Are you facing a financial need and considering a personal loan? Dubai Islamic Bank (DIB) offers a Sharia-compliant personal finance option called the DIB Personal Loan.
This article will guide you through everything you need about DIB Personal Loans, including their offers, eligibility requirements, and the documents you’ll need to apply.
Whether you’re consolidating debt, financing a big purchase, or just need some temporary financial assistance, this introduction will help you decide if a DIB Personal Loan is the right fit for you.
What is DIB Personal Loan?
DIB Personal Loans offer financing convenience to meet your needs. UAE Nationals can access loans up to AED 4 million, while Expatriates are eligible for up to AED 2 million. The profit rate starts from a competitive 5.99% per annum reduction.
To ease your financial burden, DIB allows you to delay your first instalment for up to 120 days if you’re a UAE National or 90 days for Expats.
Additionally, UAE Nationals with long-term personal finance options may be eligible for an extended first instalment deferral subject to salary, eligibility, and employer classification under the National Financing Scheme.
DIB Personal Loan Features
DIB Personal Loans cater to a wide range of borrowers with a minimum salary requirement of AED 3,000. You can choose a flexible tenure of up to 48 months to repay your loan comfortably. DIB also boasts a quick processing time to get you the funds you need swiftly.
DIB’s Personal Loan Requirements
- Copy of Passport (with residence visa for expatriates)
- Copy of Emirates ID
- Salary and End of Service Benefit Transfer Letter/Certificate from the employer
- Statement of Account for:
- Minimum 3 months (if salary transferred to another bank)
- Minimum 6 months (for self-employed professionals/businessmen)
- Copy of valid trade license (for self-employed professionals/businessmen only)
Note: The financing follows Islamic principles, avoiding interest (riba). Along with the required documents, you’ll need to sign an Al Etihad Credit Bureau (AECB) consent form, which is mandatory.
Step-by-Step Guide to Apply for a DIB Personal Loan
DIB makes applying for a Personal Loan straightforward. Here’s a step-by-step guide to get you started:
Step 1: Online Application:
Visit the DIB website or click here to be directed to the application page. Once you click the link, you’ll encounter a digital application form.
Step 2: Personal Information:
On the page, fill in the required details, including:
- First Name
- Last Name
- Company Name
- Email Address
- Mobile Number (including the country code)
- Select your employment status: Salaried or Self-Employed.
- Enter your Date of Birth.
Step 3: Financial Information:
Indicate your monthly income in AED by choosing the appropriate range (e.g., 3,000 – 15,000).
Step 4: Submission and Next Steps:
Once you’ve completed all fields, review your information for accuracy. Click “Submit” to initiate the application process.
After submitting, a DIB representative might contact you for further information or to discuss your loan options.
Additional Notes:
Keep your required documents (mentioned earlier) readily available for submission when requested. DIB might require additional information specific to your situation during the application process.
DIB Personal Loan Fees and Charges
Be Aware of Late Payment Consequences:
- Late payment donation: As per your agreement, missing a payment may incur a late payment donation.
- Negative credit impact: Late payments can negatively affect your credit score at the Al Etihad Credit Bureau (AECB), potentially limiting your ability to borrow in the future.
- Collection actions: DIB may take steps to collect outstanding payments, including involving collateral (if applicable), collection fees, and claims on any guarantees provided.
- Legal recourse: In extreme cases, DIB may pursue legal action through the courts to recover the debt.
Remember: Timely repayments are crucial to maintaining a good credit history and avoiding additional costs.
FAQs
What is the minimum salary for a personal loan in DIB bank?
The minimum salary requirement for a DIB Personal Loan starts at AED 3,000.
Can I top up my DIB loan?
Yes! DIB allows you to top up your existing Personal Finance for additional funds. This option combines your finances into one, offering fast processing, competitive rates, and a delayed first instalment (up to 120 days for UAE Nationals).
How can I check the status of my DIB personal loan application?
You can conveniently check your application status through DIB’s net banking portal. Simply log in, navigate to the loan section, and locate your personal loan application. There, you’ll find all the details, including the current status.
How to get an easy loan in Dubai?
Getting a personal loan in Dubai requires research and preparation. Focus on banks where you meet eligibility requirements, compare offers, and ensure you can comfortably repay the loan before applying.
