Emirates Islamic Bank Personal Loan

Personal loans come in handy for accessing emergency cash and financing personal needs such as education, weddings, and so on. Many banks across the UAE, including Emirates Islamic Bank (EIB), offer personal financing options.

Emirates Islamic Bank personal loans are among the top options if you are looking for a Shariah-compliant finance option. Let’s take a closer look at the key features and details of this product.

Emirates Islamic Personal Loan — Key Features

With an Emirates Islamic Bank personal loan, you can get the following perks —

• This is a Murabaha product based on Shariah
• High finance amount of up to 
  • AED 4 Million for UAE nationals
  • AED 3 Million for expats
• Attractive profit rates
• Easy and instant application approval
• Flexibility to pay off the loan within 4 years
• External credit card payments and/or consolidation of liabilities through easy monthly payment plans

Emirates Islamic Personal Loan Eligibility

To be considered eligible for an EIB personal loan, you must meet the following criteria —

Eligibility Type	Criteria
Age	Minimum - 21 Years
	For UAE Nationals Maximum — 65 Years	For UAE Expatriates Maximum — 60 Years
Salary	For UAE Nationals Minimum — AED 10,000	For Expats Minimum — AED 10,000
Employment Status	Salaried or Self-Employed
Length of Service	One Month or More

EIB Personal Loan — Which Documents Do You Need?

You need to submit the documents listed below for personal loan application processing —

For Salaried Applicants	For Self-Employed Applicants
Passport Copy Original UAE Residence Visa (only for expats) Account Opening Forms for Shares Trading Salary Certificate/ Salary Transfer Letter Previous Three Months’ Bank Statements Liability Letter (for debt settlement in third-party cases only) Duly Filled Application Form	Passport Copy Original UAE Residence Visa (only for expats) Account Opening Forms for Shares Trading Trade Licence   Previous Three Months’ Bank Statements Liability Letter (for debt settlement in third-party cases only) Duly Filled Application Form

Apply for EIB Personal Loan via Paisabazaar UAE

With Paisabazaar.ae, it’s quite easy to apply for Emirates Islamic personal loan in an instant. Here’s what you need to do —

1. Complete the loan lead form

1. Choose the EIB loan from the list
2. Apply and proceed as per the given instructions

Unlock exclusive benefits on applying for a loan through Paisabazaar.ae —

• Our tie-ups with top banks allow you to explore multiple loan options
• Platform to compare multiple products on a single page 
• Access our website’s ‘Articles’ section for all loan-related info  
• Get assistance from our customer support team

Emirates Islamic Bank Personal Loan Calculator

EIB personal loan calculator is a tool to calculate your monthly instalments. The best part of this online calculator is that you can get an estimation of instalments even before applying for a loan.

Similarly, you can find a personal loan calculator on Paisabazaar.ae to check your monthly instalment by simply entering a few details — these include the loan amount, loan tenure, and interest rate.

Note: Although loan calculators are accurate, actual results may vary. This is because the actual interest rate for your loan is decided by the bank and can be different from the one shown in the calculator.

Emirates Islamic Personal Loan — Fees & Charges

The major fees and charges of the EIB personal loan are listed below —

Type of Fee	Charges
Finance Processing Fee	0.7875% of the finance amount; Minimum — AED 525 Maximum — AED 2,625
Takaful Fee	0.01194% x Finance Amount x Tenure (months)
Early Settlement Fee	The lower of 1.05% of the outstanding balance and AED 10,500
Partial Payment	1.05% of the payment made or AED 10,500, whichever is lower
Balance Liability Certificate	AED 63
Clearance Letter (No Liability Certificate)	AED 63
Deferment of Instalment	AED 105 per instalment

Emirates Islamic Bank Personal Loan — Terms and Conditions

Here are some key terms and conditions related to this EIB loan —

• Once you sign the Finance Documents, you agree to buy the Murabaha Assets from the Bank

If you break this promise, you will have to cover any losses or expenses incurred by the Bank. Although the Bank can take the amount from your accounts, you will need to pay the remaining balance immediately if the former amount is insufficient.

• After the Murabaha Assets (such as shares, certificates, or other securities) are sold to you, you have two choices —
  • Keep the Murabaha Assets — in this case, the Bank will transfer them to your custody account with Emirates NBD Securities
  • Sell the Murabaha Assets, allowing Emirates NBD Securities (or another party chosen by the Bank) to sell them and deposit the money into your bank account
• You will need to repay the Bank for these assets through monthly installments, which include the original price (Finance Amount) plus profit, as stated in the Finance Documents
• If the Personal Finance is meant to pay off a loan from another bank or financial institution, the Bank will —
  • Use the funds directly to settle your existing loan by issuing a manager’s cheque or another payment method, and obtain a clearance letter. 
  • Require you to provide a letter from the other bank (in a format acceptable to the Bank) confirming that your previous loan has been fully paid off
• Once the Bank receives this confirmation, any remaining balance from the Personal Finance will be made available to you

Emirates Islamic Bank Personal Loan Contact Details

You can contact EIB via —

📞Call: 600599995

📧Email: Customercareunit@emiratesislamic.ae

Frequently Asked Questions