العربية

Product Information

Personal Loan is a loan that is given to individual customers for fulfilling personal needs, where repayments are made out of salary and end of service indemnity and / or any other verifiable regular income from a well-defined source.

Type of Loan
  • Personal Loan - if you do not have an existing Personal Loan with us.
  • Top-up Loan - additional finance on your existing Personal Loan with us.
Finance Currency
  • AED (United Arab Emirates Dirham)
Limit
  • Up to (20) twenty times the salary or the total income of the borrower, Maximum limit of AED 250,000.00
Maximum Loan Tenor
  • 36 - 48 months
Interest Rates
  • On the basis of reducing balance per annum
Repayment Installments
  • The EMI (Equal Monthly Installment) consists of 2 components: a) Principal portion b) Interest portion.
  • The installment amount must not exceed 50% of the gross salary / income.
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)
Above figures are estimated and used for example only actual calculation may vary +, - based on the disbursement date.

Fees & Charges

Processing Fee [exclusive of VAT]
  • Upfront (upon approval) - Flat 1% of loan amount (Min. AED 500.00 and Max. AED 2,500.00)
  • Min. AED 200.00 if Loan amount equals to AED 10,000.00 or less
  • This is a non-refundable fee, and will not be reimbursed in case you decide to withdraw the loan application.
Late Payment Fee
  • 2% of the overdue amount (Max. AED 200.00) (Only when the monthly repayment is not received in full on its due date)
Overdraft Currency
  • AED (Arab Emirates Dirham)
Partial/Early Settlement Fee
  • 1% of the remaining balance, 10,000.00
Early Settlement Fees (ESF) (For illustration purpose only)
  • For customer having an outstanding Personal Loan of AED 50,000.00 where ESF is defined as 1% + VAT of the settled / outstanding balance to be settled, AED 525.00 shall be charged for processing with early settlement of the Personal Loan. (Max. ESF AED 10,000.00 + Max. VAT of AED 500.00)
  • All charges, commissions and fees mentioned are exclusive of 5% Value Added Tax (VAT). To review the latest Schedule of Charges please visit our website: http://www.banksaderat.ae/
  • If you have any queries, you are unsatisfied with our services or to report fraud / complaint / dispute, please contact our Customer Service on +971 4 6035267 or businesscare@bsi.co.ae

Additional Information

  • Bank may from time to time, and at its sole discretion, change or amend any of the Terms and Conditions pertaining to this product. Such changes will be communicated to you with a 60-day prior notice.
  • In case of a First Payment Date grace period, or a deferment of Installment / EMI, each deferred Installment / EMI will reflect as an increase in the total Loan Tenor with additional months of repayment.
  • In case the monthly salary or benefit is being transferred regularly to any of BSI branches in the UAE, there may be 1% reduction applicable on the related interest rate.
  • The finance amount you are eligible for and the interest rate offered may differ from the sample illustration as shown above. This will depend on your credit profile and affordability assessment done by the Bank.
  • The Bank reserves the right to request for collateral / conditions, including but not limited to security cheques, guarantor, co-signer, salary transfer, etc.

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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