Imagine a chance that can change your life, offering you the money you need to achieve your dreams. Whether you want to continue your education, renovate your home, or combine your debts, Aafaq Finance Personal Loan is one of the best options in UAE. It provides a Sharia-compliant, flexible, and easy-to-use solution for various personal needs. This guide explores the features, eligibility criteria, application process, and benefits of Aafaq Finance Personal Loan in UAE.
Overview:
Aafaq Islamic Finance started in 2006, is a financial company in the UAE offering Sharia-compliant products and services. It was created to provide individuals and businesses with ethical and innovative financial solutions. Aafaq’s services include personal finance, corporate finance, and investment opportunities. They focus on high-quality services that follow Islamic banking rules, ensuring transparency and customer satisfaction. With their wide network and expertise, Aafaq is a reliable choice for your financial needs.
Aafaq Finance Personal Loan Benefits:
Here are the key benefits and features of Aafaq Finance personal loan in UAE:
- Sharia-compliant: Aafaq Finance makes sure all its products, including personal loans, follow Islamic banking rules.
- Min Finance Amount & Tenure: AED 15,000/- with a maximum tenure of up to 4 years for individuals.
- Competitive Profit Rates: Provides competitive rates to make repayment easier.
- Quick Processing: The application process is quick, with fast approval and disbursement.
- No Salary Transfer Required: You can get funding without needing to transfer your salary.
Aafaq Finance Personal Loan Requirements:
To apply for an Aafaq Finance Personal Loan, applicants need to have to fulfil certain requirements and provide the required documents. Here are the main requirements:
- Emirates ID
- Passport and Visa Copy (for expatriates)
- Salary Certificate
- Bank Statements (last 3-6 months)
- Completed Application Form
Aafaq Finance Personal Loan Eligibility:
To be eligible for an Aafaq Finance Personal Loan, applicants usually need to meet these criteria:
- Age: Between 21 and 65 years old.
- Employment Status: Must have a minimum monthly salary of AED 5,000.
- Credit History: Must have a good credit standing.
- Nationality: Open to UAE nationals and expatriates.
Aafaq Finance Personal Loan Charges:
| Description | Fee and Charges Amount Details |
| Applicable fixed profit rate | 5.00% p.a to 15% p.a fixed rate (9.15% p.a to 27.5% p.a in reducing financing) Maximum financing tenure up to 4 years |
| Profit rate (reducing) | 5.00% p.aFinance balance at the beginning of the month x profit rate /12 x 100Profit charged at the beginning of the month = AED 100,000 x 5.00% / 12 x 100 = AED 417 |
| Applicable due diligence/processing fee | Minimum AED 500 – Maximum AED 2,500(All processing fees are calculated based on actual expenses)If the total financing amount/ lease amount is AED 100,000, then the Processing Fee calculation will be as follows: 100,000 x 1% = AED 1000 (Min AED 500 – Max AED 2,500) |
| Applicable late payment undertaking to donate | 4% per annum applied to the unpaid sum (Maximum AED 200)The amount will be routed to the designated charity through Aafaq as per Sharia guidelinesIf the total outstanding is AED 100,000, then the Late Payment Fee calculation will be as follows: 100,000 x 4% / 12 = AED 333.30 |
| Applicable documentation coordination/credit appraisal fee/deferment/postponement fee | Deferment of Installment AED 100A maximum of 2 deferments per finance year are permissible, subject to the conditions below.The customer should not be delinquent on any of his/her facilities at the time of deferment request.No back-to-back deferment allowed; at least 2 instalments should be paid between deferrals. For new finance, a minimum of 6 instalments should be paid before the first deferment.In case of customers’ requests to defer an instalment, the finance company needs to process the Deferral request, where some documentation coordination and credit appraisal will be involved, and the finance company will charge a processing fee to the customer for these services throughout the Murabaha tenor; the customer is allowed to postpone up to (2) instalments |
| Applicable early settlement charges | 1% of the outstanding balance (Maximum AED 10,000/-)If the total outstanding is AED 79,000, then the calculation of the early settlement fee will be as follows: AED 79000 x 1.0% = AED 790.00 |
| Liability Letter (LL) issued to Govt. Depts., Embassies, Banks/Financial Institutions etc. | AED 60/- |
| Release Letter (Clearance Letters) | AED 50/- |
| Finance Cancellation Fee | AED 100/- |
| Finance (Loan) copy, issuing redemption statements, audit confirmation, etc. | AED 25/- |
Aafaq Finance Personal Loan Interest Rate:
Aafaq Finance offers personal loans with 5% to 15% profit rates per annum. The exact rate for each borrower depends on factors like the loan amount, repayment period, and the borrower’s credit profile. These competitive rates help borrowers find a suitable financial solution that matches their ability to repay while following Sharia-compliant rules.
Aafaq Finance Personal Loan Apply Online:
Here’s how you can apply for the Aafaq Finance personal loan online in UAE:
Step 1: Visit the official website of Aafaq Finance.
Step 2: Click on “Apply Now”.
Step 3: Provide details such as your full name, phone number, email address, and monthly income.
Step 4: Choose the loan type from drop-down.
Step 5: Clear the captcha given below.
Step 6: Click “Submit”.
Aafaq Finance Personal Loan Calculator
Aafaq Finance offers an online personal loan calculator to help you know your monthly payments and total repayment amount. You can instantly enter the loan amount, profit rate, and repayment period to see your monthly instalments and total loan cost. This tool helps you plan and manage your finances easily.
How to Use the Aafaq Finance Personal Loan Calculator?
- Visit the Website: Go to the Aafaq Finance Personal Loan Calculator page.
- Enter Loan Amount: Input the amount you want to borrow.
- Select Tenure: Choose the repayment period (up to 4 years).
- Input Profit Rate: Enter the profit rate (3% to 36%).
- View Results: You can see the monthly instalment amount on the right side of the calculator.
Final Takeaway:
Aafaq Finance Personal Loan in UAE is a flexible, easy-to-use financial product that follows Islamic banking rules. It helps with various personal needs, offering flexible repayment terms, competitive profit rates, and quick processing times. To make your application smooth, ensure you meet the eligibility and have the documents ready.
Frequently Asked Questions (FAQs):
Q. How to increase your Aafaq Credit limit?
To request a permanent credit limit increase or upgrade from Aafaq Platinum to a higher card product or a Covered Platinum card product, please attach your latest original salary certificate and your last 3 months’ bank or account statements.
Q. What is the minimum salary for an AAFAQ credit card?
The minimum monthly income required for an Aafaq credit card is AED 5,000
