DIB, or Dubai Islamic Bank, is a leading Islamic bank based in Dubai, United Arab Emirates. It offers a range of financial products and services, including personal loans.
DIB personal loans are designed to help individuals meet their financial needs and goals. They offer competitive interest rates and flexible repayment options, making them a convenient and affordable way to borrow money.
A personal loan facility is a fundamental facility of a bank that is serving the clients in every bank and every country. A personal loan can be a need of anyone, some want to pay their bills, and others are worried about paying rent. So everyone can apply for a loan in several banks to defeat various problems.
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UAE has a large number of banks that delivered their best personal loan services. Dubai Islamic Bank is a top-listed bank in UAE that is providing personal loans without taking interest. DIB personal loan was established on Islamic rules that are equally accessible for everyone. you can search for the fatwa on the DIB website given by a Shariah board chairman and head.
“Riba” is a term related to Islamic banking system that means access, additional and extra. In a simple banking system, this word is representing interest. When you see a word in Islamic banking “Riba free loan” it means, you can obtain an interest-free loan there. The basic two types of Riba are suggested by Muslim scholars.
1: Riba al-Nasiyah: This form of Riba is used for loan contracts.
2: Riba al Fadal: This second form is used in sale and exchange contracts.
Different reasons for different loans
You can obtain an Emirate loan for different objectives. If you want to get a loan for a business, you can apply for a business loan with various investment and enhancement plans. If you want to get married and you need a cash instantly for this purpose. So, the DIB has a good package for you and you’re future relevant to the finest loan hub. DIB is providing personal loan services for family members, for study ambitions, and health problems. You can also repay your other loans, debts, and bills by getting a loan from this bank.
Comparison with Other Banks
UAE banks provide personal loan without any property documents. Most banks are providing loans on a minimum salary of AED 5,000, but DIB is providing loans on a 3,000 salary. DBI is offering personal loan without the highest interest, all features are affordable for salaried persons. Some banks in UAE offer only home loan or personal loan services, but DIB is providing all types of loans. You can apply for a business loan on easy terms and you can also get loans for a home as a home loan. You can obtain auto loan service also to get branded car of your own choice. This bank is with you like your parents or like an elder brother to help you out in every condition.
Other categories of loans vs personal loan
DIB is offering a home loan at a Riba-free and with a long tenure but a home loan will be not accessible at the age of 65. This bank is providing home loan based on mashariqa with the tenure of 20 years and the installments are also easy. This bank is giving an auto finance service also with DIB personal loan service via easy terms and conditions. Low Takafal rates are provided by this bank and you can purchase a new and old car with that loan. Two persons can also apply at a time for car finance, this term is called income clubbing. Bank and client both are considered owners of a car at the time of the car delivery. Car financing is also Riba free and a payment plan is from 1 to 7 years.
Minimum Salary Required for personal loan
For a personal loan in UAE, all banks work with certain criteria including minimum salary. But DIB is offering without interest and at the best minimum salary. In this bank minimum salary demand is about AED 3,000 with a flexible time of 48 months. The minimum tenure is 6 months and the maximum tenure is 5 years.
Features of Personal Loan
- This loan is 100% according to Sharia and you can apply easily without any complication and difficulty.
- It is Riba free loan and you can fulfill your emergency problems at the main time.
- The minimum tenure is about 6 months and the maximum period is 60 months, which will be equal to 5 years.
- The loan will be divided into equal installments according to the total tenure and your salary.
- Installment packages are affordable for a low-salaried person also.
- The minimum age limit will start from 21 years and it will be ended up with 60 years for DIB personal loan.
- If you want to apply for any loan you must have an Emirates ID and a photocopy of your visa and passport.
- You also need passport-size 2 photographs.
- Businessmen can also apply with their trade license and experience letter.
- You should have a bank statement also while applying for any type of loan.