Commercial Bank of Dubai (CBD) offer a wide range of personal loan solutions to help you achieve your financial goals. Whether you are a UAE national or an expat, CBD Personal Loan has you covered. In this article, we will explain the details of Commercial Bank of Dubai Personal Loan, its top features, eligibility criteria, required documents, and much more.
Benefits of CBD Personal Loan
- Competitive Interest Rates: One of the standout features of CBD Personal Loan is its competitive interest rates.
- High Loan Amounts: CBD goes the extra mile to accommodate your financial needs. For UAE Nationals, CBD offers high loan amounts of up to AED 2.5 million, while expats can avail loans of up to AED 750,000.
- Flexible Repayments: The beauty of CBD Personal Loan lies in its flexibility. You can tailor your repayment period according to your convenience, with options extending up to 48 months.
- No Minimum Balance: CBD understands the importance of accessibility. To make banking even more convenient for you, they waive the minimum balance requirement for the Current Account associated with your Personal Loan. This means you can enjoy all the perks without the burden of maintaining a specific balance.
Features of Commercial Bank of Dubai Personal Loan
- High Loan Amounts for UAE Nationals and Residents: CBD offers generous loan amounts for both UAE nationals and residents, ensuring that your financial requirements are met adequately.
- Competitive Interest Rates: CBD’s commitment to competitive interest rates sets it apart as a preferred choice for personal loans.
- Flexible Repayment Period: With repayment periods of up to 48 months, you can plan your finances with ease.
- Current Account with Minimum Balance Requirement Waived: Enjoy hassle-free banking with no minimum balance obligation.
- Top-Up of Existing CBD Personal Loan: Need more funds? CBD allows you to top up your existing Personal Loan.
- Buy-Out or Transfer of Personal Loan: CBD facilitates the buy-out or transfer of your Personal Loan from other banks, with or without topping up the loan amount.
- Free Debit Card: Get a complimentary Debit Card for your purchases and withdrawals.
- Deferment Facility: Life can be unpredictable, and CBD understands that. They offer a deferment facility to ease your financial burden during challenging times.
CBD Personal Loan Eligibility Criteria
To be eligible for a CBD Personal Loan, you need to meet the following criteria:
- If you are a UAE National, you should be aged between 21 and 65 years at the loan maturity. Expatriates should be aged between 21 and 60 years at the loan maturity.
- You should be a confirmed employee or have a minimum length of service of six months with a CBD approved employer.
- Your total monthly income/salary should start from AED 8,000.
CBD Personal Loan Documents Required
To kickstart your journey to financial freedom with CBD Personal Loan, you’ll need the following documents:
- Application form and loan agreement
- National ID, valid passport, residence visa, and Emirates ID
- Original 3 months bank statement for new customers
- Salary transfer letter
Fess and Charges on CBD Personal Loan
Before starting your personal loan journey, it is crucial to be aware of the associated costs. CBD is transparent about its fees, ensuring that you have a clear picture of what to expect.
- Processing Fee: A 1% flat fee of the loan amount applies (VAT is applicable), with a minimum of AED 525 and a maximum of AED 2,625.
- Interest on Loan: The interest rate is determined as per CBD’s credit policy for personal loans.
- Part-Payment from Own Sources: A 1% fee applies (VAT is applicable), with a maximum of AED 10,500.
- Part-Payment from Other Bank: Similar to part-payment from own sources, a 1% fee applies (VAT is applicable), with a maximum of AED 10,500.
- Early Settlement from Own Source: You’ll encounter a 1% fee (VAT is applicable), with a maximum of AED 10,500.
- Early Settlement from Other Bank: If you choose to settle early, you’ll pay either 1% of the remaining balance (VAT is applicable) or AED 10,500, whichever is lower.
- Life Insurance: This amounts to 0.82% of the loan amount.
- Postponement Request: AED 105.
- Re-Scheduling of Loan: AED 262.50.
- Loan Cancellation Fee: AED 105.
- Final Settlement from Other Sources/End of Service Benefits: A 1% fee (VAT is applicable), with a maximum of AED 10,500.
- Late Payment Penal Interest Charges: These are capped at a maximum of AED 200.
- Issuance of Liability Letter to Other Banks: AED 63.
FAQ
How can I apply for a CBD Personal Loan?
To apply for a CBD Personal Loan, you can visit your nearest CBD branch or apply online through their website.
What is the maximum loan amount I can get as a UAE national?
As a UAE national, you can avail a maximum loan amount of AED 2.5 million through CBD Personal Loan.
Can I transfer my Personal Loan from another bank to CBD?
Yes, CBD allows you to buy out or transfer your Personal Loan from other banks, with or without topping up the loan amount.
Related Topics: