Dubai Islamic Bank Personal Loan

Dubai Islamic Bank or DIB is considered to be at the forefront of Islamic banking. Since its inception, this bank has followed the principle of being customer-centric.  Regardless of its deep-rooted values, DIB has accepted the innovation and growth of technology in the finance sector and has worked towards providing finance solutions to individuals and businesses who come to the bank for various reasons.

In this article, we have covered all the details of the Dubai Islamic Bank Personal Loan. When you finish reading this article you will have come to know about all important details of loan application including documents required for the application, loan eligibility, and interest rates.

Dubai Islamic Bank Personal Loan Review

Dubai Islamic Bank

Dubai Islamic Bank was established in 1975 and since then it has grown exponentially in the UAE and other places around the world. It is the first bank to provide personal loans to individuals with low salaries in the UAE. You can get the advantage of personal finance with or without salary transfer in the UAE if you meet the salary requirement of AED 3,000. It is indeed one of the most trusted and affordable loan options for both UAE nationals and expatriates. 

Key Points

Interest Rate Loan Amount Repayment Tenure
11% – 21.99% Up to AED 4,000,000 12 – 48 months

Eligibility

  • Minimum salary requirement is AED 3,000 per month
  • Salary transfer mandatory to apply  for this scheme
  • Self-employed individuals

Documents required

Proof of Identity/Address Other required documents
  • Passport copy residence visa (for expats)
  • Copy of Emirates ID (for UAE nationals) 
  • AESB consent form
  • Certificate letter from the employer or Salary and end of Service benefit transfer Letter 
  • Bank statement Security cheque
  • Trade license copy (self-employed individuals and businesses)

*Interest Rates

The term “interest rate” is not applicable to Islamic Banking. The alternative term for this is “profit rate”. However, to keep things simple for those who are new to the concept of Islamic banking, we have used the term “interest rate” throughout this article.


Let’s now talk about the principal features of this bank related to Personal Finance.

Features

  • Easy repayment period of up to four years
  • Rates based on individual salary
  • Scheme applicable only for expats
  • All debt liabilities consolidated into one
  • Interest rate  for the loan is 11%
  • Reduction rate 11%
  • Flat rate is 6%
  • Maximum loan amount is up to AED 4,000,000 for UAE nationals
  • Maximum loan amount is up to AED 2,000,000 for expatriates
  • Early settlement  fee is 1% of the loan amount 
  • Arrangement fee is AED 1050

Now that we have covered the basic features of Dubai Islamic Bank personal loan,  let’s take a look at the benefits provided by this bank

Benefits

  • Loan is provided only for Sharia-compliant goods
  • Considerably long repayment period
  • Higher loan amount compared to other banks,
  • Managerial assistance during the process of loan application
  • Considerable fast processing period

Conclusion

Dubai Islamic Bank helps Expats and UAE nationals get loans with convenience and ease. When you have the required documents and fulfill the eligibility criteria, you can get approval without any worry. We hope this article helped you understand a little more about getting personal loans from Dubai Islamic Bank. For information on other banks in Dubai that provide personal loans, read this article