, and the interest rate to instantly get results. The online calculator is authentic and displays accurate results as per the provided information. 

In case you come across any issue in estimating the monthly instalment using the calculator or want to get more information about the Emirates Islamic bank personal loan, you can contact us on policybazaar.ae. You can reach out to us via email or a call, and one of our representatives will guide you throughout the process to resolve your queries.