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Emirates Islamic Commercial Consumer Finance
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Commercial Consumer Finance
- The reduction rate and the flat rate is 19.95% and 11%. This denotes that the computation done was a division of the reduction rate by 1.813
- Provides maximum finance amount of up to AED 500,000
- Early settlement fee is 5% of the finance amount
- Processing fee is 1.5% of the loan amount
- Repayment period is up to 48 months
- Provides minimum finance amount of up to AED 50,000
- 1 years minimum length of business is required for UAE Nationals and 2 years for Expats to qualify for this finance
- Minimum annual sales turnover of AED 1,500,000 is needed to apply for this finance
- You need not have a bank account with Emirates Islamic bank to apply for this finance
- After successful submission of documents, within next 10 working days the bank will approve the loan
- Tenancy contract
- Audited financials of last 2 years have to be submitted to the bank
- Need to provide bank statements of last 6 months
- List of Ministry of Labour
- Buyers are suppliers list has to be provided
- Finance amount is high
- Long and flexible repayment period is provided by bank
- A dedicated relationship manager guides you throughout the process
Frequently Asked Questions
⭐ What is the minimum length of business required to apply for this finance?
A. The minimum length of business required to apply for this finance is 2 years for Expats and 1 year for UAE Nationals.
⭐ Do we need to have an account in Emirates Islamic Bank to apply for this finance?
A. No, you need not have an account in Emirates Islamic Bank to apply for this finance.
⭐ What is the maximum annual sales turnover limit to apply for this finance?
A. No maximum annual sales turnover limit is there to apply for this finance.
⭐ How easy is it for startups to get loan for their business?
A. For startups it is not easy to get loan. They need to provide collateral, guarantors and strong business plan while applying for business loan.
⭐ Can my business loan application get rejected by Emirates Islamic Bank?
A. Yes, if you don't have good credit history or you don't meet minimum eligibility criteria to apply for business loan, then bank might not approve your loan application.
In order to deliver high standards of banking services, Emirates Islamic Bank was established in the year 2004. The bank is aimed to deliver services in accordance with the standards of Shariah principles. It offers a wide range of products that are designed exclusively for individuals, small businesses and large corporations.
Get in touch with Emirates Islamic Customer Care