Securing a personal loan can be an effective financial solution to help achieve your goals, whether it’s funding your dream purchases, consolidating debts, or meeting unexpected expenses.
Dubai Islamic Bank is known for its commitment to Islamic banking principles, DIB offers a range of personal loan options tailored to meet diverse financial needs with 100% Sharia compliance.
In this article, we will explain eligibility, documentation, amount of funding, and a step-by-step guide on how to get a Dubai Islamic Bank personal loan without interest. So, let’s start our guide!
Recommended Reading: Personal Loan For Overseas Pakistani | Loan For Overseas Pakistani Online Apply
How To Get Dubai Islamic Bank Personal Loan | Personal Loan Without Interest
Table of Contents
- How To Get Dubai Islamic Bank Personal Loan | Personal Loan Without Interest
- Dubai Islamic Bank Personal Loan
- Dubai Islamic Bank Personal Loan Requirements
- Documents Required
- Dubai Islamic Bank Personal Loan Key Features
- Dubai Islamic Bank Personal Loan Apply
- Dubai Islamic Bank Personal Loan Calculator
- Dubai Islamic Bank Personal Loan Interest Rates
- Dubai Islamic Bank Personal Loan Contact Number | Dubai Islamic Bank Helpline
- Dubai Islamic Bank Personal Loan Pros And Cons
- Dubai Islamic Bank personal loan FAQs
Dubai Islamic Bank Personal Loan
Dubai Islamic Bank Personal Loan can be a good option when you need to make expensive purchases or consolidate debts and credit card bills, especially if you have a good credit score and income.
But if you’re applying for a personal loan with Dubai Islamic, you’ll have to go through additional steps before you can get approved.
Here’s what you need to know about the Dubai Islamic Bank personal loan application process, so you can make sure your application will succeed the first time around.
Dubai Islamic Bank Personal Loan Requirements
Requirements for Dubai Islamic Bank Personal Loan:
| Criteria | Details |
|---|---|
| Income Criteria | |
| Salaried – Prime Customers | PKR 250,000 Gross/month |
| Salaried – Known Company A & B Employees | PKR 30,000 Gross/month |
| Salaried – Unknown Company Employees | PKR 35,000 Gross/month |
| Salaried – Government Employees | PKR 30,000 Gross/month |
| Salaried – Armed Forces Employees | PKR 30,000 Gross/month |
| Salaried – Contractual (Known Company A & B) | PKR 40,000 Gross/month |
| Finance Limit | |
| Minimum Finance Amount | PKR 50,000 |
| Maximum Finance Amount | PKR 2,000,000 |
| Age Criteria | |
| Minimum Age | 21 years |
| Maximum Age | 60 years |
| Minimum Salary (Eligibility) | |
| Salaried Individuals | Eligible to apply |
| Government Employees | Minimum gross monthly income of PKR 30,000 |
| Contractual Employees (Known Company A & B) | Minimum gross monthly income of PKR 40,000 |
Documents Required
| Required Documents | Details |
|---|---|
| Application Form | Duly filled personal loan application form provided by Dubai Islamic Bank |
| Balance Transfer Undertaking | Required if transferring an existing loan from another bank |
| Photographs | Two recent passport-size photographs meeting specified requirements |
| Copy of CNIC | Copy of applicant’s Computerized National Identity Card (CNIC) |
| Proof of Income | Salary slips, employment contracts, or bank statements showing income |
| Proof of Residence | Utility bills or rental agreement confirming residential address |
| Bank Statements | Statements from applicant’s bank accounts to assess financial stability |
| Employment Verification | Letter from employer verifying employment status and income |
| Additional Documents | Any other documents required by the bank to evaluate the loan application |
Dubai Islamic Bank Personal Loan Key Features
| Feature | Details |
|---|---|
| 100% Shari’a Compliant | Loan offerings fully comply with Shari’a principles. |
| Riba Free | Loans are free from interest charges, aligning with Islamic financing guidelines. |
| Balance Transfer Facility | Option to transfer existing conventional loans, with lower rates for BTF customers. |
| Financing Limit | Loans ranging from PKR 50,000 to PKR 2 Million (Terms & Conditions apply). |
| Flexible Tenor | Repayment periods range from 6 months to 60 months. |
| Swift Processing | Quick turnaround time and hassle-free application processing. |
| Affordable Installments | Competitive equal monthly installments. |
| Free Processing of Application | No additional charges or fees during the loan application process. |
Dubai Islamic Bank Personal Loan Apply
Step-by-Step Guide to Applying for a Dubai Islamic Bank Personal Loan:
| Step | Details |
|---|---|
| Approach the Bank | Customer approaches the bank for personal finance needs. |
| Credit Approvals | The bank evaluates the customer’s creditworthiness (income, employment status, credit history, etc.). |
| Purchase of Goods | Bank purchases specified goods (e.g., cotton, meat) from a commodity supplier on a spot payment basis. |
| Bank Possession | The bank gets title to and possession of the goods, identified and disclosed by the broker. |
| Sale to Customer | The bank sells the goods to the customer on a deferred payment basis. |
| Transfer of Goods | Goods are transferred to the customer through a Delivery Order (DO) or Delivery Challan (DC). |
| Special Sharia Controls | Ensures Sharia compliance at all stages, monitoring to prevent the return of goods to the original seller. |
Dubai Islamic Bank Personal Loan Calculator
The Dubai Islamic Bank Personal Loan Calculator is available on their website at: https://www.dibpak.com/index.php/personal-finance/.
