Personal Loan
Personal Loan
Loan facility can be availed against Fixed Deposit / Salary Transfer held with BSI-UAE to get an instant access to your funds without having to liquidate your Fixed Deposits.
Features
- Quick approval and simple documentation.
- Available to both salaried and self employed persons.
- Avail loan amount up to value of the Fixed Deposit denominated in AED and held with BSI-UAE.
- Flexible repayment tenor up to 48 months.
- Top-up facility upon 50% repayment of outstanding personal loan availed from BSI-UAE.
- Avail up to 2 EMIS Deferral (additional interest to be charged) per year subject to 6 consecutive installments are paid in full.
- Attractive interest rate, with 1% reduction in case of salary transfer to BSI.
- Third party Cash Collateral acceptable.
Eligibility criteria
- Applicant(s) to have banking relationship with BSI-UAE.
- Minimum age to be 21 years.
- Evidence of regular monthly income/salary.
Documents required
- Fixed deposit to be held and pledged with BSI-UAE.
- Personal Loan Application Form.
- Valid passport, residence visa and Emirates ID.
- Iranian National Card / Shanasnameh in case of Iranian National.
Note:
- Final approval of your loan facility is subject to BSI-UAE credit policies, Complete Documentations and satisfac- tory AECB report. Terms and conditions shall apply.
Sample Illustration (for reference purpose only)
- Loan Amount AED 100,000.00
- Interest Rate ( Per Annum) 13.00%
- Effective Rate” Per Annum 7.46%
- Loan Tenor 48 months
- Total Interest Amount AED 28,771.98 (100,000) * Interest rate (13% reducing basis) * Tenor in Years (4)]
- Fees & Charges AED 1,000.00 Processing Fee (1% of the Loan Amount) AED 50.00 (VAT)
- Total Repayment Amount (including fees & charges) AED 129,821.98 (Total amount repaid over the entire tenor of the loan)
- EMI AED 2,682.75 [Loan Amount (100,000) + Total Interest Amount (28,771.98)] / Tenor in months (48)
Warning:
- You may have to pay penalties if you choose to pay off your personal loan early.
- If you do not meet the repayment / payments on your personal loan on time and in full, your account will go into arrears. This may affect your credit rating, which may limit your ability to request loan facility in future.
- Refinancing your loan facility may take longer to pay off than your previous loan facility and may result in higher interest payments.
- In case you fail to fulfill your obligations as per the product Terms and Conditions, before and during your relationship with us, there will be consequences including, but not limited to penalties and legal actions.
- You are required to provide the Bank with copies of your updated documents at all times (Emirates ID, Passport, Visa, Trade License, etc.). Not providing these documents might result in charges, transactions being restricted, account being blocked, or account being closed.
- BSI is obligated to share customer information with the Government/regulatory authorities as per the Bank’s applicable Terms & Conditions. In case of non-payment of the loan, BSI can allocate a third party to recover the amount.
- The Personal Loan is granted on basis of salary transfer to BSI. You should inform BSI for any change on contact details, change in employment status, etc.
- You have the right to withdraw or cancel the Personal Loan Application within 5 business days from the date of signing thereof which is known as “Cooling-Off Period”. On the 6th business day or 1 day after the expiry of the Cooling-Off Period, you must inform the Bank of your decision to cancel or accept, however by signing the waiver of Personal Loan Cooling Off Period document, you will not be entitled for the right of 5 business days cooling off period.
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