Dubai Islamic Bank Personal Loan Eligibility - Minimum Salary, Age, Salary Transfer
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Details on Personal Loan Eligibility at Dubai Islamic Bank
Advantages
- Finance is based on Sharia principles
- Quick processing
- High loan amount
Overview
- Can settle existing debts
- Only expats are eligible
- Salary transfer is mandatory
Overview
- Can settle existing debts
- Only expats are eligible
- Salary transfer is mandatory
- Can get finance based on sharia principles
- Interest rates are based on the applicant’s profile
Explore
Hide ExploreAdvantages
- Finance for sharia-compliant services
- High finance
Overview
- Provides finance to fund services
- Services include: Rent in advance, wedding, education, travel finance, etc that are sharia approved
- Can get the high loan amount
Overview
- Provides finance to fund services
- Services include: Rent in advance, wedding, education, travel finance, etc that are sharia approved
- Can get the high loan amount
- Low salary requirement
- Longer tenure is provided
- Hassle-free documentation
- Eligible for UAE nationals
Advantages
- Can settle existing debts
- Follows Sharia principles
- High finance is provided
Overview
- Can settle existing debts
- Only UAE nationals are eligible
- Salary transfer is mandatory
Overview
- Can settle existing debts
- Only UAE nationals are eligible
- Salary transfer is mandatory
- Can get finance based on sharia principles
- Interest rates are based on the applicant’s profile
Advantages
- Provides finance for sharia compliant goods
- High loan amount
- Low salary requirement
Overview
- Provides finance to purchase goods
- Can get finance to purchase electronics, furniture, boat, jet skies, etc. and also sharia-compliant goods will be funded
- Maximum finance approved will be dependent on the applicant’s profile
Overview
- Provides finance to purchase goods
- Can get finance to purchase electronics, furniture, boat, jet skies, etc. and also sharia-compliant goods will be funded
- Maximum finance approved will be dependent on the applicant’s profile
- Provides finance for a low salary requirement
- Only UAE nationals are eligible
Dubai Islamic Bank
Dubai Islamic Bank is a popular bank in UAE well known for providing low salary personal loans without any length of service. This works on the basis of sharia-compliant. The eligibility criteria for Dubai Islamic bank is quite simple.
Eligibility Criteria for Dubai Islamic Bank
- Minimum salary of AED 3000 is required
- Both UAE Nationals and Expats are eligible
- Even self-employed individuals are eligible
- Salary transfer is not mandatory
Documents Required
The basic documents required for a personal loan in Dubai Islamic Bank are,
- Passport copy
- Residence Visa (For expats)
- Emirates ID copy
- Salary Certificate
- Statement of Account for minimum 3 months if the salary is transferred to another bank (6 months for self-employed professionals/ businessmen)
- Copy of valid trade license (for self-employed professionals/businessmen
What influences Eligibility?
Do you wonder what affects your personal loan eligibility? Look at these factors
- Monthly income- This is the important factor. If your monthly income is less than AED 3000 then the bank doesn’t approve your loan.
- Credit history- Your previous or existing loans and credit cards can affect your current loan approval. Low credit score applications can be rejected.
- Debt to Burden Ratio- DBR should be maintained low i.e below 65% is preferred by the banks to approve the loan.
- Age- Minimum age of 21 and maximum age of 60(Expats), 65(UAE Nationals)is mandatory.
- Documents- Documents like Salary certificate, Passport, Emirates ID, Trade license (If Self employed) are mandatory.
1. Salary Certificate- Salary Certificate is a mandatory document for any kind of finance as it is a proof of your work and an employment in a company. Bank can ask for a salary certificate or salary certificate letter.
2. Emirates ID- Emirates ID is a proof to confirm your identity. Without Emirates ID banks does not provide loan.
3. Trade License- For the self-employed individuals trade license is a mandatory document.
Tips to improve your loan approval chances
- Make sure you meet the age limit.
- Pay your current loans or credit card bills on time so that it won’t disturb your credit score.
- Maintain all the required mandatory documents.
- Don’t take more than required finance.
FAQs
⭐ Are bank statements required?
A. Yes, bank statements of minimum 3 months are required and for self-employed 6 months statements are required.
⭐ My company is not listed with the bank. Is that okay?
A. No, Your company must be listed with the bank and it is mandatory.
⭐ What is the maximum age limit for eligibility?
A. For UAE Nationals the maximum age is 65 years and for Expats the maximum age is 60 years.
Check the list of Dubai Islamic Bank Personal loans.