It allows you to estimate the financing limit you could obtain from Dubai Islamic Bank by providing the following information and following these steps:
- Visit the Dubai Islamic Bank website: Go to the URL mentioned above to access the personal finance section of Dubai Islamic Bank’s website.
- Locate the Personal Loan Calculator: Look for the Personal Loan Calculator section on the webpage. It may be labeled as a ” Personal Financing Calculator.”
- Enter your monthly income: Input your monthly income into the designated field.
- Specify the desired loan amount: Enter the loan amount you wish to borrow from Dubai Islamic Bank.
- Set the allowed financing tenure: Determine the preferred loan tenure in months.
- Press “Calculate”: Once you have provided all the necessary information, click on the “Calculate” button or similar option available on the webpage.
- View the financing limit: The calculator will generate the estimated financing limit that you could obtain from Dubai Islamic Bank based on the provided information.
Dubai Islamic Bank Personal Loan Interest Rates
Dubai Islamic Bank offers personal loans that are 100% Shariah compliant, adhering to Islamic principles. As a result, these loans operate on a profit-sharing basis rather than charging conventional interest rates. Instead of an interest rate, Dubai Islamic Bank applies a profit rate to its loans.
The profit rate applied to Dubai Islamic Bank’s loans can vary based on several factors, including the loan amount, repayment tenure, customer creditworthiness, and prevailing market conditions.
The profit rate is typically communicated as a percentage and represents the bank’s share of the profit generated from the financing arrangement.
Dubai Islamic Bank Personal Loan Contact Number | Dubai Islamic Bank Helpline
To contact Dubai Islamic Bank regarding their personal loans or any other inquiries, you can reach out to their helpline using the following contact numbers:
- Helpline: 111-786-DIB (342)
- For complaints, you can call: 111-786-342
Dubai Islamic Bank Personal Loan Pros And Cons
Pros Of Dubai Islamic Bank Personal Loan
- Shariah Compliance: Dubai Islamic Bank’s personal loans are structured to comply with Shariah principles.
- Competitive Profit Rates: Dubai Islamic Bank offers competitive profit rates on its personal loans, which can be lower than conventional interest rates.
- Flexible Financing: Dubai Islamic Bank provides a range of financing amounts, allowing borrowers to meet their diverse financial needs.
- Convenient Repayment Terms: Dubai Islamic Bank offers flexible repayment tenures, ranging from several months to multiple years.
- Quick and Convenient Application Process: Dubai Islamic Bank streamlines its personal loan application process to ensure efficiency and convenience for customers.
Cons Of Dubai Islamic Bank Personal Loan
- Eligibility Criteria: Like any loan, Dubai Islamic Bank’s personal loans come with specific eligibility criteria.
- Limited Reach: Dubai Islamic Bank operates primarily in the United Arab Emirates and certain other regions.
- Potential Fees and Charges: While Dubai Islamic Bank strives to offer competitive rates, there may still be certain fees and charges associated with the personal loan, such as processing fees.
- Limited Flexibility in Investment Choices: As part of Shariah compliance, Dubai Islamic Bank may restrict the use of personal loan funds for specific purposes.
- Market Volatility: The profit rates on Dubai Islamic Bank’s personal loans may fluctuate based on market conditions and economic factors.
Dubai Islamic Bank personal loan FAQs
How much can I borrow with a Dubai Islamic Bank personal loan?
Pakistani Nationals can get 2 Million Pakistani Rupees and UAE Nationals can get up to 2 Million AED from Dubai Islamic Bank.
What is the maximum loan tenure I can get?
The total time given for repayment time given by the bank is called the “Tenure of the Loan“.
Dubai Islamic Bank offers a maximum tenure of the loan of 60 Months.
What is the minimum income requirement for a Dubai Islamic personal loan?
Dubai Islamic BANK requires at least 3000 AED Income to offer 2 Million AED to expatriates i.e. Pakistani Nationals or nationals of any country. This does not apply to UAE residents.
What is Tenure of Deferment Facility Dubai Islamic personal loan?
Dubai Islamic Bank offers a Deferment Facility of up to 3 Months, to get this one to have to submit all the supporting documents. But it all depends upon the discretion of the bank.
What are the eligibility criteria for Dubai Islamic Bank personal loans?
The eligibility criteria may vary based on factors such as age, income, employment status, and creditworthiness. Generally, applicants should be at least 21 years old and meet the minimum income requirements set by the bank.
Can I make early repayments on my Dubai Islamic Bank personal loan?
Dubai Islamic Bank usually allows borrowers to make early repayments on their personal loans. However, it’s important to review the terms and conditions of the loan agreement to understand any potential fees or penalties associated with early repayment.
How long does it take for the loan application to be processed?
The loan application processing time may vary, but Dubai Islamic Bank strives to process applications efficiently. It’s advisable to inquire directly with the bank or check their website for information on the expected processing time.
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