Eligibility requirements for the Emirates Islamic Personal Finance:
🗸 UAE residents or citizens
🗸 Minimum age of 21 and maximum age of 65 (nationals) or 60 (expats) at loan maturity
🗸 Minimum monthly income of AED 10,000
🗸 First salary credited to an Emirates Islamic account
Essential documents for application
📄 Completed application form
📄 Copy of valid passport with UAE residency visa (for expatriates)
📄 Last three months’ bank statements
📄 Salary transfer letter or certificate (for salaried individuals)
📄 Valid trade license (for self-employed applicants)
Approval is subject to document verification and meeting the criteria. The bank may request additional documents if necessary.
How to start
Applying for Emirates Islamic Personal Finance is straightforward and hassle-free. Start by visiting the official Emirates Islamic website or a branch near you. Use the financing calculator on the website to explore repayment options that suit your financial goals.
Complete the application form with accurate personal and financial details, and submit the required documents. The bank will review your creditworthiness and financial history during the approval process. Once approved, the funds will be disbursed promptly. If your application is declined, you can reapply after making the necessary adjustments or waiting for the specified period.
Managing your monthly installments with Ease
Monthly installments can be paid conveniently through automatic debit from your Emirates Islamic account, bank transfers, or direct payments at the branch.
It is advisable to align your payment dates with your salary cycle to ensure timely payments. Maintaining consistency in payments helps you avoid penalties and preserves your credit score.
Transparent costs and rates
The Emirates Islamic Personal Finance features competitive and transparent rates based on the Murabaha principle. Profit rates start at favorable levels and are tailored to your financing terms.
A 1% processing fee applies to the total financing amount, subject to the bank’s maximum cap. Early settlement incurs a 1% fee on the outstanding balance. Late payments may result in a charitable donation fee, which is directed toward social causes rather than retained by the bank.
A tip for your wallet
To make the most of Emirates Islamic Personal Finance, aim to schedule your monthly payments according to your cash flow. Early payments can reduce overall profit costs, though you should check for any associated fees. Additionally, using the debt consolidation feature can simplify your financial obligations, making repayments more manageable and stress-free.
Get more for your money!
If you’re looking for a practical way to achieve your financial goals, Emirates Islamic Personal Finance is here to help. Begin your application today and turn your dreams into reality!