Personal Loans for Salaried Expats in Dubai from EIB
Profit Rate: 3.84%
Tenor: 48 months
Eligibility: Minimum salary of AED 5000
Arrangement fee: 0.5% of loan amount with a minimum of AED 500 and maximum of AED 2500
Early settlement fee: 1% of outstanding amount
Salary transfer: No; Minimum salary AED 12,000
Takaful/Insurance fee: 0.75% of the loan amount
Personal Loans for Salaried Expats from EIB in Dubai
Emirates Islamic Bank (EIB) extends personal loans to the tune of 1 million to salaried expatriates. Personal Finance from EIB is based on a Murabaha arrangement through trading of instruments that are Shari'a compliant such as shares or Wakala Certificates. There are two types of personal loan offered:
Goods & Services finance that is given for rent, education, medical, travel, wedding and other Shari’a-compliant goods
Investment Murabaha as the name suggests, for investment purposes
Quick approval, normally within a day, free credit card with waiver of annual fees for the first year under Murabaha investment and 50% waiver under goods and services finance, and insurance cover are the special features of this loan. If salary is not transferred, minimum salary should be AED 12,000.
The following eligibility criteria apply to salaried expats:
You need to be employed for at least a month to apply for a loan
You need to be 21 years of age
Your age should not be more than 60 years at the time of maturity of the loan
Documents required:
Completed application form
Copy of passport and UAE residence visa
Bank statement for the last 3 months
Salary certificate along with salary transfer letter if necessary
EIB Expats Personal Loan in Dubai
Emirates Islamic Bank was launched in 2004 so as to offer the highest standards of Islamic banking to both the expats and the UAE Nationals. A wide variety of Shari’a-compliant financial products and services are offered to suit the needs of individuals, small businesses as well as corporations.
EIB considers their customers as partners and works for their betterment as also for the bank’s development. Therefore the bank is committed to serving its customers understanding their needs and delivering the best solutions to their financial issues while keeping up with the highest Islamic finance standards.
Dubai – The Land of Skyscrapers
Dubai is proud of its incredible skyline that saw its beginning as far back as 1979 when the Dubai World Trade Centre was inaugurated. It was the only skyscraper of its kind till 1991. Now there are about 450 skyscrapers in Dubai. Burj Khalifa, the tallest skyscraper in the world stands tall at 828m/2716 ft.
To avail of a personal loan in Dubai from EIB, fill in the form on this page and a representative will soon contact you to offer assistance.