More Details on Personal Loan

1. Low salary requirement to apply for this loan
2. Specifically designed for buying goods such as furniture and electronics
3. The rates applicable will depend on the salary
4. Only UAE nationals can apply for this loan

Main Benefits

1. This finance is given against sharia-compliant goods.

Overview of features

1. This finance is sharia-compliant.
2. Finance repayment period is up to 48 months.
3. You require a minimum salary of AED 3,000 per month to be eligible. If you don’t wish to transfer your salary then you need a minimum salary of AED 6,000 and a minimum salary of AED 8,000 (for companies not listed).
4. It is not a requirement to transfer your salary to apply
5. Arrangement fee is a fixed amount between AED 1,000 and AED 2,500
6. The early settlement fee is applied as per UAE Central Bank policy, which is 1% of the outstanding amount (purchase price + profit) to date, or AED 10,000, whichever is lower. The bank has the discretion to waive any or all of the total outstanding profit.
7. Takaful is not included as part of the finance
8. If you transfer your salary, the rate starts at 11%. If you do not transfer your salary, the rate starts at 17.99% for listed companies and 19.99% for non-listed companies.
9. The reducing rate of this finance is 11% and the equivalent flat rate is 6%. The calculation used is a division of the reducing rate by 1.814 and this is indicative only.

* This product is subject to eligibility conditions and may not be available for all applicants. Eligibility conditions are set by the service provider and may be subject to change.