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Emirates Islamic Bank
Personal Finance
Fees & Charges
| Processing Fees | 1 % |
| Minimum Fees | AED 500 |
| Fee Cap | AED 2,500 |
| Early Settlement Fees | 1 % |
| Early Settlement Fees Cap | AED 10,000 |
Profit Rate
| Profit Rate - Emarati | Starting from 2.79%* |
| Profit Rate - Expats | Starting from 2.89%* |
| Rate Structure | Flat |
| Rate Presentation | Up to 4 Years |
| Rate Linkage | Fixed Rate |
Disclaimer
The actual applicable profit rate for each customer will be based on the customer eligibility. The Final terms of finance facility will be included in the facility offer letter.
General Product Features
| Residency Type | Only Residents |
| Minimum Length of Service | 3 Months |
| Employment Type | Salaried |
| Minimum Salary/Income - Emarati | AED 5,000 |
| Minimum Salary/Income - Expat | AED 8,000 |
| Maximum Age - Emarati | 65 Years |
| Maximum Age - Expat | 60 Years |
Details Product Features
| Finance Type | Islamic |
| Isalmic Contract Type | Murabaha |
| Specific to City | All Areas in UAE |
| Minimum Finance Amount - Emarati | AED 30,000 |
| Maximum Finance Amount - Emarati | AED 4,000,000 |
| Minimum Finance Amount - Expats | AED 30,000 |
| Maximum Finance Amount - Expats | AED 2,000,000 |
| Minimum Tenor | 12 Months |
| Maximum Tenor | 48 Months (60 Months for Ministry of Defense Employees) |
| Grace Period - Emarati (Days till first installment ) | 120 Days |
| Grace Period - Expats (Days till first installment ) | 90 Days |
| Maximum Salary Multiples | 20 Multiples Monthly |
| Allow Consolidation | Allowed |
Emirates Islamic Bank is proud to offer a comprehensive Personal Finance solution designed to address the diverse financial needs of our customers. Whether you're planning a wedding, pursuing higher education, renovating your home, or seeking funds for any other personal expense, our Personal Finance product provides flexible options and competitive rates to suit your requirements.
Benefits:
- High finance amount of up to 2 million for Expats and up to 4 million for UAE Nationals
- Low profit rate
- Flexible, extended repayment periods of up to 4 years
- Simple, quick approval process
- Cheaper than Credit Cards
- Can be used consolidate all debts into an easy payment plan involving the same installment every month
- External credit cards can be paid off for a lower monthly payment
- No over limit fees or additional charges with a lower profit rate
- Nominal processing fees
- Shari'a compliant, Islamic principle - Murabaha based product
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