Al Hilal Bank loan requirements shows that A minimum salary requirement of AED 5,000 means that to qualify for a loan from Al Hilal Bank, you must have a monthly salary of at least AED 5,000.
Introduction
Al Hilal Bank offers personal finance loans in the UAE with rates that follow Islamic laws. These loans are designed to help expatriates get the money they need, with different interest rates based on how much they earn and whether they transfer their salary to the bank.
For expatriates whose salary is between AED 7,000 and AED 9,999, the interest rate is 5% if they transfer their salary to Al Hilal Bank. This is a good option for those with lower salaries, making it easier to manage their loan payments.
If the salary is between AED 10,000 and AED 19,999 and is transferred to them, the interest rate is reduced to 4%.
This lower rate helps those in this salary range to pay back their loan more easily. For salaries of AED 20,000 or more, the interest rate is even lower at 3%.
This means that people with higher salaries will benefit from the best rates.
If expatriates cannot transfer their salary to Al Hilal Bank, the interest rates are higher. For salaries between AED 10,000 and AED 14,999, the interest rate is 11%.
This higher rate reflects the extra risk the bank takes without a salary transfer. For salaries between AED 15,000 and AED 29,999, the rate is 10%. And for salaries of AED 30,000 and above, the interest rate is 9%, which is the lowest rate available for non-salary transfers.
Al Hilal Bank’s personal finance options are meant to be flexible and fair, following Islamic financial rules. By offering different rates based on salary and salary transfer, the bank aims to make it easier for expatriates to get loans that fit their financial situation.
Whether or not the salary is transferred to the bank, expatriates can find a loan option that meets their needs.
History and overview
Al Hilal Bank PJSC was founded in 2007. The bank is led by CEO Abdul Shakeel, who works with the Board of Directors to set and follow the bank’s plans.
it is licensed and regulated by the Central Bank of the United Arab Emirates and the Securities and Commodities Authority, with license number 601035. This ensures the bank follows strict rules and standards.
they offers personal loans for many different needs. You can get a loan for things like education, health care, marriage, travel, paying for home rent, buying goods, and services.
This variety helps customers use their loans for important things in their lives.
Since it started, they has been dedicated to following Islamic principles in its financial services. The bank’s strong leadership and regulatory support have helped it become a trusted and reliable choice for people in the UAE. The bank focuses on giving good value to its customers by providing loans that fit their individual needs and goals.
Requirements
Valid passport
A valid passport is a key requirement for obtaining a loan from Al Hilal Bank. It serves as proof of identity and citizenship.
The bank uses it to verify that you are who you claim to be and to confirm your nationality. This is an important step to ensure the legitimacy of the loan application and to meet regulatory and compliance standards.
Minimum salary
A minimum salary requirement of AED 5,000 means that to qualify for a loan from Al Hilal Bank, you must have a monthly salary of at least AED 5,000.
This requirement ensures that you have a stable income and are capable of repaying the loan. It helps the bank assess your financial stability and determine your ability to manage monthly loan payments.
Visa
A residency visa is needed to apply for a loan from Al Hilal Bank. This document proves that you are legally residing in the UAE.
It helps the bank confirm your residency status and ensure you are eligible for financial services in the country. This requirement also helps the bank comply with local regulations and verify your long-term commitment to the UAE.
Bank statement
Latest 6 months’ bank statements are required to show your financial history and current account activity. These statements help Al Hilal Bank assess your income, spending habits, and financial stability.
They provide a clear picture of your financial situation, which the bank uses to evaluate your ability to repay the loan. This requirement helps ensure that you have a reliable financial background.