A friend of mine asked me if I know anything about the Samba personal loan interest rate currently in UAE. He wants to get a personal loan from them and probably without a salary transfer. I promised to give him a reply when I do my research on the question.
Hence, this article on the Samba personal loan which I will later send across to him. So before you go ahead with the loan application, please take your time to go through this interest rate review as it would help you greatly to make a good financial decision.
The majority of the workers in Dubai are always interested in getting personal loans from Samba bank due to some of the nice benefits that it offers. Basically, the personal loan from samba does not attract any interest rate on the principal sum borrowed.
Meanwhile, you get to pay what is called a profit interest rate. This is because Samba bank is an Islamic Compliant bank. The major theory of the Islamic Banks is the fact that they do not charge you for money borrowed but for the profit earned. We will explain further in this article.
How the Samba Personal Loan Interest Rate is Calculated
Basically, there is no available samba personal loan calculator to determine the profit interest rate on an estimate. However, you can take advantage of other online personal loan calculators to get the estimate. There are certain factors that Samba considers in determining the interest rate. They are as follows;
Credit score: A credit score is a numerical representation of your creditworthiness to a lender. The figure is calculated from your previous loan and how quickly you paid it off without defaulting. A high credit score gives you a lower interest rate while a low credit score which is not good gives you a high-interest rate.
The Loan amount: The amount you intend to get a loan during your application has a slight effect on the interest rate. So you need to really make sure that you need that exact amount that you are applying.
The Repayment Term: This is also called the loan tenor. How long are you going to take to start paying back? Are you going for a shorter term (1-4 years) or a longer-term (5-10 years)?
Salary Earnings: Samba will check if you are employed or not. If you are employed, how much you earn will also be checked. All these factors affect the rate at which your samba personal loan will be approved.
When my friend asked me the question about a samba personal loan, he was particularly interested in the benefits of the loan and some of its important features. So they are some juicy benefits associated with Samba personal loans both with salary transfer and without salary transfer.
Samba Personal Loan Interest Rate Benefits
|
Category |
Samba personal loan (Salary Transfer) |
Samba Personal Loan (Non-salary Transfer) |
|
Salary Transfer |
Yes |
N/A |
|
Early Settlement |
Yes, 1% of the settlement amount |
N/A |
|
Cashback |
No |
No |
|
Free Credit Card |
Yes |
Yes |
|
Free Personalized Cheque Book |
Yes |
Yes |
|
Free Insurance |
No |
No |
|
Introductory Offers |
No |
No |
|
Phone Banking |
Yes |
No |
- Loans up to 20 times your salary
- Loan amounts of up to AED 600,000
- Convenient repayment periods of up to 48 months
- Attractive interest rates
- Automatic eligibility for a Samba Credit Card
- No collateral or guarantor required
- Life insurance up to loan amount
- Samba’s personal loan is unsecured. No collateral is needed.
Read More: Sharjah Islamic Bank Personal Loan -Requirements, Eligibility, Profit Rates
Samba Dubai Personal Loan Salary Requirements/Eligibility
|
Category |
Max. Loan Amount |
Tenor |
Minimum Salary |
Interest Rate |
|
Salary Transfer Personal Loan |
AED 600000 |
48 months |
AED 5000 |
9.00% |
|
Non-Salary Transfer Personal Loan |
AED 125000 |
48 months |
AED 10000 |
N/A |
*Disclaimer: Interest rates are subject to change
Documents required for Samba Personal Loan Application
- A valid Emirates
- Passport of the Samba personal loan
- Residence Visa (For expatriate applicants only).
- Post-dated cheques for the monthly Samba personal finance obligation
How to Apply for Samba Non-Salary Transfer Loan
Documentation required:
- Copy of valid passport (with valid residence visa for expatriates)
- Proof of income
- Copy of valid Emirates ID
Go to the application page using this link and fill out the application form
How to Apply for Samba Salary Transfer Loan
Documentation required:
- Copy of valid passport (with valid residence visa for non-UAE nationals)
- Proof of income
- Copy of valid Emirates ID
Visit the application page and fill out the form
Samba Personal Loan Minimum Salary
The minimum salary requirement for the salary transfer loan is AED 5000. The salary requirement for the non-salary transfer loan is AED 10000.
What is the Samba Personal loan Processing Fee?
Samba charges you a 1% fee of the total sum borrowed and it’s restricted to AED 500 and AED 2,500.