Bank of Sharjah Personal Loan

Minimum Salary
5.000,00 د.إ

Flat Rate
2.75%

Reducing Rate
AED 4.99%

Maximum Term
4 Years

Monthly Payment
AED 1,950

Description

Bank of Sharjah offers fixed-rate personal loans at competitive rates starting from 10.00% p.a., with flexible tenures up to 48 months, transparent fees, and features such as instalment deferrals, salary transfer mandates, and optional insurance, making it suitable for salaried UAE residents seeking predictable repayments and swift disbursement.

Features

Interest Rates and Loan Amounts

Bank of Sharjah’s personal loans are offered at fixed rates determined by credit profile and tenure:

Rate Range:00% to 15.00% p.a. (VAT not applicable).
Loan Amount: AED 15,000 up to AED 1,000,000 (or as approved by the Bank).
Tenure: 12 to 48 months.

Eligibility Criteria

To qualify for a Bank of Sharjah personal loan, applicants must:

Be UAE-based salaried employees.
Be aged between 21 and 65 years at application.
Have a minimum monthly salary of AED 5,000.
Mandatorily transfer salary to a Bank of Sharjah account.
Maintain satisfactory credit history with Al Etihad Credit Bureau.

Detailed Schedule of Fees and Charges

Fee Type	Charge
Processing Fee	1.00% of loan amount (exclusive of VAT); Min AED 500, Max AED 2,500
Early/Partial Settlement	1.00% of partial payment (exclusive of VAT); allowed after 3 months from disbursement
Instalment Deferral/Postponement	AED 250 per deferment (exclusive of VAT: VAT AED 12.50)
Late Payment Fee	AED 200 per overdue instalment (exclusive of VAT: VAT AED 10.00)
Cooling-Off Period Cancellation	Refund of all costs/charges incurred during the 5-business-day cooling-off period
Duplicate Statement	As per standard bank charges
Credit Life Insurance (optional)	Premiums and underwriting fees apply
Insurance-Linked Fees for Loans ≥ AED 1M	Medical examination fees payable to insurer before disbursement

Documents Required

Documents Required

Applicants need to submit:

Duly completed personal loan application form.
Passport copy (and valid UAE residence visa for expats).
Emirates ID copy.
Latest salary certificate or salary transfer letter in the Bank’s approved format.
Last three months’ bank statements (if salary not yet transferred).
Details of existing liabilities or financing.
Signed consent for Al Etihad Credit Bureau check.

Additional Info

Predictable Fixed Rates: Fixed interest ensures stable monthly instalments over the loan tenor.
Swift Disbursement: Funds released within 10 business days of agreement signing and document clearance.
Flexible Tenures: Choose between 12 and 48 months to manage cash flow.
Instalment Deferral: Defer up to three instalments (post 3 months) with transparent fees.
Cooling-Off Right: Cancel within 5 business days with cost refunds.
Optional Protection: Credit life insurance covers death or disability events.
Liability Buy-Out: Consolidate existing loans into one facility with buy-out disbursement.

No Collateral Required: Unsecured lending based on salary transfer and creditworthiness.