Good news! If you’ve struggled to get a loan in the UAE over the past year, this Dubai-based bank may be the answer to your problems.
Emirates Islamic announced last week that it is temporarily raising the limits on its personal finance products for both first-time and existing borrowers.
As a result, you can now borrow up to 20 times your monthly salary from the bank – so long as you’re credit-worthy.
Indeed, there are a couple of stipulations with this offer. The first is that you need to be earning AED 7,500 per month or more, and the other is, naturally, that you aren’t going over the debt-burden ratio limit set by the UAE Central Bank.
Still, this means that, if you are credit-worthy, and you’re earning, say, AED 10,000 per month, you could potentially be eligible to borrow up to AED 200,000.
Emirates Islamic said that it was creating this offer ahead of Ramadan, one of the busiest times for personal finance applications.
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“As we approach the holy month of Ramadan and subsequently the summer holiday season, our customers tend to seek a range of financial solutions for their varying needs,” said Wasim Saifi, Deputy CEO for Consumer Banking and Wealth Management at Emirates Islamic.
The offer is open until May 8, so you have a month to get your applications in. Click here to compare personal loans!