Personal Finance for Liability Takeover
| Islamic Finance | Yes |
| Minimum Salary | AED 5,000 |
| Minimum Age | 21 years |
| Maximum Age | 60 years |
| UAE Nationals Eligible | Yes |
| Expatriates Eligible | Yes |
| Salaried Eligible | Yes |
| Self-Employed Eligible | No |
| Salary Transfer Required | Yes |
| Employment Criteria | Applicants must provide evidence of liabilities with other banks and valid income proof. |
| Minimum Loan Amount | AED 15,000.00 |
| Maximum Loan Amount | AED 300,000.00 |
| Minimum Loan Tenure | 12 months |
| Maximum Loan Tenure | 60 months |
| Flat Interest Rate: | 3.50% - Slightly higher fixed profit rate reflecting takeover risks. |
| Reducing Interest Rate: | 6.00% - Reducing profit rate adjusted for liability consolidation. |
| Processing Fee: | 1.00% - Standard 1% fee as per documentation requirements. |
| Early Settlement Fee: | 1.00% - 1% fee on outstanding principal for early settlement. |
| Late Payment Fee: | 1.00% - 1% late payment fee on installment amounts. |
| Insurance Fee: | 0.63% - Takaful fee estimated at 0.63% on the finance amount. |
Required Documents
Emirates ID, salary certificate, bank statements, and liability details from previous bank(s).
Promotions
May include special rates for customers transferring liabilities.
Additional Benefits
Helps consolidate debt from multiple banks under one facility.
Features:
Structured to facilitate takeover of liabilities using Islamic financing principles.
General Notes
Subject to enhanced credit assessment and regulatory guidelines.
