money

UAE bank increases loan limits to nearly Dh200,000 for average earners

UAE bank increases loan limit to 20 times monthly salary and those earning less than Dh10,000 can borrow

15:47 April 4, 2018
After going through a challenging 2016

Dubai: A UAE-based bank is increasing the loan limits for first-time and existing borrowers, allowing a number of average-income earners to get financial assistance of nearly Dh200,000.

Emirates Islamic announced on Wednesday that it is now allowing residents to borrow up to 20 times their monthly income.

The new product offering is valid until May 8, 2018, and those who earn at least Dh7,500 can sign up for a loan.

That means those earning below Dh10,000 a month can take home between Dh150,000 to nearly Dh200,000.

The offer is open to existing customers who wish to top-up their loans, residents who are looking to transfer their finance to Emirates Islamic and first-time borrowers.

According to Wasim Saifi, deputy CEO for consumer banking and wealth management at Emirates Islamic, there is usually a high demand for loans during Ramadan or summer season.

“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,” Saifi said.