how-to-get-dubai-islamic-personal-loan

How To Get Dubai Islamic Bank Personal Loan {100% Sharia compliance}

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!

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How To Get Dubai Islamic Bank Personal Loan | Personal Loan Without Interest

how-to-get-dubai-islamic-personal-loan
how-to-get-dubai-islamic-personal-loan

Table of Contents

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

Dubai-Islamic-Bank-Personal-Loan-Requirements
Dubai-Islamic-Bank-Personal-Loan-Requirements

Requirements for Dubai Islamic Bank Personal Loan:

  • Age Criteria:
    • Applicants must be at least 21 years old.
    • The maximum age limit is 60 years.
  • Dubai Islamic Bank Personal Loan Minimum Salary:
    • Salaried individuals are eligible to apply.
    • Government employees should have a minimum gross monthly income of PKR 30,000.
    • Contractual employees from known Company A and Company B should have a minimum gross monthly income of PKR 40,000.

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Documents Required

Dubai-Islamic-Bank-Personal-Loan-Required-Documents
Dubai-Islamic-Bank-Personal-Loan-Required-Documents

  • Duly filled Application form: Applicants need to complete the personal loan application form provided by Dubai Islamic Bank. This form will require personal and financial information, such as name, address, employment details, and desired loan amount.
  • Balance transfer undertaking: If the customer intends to transfer their existing outstanding loan from another bank to Dubai Islamic Bank, they will need to submit a balance transfer undertaking. This document will outline the details of the current loan and authorize the bank to initiate the transfer process.
  • Two recent passport-size photographs: Two recent passport-size photographs of the applicant will be required. These photographs should meet the specified requirements of size, background color, and clarity.
  • Copy of CNIC: A copy of the applicant’s Computerized National Identity Card (CNIC) must be provided. This document serves as proof of identity and helps establish the applicant’s legal status in Pakistan.
  • All other relevant documents: In addition to the aforementioned documents, Dubai Islamic Bank may request additional supporting documents, such as:
    • Proof of income: Salary slips, employment contracts, or bank statements demonstrating the applicant’s income.
    • Proof of residence: Utility bills or rental agreement confirming the applicant’s residential address.
    • Bank statements: Statements from the applicant’s bank accounts to assess financial stability.
    • Employment verification: Letter from the employer verifying the applicant’s employment status and income.
    • Any other documents deemed necessary by the bank to evaluate the loan application.

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Dubai Islamic Bank Personal Loan Key Features

Dubai-Islamic-Bank-Personal-Loan-Features
Dubai-Islamic-Bank-Personal-Loan-Features

  • 100% Shari’a Compliant: Dubai Islamic Bank ensures that its personal loan offerings are fully compliant with Shari’a principles. This means that the loan structure and terms adhere to Islamic financing guidelines, providing customers with financial solutions that are in line with their religious beliefs.
  • Riba Free: As an Islamic bank, Dubai Islamic Bank operates on the principle of avoiding interest-based transactions (riba). This ensures that the personal loan is free from any interest charges, making it a more ethical and compliant financing option for customers.
  • Lower rates: Dubai Islamic Bank offers competitive and lower rates on its personal loans compared to conventional banks. This helps borrowers save on interest expenses, making the loan more affordable and cost-effective.
  • Financing limit: The personal loan provided by Dubai Islamic Bank has a financing limit ranging from PKR 50,000 to PKR 2 Million. This range allows borrowers to meet their diverse financial needs, whether it’s for small expenses or larger investments.
  • Tenor: The loan tenor, or repayment period, ranges from 6 months to 60 months. This flexible repayment term allows borrowers to choose a duration that suits their financial capabilities and ensures manageable installments.
  • Free processing of application: Dubai Islamic Bank offers the benefit of free processing for personal loan applications. This means that customers do not have to bear any additional charges or fees during the loan application process, making it more convenient and cost-effective.
  • Monthly installments: The personal loan from Dubai Islamic Bank is repaid through monthly installments. This structured repayment approach helps borrowers manage their finances effectively by spreading the loan repayment over a fixed period, making it easier to budget and plan their expenses.

These key features highlight the distinct advantages of Dubai Islamic Bank’s personal loan, emphasizing its compliance with Shari’a principles, competitive rates, flexible financing options, and customer-friendly terms and conditions.

