Al Hilal Bank Personal Loan

The Al Hilal personal loan can be obtained by individuals in the UAE to meet any personal financial requirements. The Al Hilal Bank operates as the Islamic finance partner for customers post its 2019 merger with the Abu Dhabi Commercial Bank. The bank offers personal finance solutions compliant with Shari’ah financing regulations, following Murabaha using a Tawarruq agreement. 

The Al Hilal Bank personal loans are unsecured, which ensures individuals can get financing to meet emergencies without worrying about collateral. You can use the approved funds for any financial requirement, ranging from emergencies to planning travel.

Al Hilal Bank Personal Loan - Key Features

As an Islamic finance partner, Al Hilal Bank offers personal loans without interest charges. Instead, the Islamic finance concept of Murabaha is applied, where the bank buys the commodity you want to purchase on your behalf and sells it back to you at an agreed-upon price, which includes a profit margin for the bank. This is why Islamic finance loans generally do not refer to interest rates; instead, the term profit rate is more commonly used.

Al Hilal Bank Personal Loan Eligibility

The eligibility criteria for Al Hilal Bank personal loans are available for you on the official website. However, if you need more information, you can visit the nearest branch or call their officials through the contact numbers mentioned on their website for clearing your doubts and further information. To be eligible for Al Hilal Bank Personal Loans, you need the following:

• Minimum Salary: AED 5,000
• Nationality: Both UAE Nationals and Expatriates can apply for personal loans at Al Hilal Bank

Note that the bank may need additional documents to determine your eligibility, which will be provided to you once you apply for the personal loan.

Al Hilal Bank Personal Loan Requirements

The Al Hilal Bank Personal loan requirements are distinct for each type of loan. The document requirements for each of the two types of loans are listed in the table below.

Settlement of Liabilities Financing	Cash Personal Finance
Copy of a valid passport Residence VISA page (applicable for Expats) Last 6 months’ bank statement Liability letter (from the bank)	Copy of a valid passport Residence VISA page (applicable for Expats) Last 6 months’ bank statement

Note: If any other documents are required after the submission of the mentioned required documents, according to the policies and procedures of the Al Hilal Bank, the officials at the bank will inform you of the same.

Al Hilal Bank Loan Calculator

If you want to get a quick peek at an indicative monthly instalment for a loan that you may avail from the Al Hilal bank, you can do so by using their loan calculator. This tool allows you to quickly check the indicative monthly instalment for your borrowing based on a predefined Al Hilal Bank personal loan interest rate. 

The final monthly instalment is subject to change, despite the calculator’s information, as the bank may not offer you the loan on the same profit rate as displayed on the Al Hilal Bank loan calculator. The following steps detail how to use the Al Hilal personal loan calculator on the bank’s official website.

Step 1: Visit the Al Hilal Bank official website
Step 2: Open the menu from the top left corner of your screen and click on the ‘Personal Finance’ option under the ‘Finance’ section
Step 3: Scroll down on the loan product information page till you find the loan calculator 
Step 4: Use the slider to choose your desired loan amount
Step 5: Use the slider to choose your desired loan tenure
Step 6: Your indicative monthly instalment will be displayed on the right

Fees of Al Hilal Bank Loan

For all the personal finance products at Al Hilal Bank, here is a table containing the charges applicable to all types of personal loans.

Fee Type	Charges
Issuance of Letter of Guarantee	Free
Processing & Documentation Fee	1.05% of finance amount (Minimum AED 525, Maximum AED 2,625)
Application Cancellation Fee (before signing the Agreement)	Free
Life Takaful fee (per month)	0.0146475% of the Outstanding Finance Amount
Instalment Postponement Administrative Fees	Free
Liability Letter	AED 63
Partial Payments	Free
Early Settlement Fee	1% of the outstanding Murabaha cost (Maximum AED 10,000)
Advance payments of instalments	Free
No Liability Certificate	Free
Replacement of existing Post Dated cheques or Standing Instructions with UAE Direct Debit Authority (DDA)	Free
Late Payment Amount (For each missed Instalment, payable to charity)	AED 200

How To Contact Al Hilal Bank for Personal Loans?

Al Hilal Bank has a robust presence across the UAE with branches in Dubai, Abu Dhabi, and Al Ain.

• You can visit the bank branches to learn more about the personal loan and even apply for it. 
• You can call the Al Hilal Bank helpline number at 600 522 229
• Connect via the Al Hilal Bank mobile app

Terms and Conditions of Al Hilal Bank Personal Loan

The Al Hilal Bank personal loan terms and conditions are described in detail in the loan agreement offered to you upon application approval. The general terms and conditions for personal loans at the Al Hilal Bank are described in the following list.

• As the Al Hilal Bank offers Shari’ah-compliant personal loans under the Murabaha structure, you must waive your Cooling-off period offered on loans by the Consumer Protection Regulations. You must sign a Cooling-off waiver form before loan disbursal.
• The Al Hilal Bank requires you to get Takaful coverage for your personal loans from regulated companies on their approved list of providers. The Takaful coverage covers the payment of any outstanding principal on your personal loan in case of your untimely death or permanent disability.
• In case of failure to pay loan instalments, the Al Hilal Bank will levy an AED 200 commitment to donate charge to the next monthly instalment, until the deferred monthly instalment is paid. In case you are unable to pay off the loan completely, the bank may pursue legal action against you.

Frequently Asked Questions (FAQs)