A Guide To DUBAI ISLAMIC BANK PERSONAL LOAN

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Dubai Islamic bank is not new for the UAE residents, because, it is one of the leading commercial banks in the United Arab Emirates and it has operated several branches across the UAE. The bank has offered various loan products to the individual and industries one of the most sought after products is Dubai Islamic bank personal loan.

Dubai Islamic bank personal finance is the most sold products to its expatriate customers, because of the quick process and less documentation. If you are looking for personal finance in Dubai or any part of the UAE. DIB can be the best bank to fulfill your needs, especially for ex-pats.

When I took my first Dubai Islamic bank personal loan in 2010 it was a great experience with them. The loan processing time was shorter than my assumption, Moreover, the frank team advised me on how to utilize the loan. They’re experts in evaluating the repayment capacity.

Personal finance has divided into 5 categories base on the customer’s requirement and you can choose one which covers your financial needs.

DIB bank loan – categories for personal finance.

  1. Personal Finance
  2. Liabilities Settlement Finance
  3. Liability Consolidation Finance
  4. Goods Murabaha
  5. Services Ijarah

Personal finance: Many people are just looking for this loan due to high approval rates, speedy processing, and less paperwork. You can use this loan whatever topics your financial condition needed.

Dib personal finance Features;

  • Maximum Term: 48 Months
  • Minimum Salary: AED 3000
  • Islamic Finance: Yes
  • Early Settlement Charges: 0%
  • Salary transfer: needed
  • Profit Rate 8.82%
  • Maximum Finance Amount- Up to AED 2 million for ex-pat and 4 million for UAE national
  • Rate calculation: Reducing rate

 Documents required for the DIB personal finance;

  1. Copy of Passport
  2. residence visa (for expatriates)
  3. Copy of Emirates ID
  4. A letter or the certificate from the employer for Salary account and End of Service Benefit transfer to DIB.
  5. Minimum 3-month bank account statement if the salary has transferred to another bank
  6. You should be longer than 6 months for self-employed professionals or your business should longer than 6 months (for self-employed individuals and businessperson)
  7. A Copy of valid trade license (for self-employed individuals and businessperson)

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Liabilities Settlement Finance: This loan is available for the people who want to consolidate their liability in the DIB. You may have a financial liability in the different-different banks such as auto loan, outstanding credit card or personal loan right?

If you like to pay them and combine the different liabilities in a bank, DIB has this product to meet your wishes.

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Liability Consolidation Finance: Liability Consolidation finance means When you already have a loan in the Dubai Islamic Bank, now, you want more money to owe. If Your financial capacity is qualified to do so, then just contact the loan department it is fast tract processing and competitive profit rate.

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Goods Murabaha: Another product under the personal loan of DIB is financing the goods. Do not think about money to buy home appliances in the UAE. Goods Murabaha Financial Plan from DIB helps you get what you need including building materials and machinery the variety of the goods have covered some of them as follows;

  • Furniture
  • Electronics
  • Boats
  • Personal Computers
  • Building Materials
  • Machinery
  • Mortgage Free Automobile
  • Equipment and Tools
  • Motorcycles
  • Jet skies
  • other Sharia-compliant goods
Documentation requires for this product
  1. Quotation from the dealer or the supplier for the requires goods addressed to the Dubai Islamic bank.
  2. Copy of Passport
  3. Residence visa (for expatriates)
  4. Copy of Emirates ID
  5. A letter or the certificate from the employer for Salary account and End of Service Benefit transfer to DIB.
  6. Minimum 3-month bank account statement if the salary has transferred to another bank
  7. You should be longer than 6 months for self-employed professionals or your business should longer than 6 months (for self-employed individuals and businessperson)
  8. Copy of valid trade license (For self-employed individuals and businessperson)

Apply Now

Services Ijarah: This product is available for both UAE national and ex-pats who have suffered from unexpected disease and could not afford their children’s wedding on the current financial condition.

Documents require for services Ijarah 
  1. Quotation for the required services addressed to Dubai Islamic Bank
  2. Copy of Passport
  3. Residence visa (for expatriates)
  4. Copy of Emirates ID
  5. A letter or the certificate from the employer for Salary account and End of Service Benefit transfer to DIB.
  6. Minimum 3-month bank account statement if the salary has transferred to another bank
  7. You should be longer than 6 months for self-employed professionals or your business should longer than 6 months (for self-employed individuals and businessperson)
  8. Copy of valid trade license (for self-employed individuals and businessperson)

Apply Now

How to apply for Dubai Islamic bank personal loan online?

For the exception of the Corporate loan, all DIC loan products accept an electronic application. There is an easy process everyone needs to follow to apply for personal finance.

First step: Visit the DIB official website and check your eligibility for the personal loan and chose the product that you want to apply for then click on the apply button.dubai-islamic-bank-persona-loan

Second Step: Fill the online form with the required information, make sure all the mandatory fields are filled.

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Third Step: Wait for the bank staff to call you or you can also contact the loan department for making sure whether they receive your application or not.

Fourth Step: Vist the bank with the required documents that I have mentioned above on the appointed date. The Date you would get from the bank employee when they qualified your loan application.

Fifth Step: Be ready for the loan disbursement and credit your account. Once your account has credited then it is ready for withdrawal.

Can you get DIB personal loan without a salary transfer?

This situation could happen, anyone, your employer may not want to transfer your salary account to DIB if they have a good business relationship with another bank right?.

All of the products that have listed above need your salary transfer. If you want to get the DIB loan on your AED 3000 salary it is mandatory. however, if your basic salary excluding the bonuses and overtime is AED 6000 to 8000, there is no problem you are qualified for getting the PL without salary account transfer.

Conclusion: DIB is one of the banks which offer the personal to the least earner means AED 3000 salary per month. The process for getting the PL is not hard from the bank but your employer should support you’re for transferring your bank account. If your company salary payment account is in the Dubai Islamic bank there is no problem.

The interest rate of the DIB is competitive in the financial market in Dubai or the UAE. If you want to check the comparative interest rate of the UAE banks clicks here. 

Hello, everyone, I am Ranga Singh the founder of closecareer.com. For the past 17yrs, I worked in aboard. Now, I have been researching the job market, especially in the Gulf region. The main purpose of the website is to give information, advice, and guidance to the people about the job, education visa and travel. I want to support young people for a happy and successful career.