According to recent reports, borrowers and small-time businessmen in UAE are elated by the new step taken by Emirates Islamic Bank. Apparently, the UAE-based bank has its increased the loan limits for first-time and existing borrowers, thereby allowing a number of average-income earners to get financial aid of almost Dh200,000.
The bank also officially announced that it will from now on, allow residents to borrow up to 20 times their monthly income.
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A senior official of the bank said that the new product offering is valid until May 8, 2018, and those who earn at least Dh7,500 can sign up for a loan which means that those who earn below Dh10,000 a month can take get an amount between Dh150,000 to nearly Dh200,000.
The offer is open to existing customers who wish to top-up their loans, residents who are looking to transfer their finance to Emirates Islamic and first-time borrowers.
It must be noted that there is usually a high demand in UAE for loans during Ramadan or summer season. Wasim Saifi, who is the deputy CEO for consumer banking and wealth management at Emirates Islamic, says, “As we approach the holy month of Ramadan and subsequently the summer holiday season, our customers tend to seek a range of financial solutions for their varying needs.”
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