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Dubai Islamic Bank Personal Loan Apply

Dubai-Islamic-Bank-Personal-Loan-Apply
Dubai-Islamic-Bank-Personal-Loan-Apply

Step-by-Step Guide to Applying for a Dubai Islamic Bank Personal Loan:

  • Approach the Bank: As a customer with personal financial needs, you can approach Dubai Islamic Bank to inquire about their personal loan offerings. Visit the nearest branch or explore their official website to gather information about the loan products, eligibility criteria, and required documentation.
  • Credit Approvals: Once you decide to proceed with the personal loan application, the bank will conduct the necessary credit approvals. This involves evaluating your creditworthiness based on factors such as income, employment status, credit history, and other relevant factors.
  • Purchase of Specified Goods: In line with Islamic financing principles, Dubai Islamic Bank will purchase the specified goods on your behalf. These goods will be identified by the bank based on your personal needs and the loan amount approved.
  • Possession by the Bank: After the purchase, the bank takes possession of the goods. This step ensures that the bank has ownership of the goods, aligning with the Islamic financing concept of the bank owning the assets before selling them to the customer.
  • Sale to the Customer: The bank then sells the goods to you, the customer. The selling price is determined based on the agreed-upon terms and conditions, including the repayment schedule and any applicable profit margin determined by the bank.
  • Transfer of Goods: The goods are transferred to you, the buyer, through a Delivery Order (DO) or Delivery Challan (DC). This legal document confirms the transfer of ownership and possession of the goods from the bank to you.

By following these steps, you can apply for a Dubai Islamic Bank personal loan that adheres to Islamic financing principles.

It involves the bank’s purchase and subsequent sale of specified goods, ensuring compliance with Shari’a guidelines while meeting your personal financial requirements.

Note that the specific details and processes may vary based on the bank’s policies and individual loan agreements.

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Dubai Islamic Bank Personal Loan Calculator

Dubai-Islamic-Bank-Personal-Loan-Calculator
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. This should reflect the amount you earn on a monthly basis.
  • Specify the desired loan amount: Enter the loan amount you wish to borrow from Dubai Islamic Bank. This is the total amount you need for your personal financing requirements.
  • Set the allowed financing tenure: Determine the preferred loan tenure in months. This refers to the duration over which you would like to repay the loan. Enter the desired number of months.
  • Press “Calculate”: Once you have provided all the necessary information, click on the “Calculate” button or similar option available on the webpage. This will initiate the calculation process.
  • 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. The result will typically be displayed on the webpage, giving you an indication of the maximum loan amount that may be available to you.

Note that the accuracy of the calculated financing limit may vary based on the information provided and the specific criteria used by Dubai Islamic Bank.

The personal loan calculator serves as a helpful tool to give you an estimate, but the final financing limit and terms will be determined by the bank’s assessment and approval process.

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 personal loans.

The profit rate applied to Dubai Islamic Bank’s personal 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.

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Dubai Islamic Bank Personal Loan Contact Number | Dubai Islamic Bank Helpline

Dubai-Islamic-Bank-Personal-Loan-Contact-Number
Dubai-Islamic-Bank-Personal-Loan-Contact-Number

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, making them a suitable financing option for individuals who prefer Islamic banking practices.
  • Competitive Profit Rates: Dubai Islamic Bank offers competitive profit rates on its personal loans, which can be lower than conventional interest rates. This can result in potential cost savings for borrowers.
  • Flexible Financing: Dubai Islamic Bank provides a range of financing amounts, allowing borrowers to meet their diverse financial needs. This flexibility enables individuals to borrow an amount that aligns with their requirements.
  • Convenient Repayment Terms: Dubai Islamic Bank offers flexible repayment tenures, ranging from several months to multiple years. This allows borrowers to choose a repayment period that suits their financial situation and capacity.
  • Quick and Convenient Application Process: Dubai Islamic Bank streamlines its personal loan application process to ensure efficiency and convenience for customers. This may include online applications, minimal documentation requirements, and fast processing times.

Cons Of Dubai Islamic Bank Personal Loan

  • Eligibility Criteria: Like any loan, Dubai Islamic Bank’s personal loans come with specific eligibility criteria, such as income requirements and employment stability. Some individuals may find it challenging to meet these criteria and may not qualify for the loan.
  • Limited Reach: Dubai Islamic Bank operates primarily in the United Arab Emirates and certain other regions. If you are outside the bank’s operational area, you may not be able to access their personal loan products.
  • 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, late payment fees, or early repayment fees. It’s essential to review and understand these fees before committing to the loan.
  • Limited Flexibility in Investment Choices: As part of Shariah compliance, Dubai Islamic Bank may restrict the use of personal loan funds for specific purposes. This means borrowers may have limited flexibility in how they can utilize the loan amount.
  • Market Volatility: The profit rates on Dubai Islamic Bank’s personal loans may fluctuate based on market conditions and economic factors. This can impact the overall cost of borrowing, making it important to consider potential changes in profit rates during the loan tenure.

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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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