Tag: loan without salary transfer

Personal Finance
Money Mall Team

Dubai Islamic Bank (DIB) – Islamic Personal Finance in Dubai

Dubai Islamic Bank (DIB) is the world’s first full-fledged Islamic bank. It was established in the year 1975 and has now around 32 years of experience in Banking. As of 2006 records, it is the sixth-largest commercial bank and the largest Islamic bank in the UAE in terms of total assets. Dubai Islamic Bank Islamic Personal Finance Let’s have a closer look at the Features of the Dubai Islamic Bank Personal loan. The loan can be used to buy furniture, vehicles, electronics, etc. Dubai Islamic Bank personal loan requirements and Features: Maximum Term: 48 Months Minimum Salary: AED 3000 Islamic Finance: Yes Early Settlement Charges: 0% Salary transfer: Yes, If Salary transfer is not opted for, the person applying for the loan should have a minimum salary of AED6000 to AED8000. Profit Rate 8.82% Early Settlement Charges- 0% Maximum Finance Amount- Up to AED 125,000 Upfront Fee AED 600-The arrangement fee will be a fixed amount between AED600 and AED800 Rate calculation: Reducing/Flat Reducing The Dubai Islamic bank personal loan interest rate is calculated on a reducing basis Dubai Islamic Bank personal loan minimum salary AED 3,000 Major Benefits The customer receives an upfront cash payment and moreover there is no early settlement fee. Documents required for a personal

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Bank News
Money Mall Team

Personal Loans in UAE

Personal Loans in UAE Personal loans today are the preferred means of short term credit in the UAE. People prefer taking personal loans to using their credit cards for large expenditures like travel, purchasing large business assets, meeting expenses like weddings, college tuition, etc. Banks that offer personal loans in the UAE do so on the basis of two types of interest rates – flat rates and reducing rates. Flat rate of interest on a loan refers to when the interest and sum payable is calculated at the start of the repayment schedule, and does not change till the loan has been paid off. For example, A loan of AED 12,000 taken for a period of 12 months, means payments of AED 1,000 every month (without interest). Add to this the flat rate of interest at 5%, which equals AED 1,050 per month (with interest), for 12 months, which adds up to a total interest payment of AED600. Reducing rate of interest on a loan takes into consideration the fact that, after each instalment, the principal amount reduces. The interest percentage (which remains the same) is charged on the reduced amount, every month. Thus resulting in different instalment amounts each

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